Tyler G. Hicks, a renowned expert in wealth building and president of International Wealth Success Inc., shares his insights on leveraging finder fees to generate income.
**What exactly does a finder do?**
At its core, a finder connects a specific need with a viable solution. For example, imagine an oil company seeking real estate with high traffic volume for a new service station. A finder identifies suitable properties for the company, earning a finder’s fee for their service. Connecting borrowers with suitable lenders is another common application.
**How are finder fees typically calculated?**
The standard starting point is often five percent of the deal’s value, whether it involves loans, properties, or other assets. However, finder’s fees are negotiable and may range from two to three percent, depending on the specifics of the arrangement.
**Is working as a finder best suited for full-time or part-time work?**
Earning finder fees is frequently a supplementary income stream, pursued alongside other primary business ventures.
**Which businesses or scenarios are particularly well-suited for earning finder’s fees?**
Opportunities abound in sectors like raising capital, sourcing real estate, and locating rare minerals or specialized materials.
**For beginners, what are the most accessible areas for earning finder’s fees?**
Focus on facilitating capital acquisition. The demand for funding is nearly universal, making it an ideal starting point.
**Where can you discover potential finder fee opportunities?**
Explore publications such as International Wealth Success Newsletter, The New York Times, The Wall Street Journal, and various other major city newspapers and business publications. Look for announcements of projects that require capital or specialized services.
**What key advice would you offer to aspiring finders?**
Avoid accepting upfront fees. Instead, select a specific niche based on the type of product or situation, not the geographic area. Then, begin marketing your services aggressively.