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To properly ask for a finders fee, it's essential to establish clear terms in advance. The speaker emphasizes the importance of having a documented "overlap agreement" that outlines the percentage fee for bringing someone to a deal and a higher percentage if they close the deal. This agreement should be signed before any help is provided, making it easier to ensure that compensation is guaranteed for the effort. The speaker shares their experience of losing significant amounts of money due to not requesting a finders fee, highlighting the value of being proactive in securing such agreements.