If I hired one, what do they generally cost and how do they get paid? Upfront? Or after they assist in the leasing process?
It depends on the type of work you’re looking to have them do, as well as the quality/reputation of the landman.
Great landman, higher cost, best result. Terrible landman - lowest cost, worst result
Verify title - daily rate + expenses (generally paid on project completion) Negotiate a lease - flat fee or percentage of lease bonus (and possibly royalty)
The lease negotiation cost will depend on your individual needs and the amount of interest you own. Large interest, small percentage. Small interest - Larger percentage. Very small interest - maybe part bonus and part royalty.
Also, keep in mind that the lease is the beginning of the process, not the end. There are a lot of details and intricacies that you’ll want to learn about or receive guidance on all the way through the life of your lease (division orders, pooling orders, production sharing agreements, royalty statements, lease termination, etc.).