Lead generation is the lifeblood of any real estate business, or any business in general. Think about it… no matter how great a negotiator, contractor or finance person you are, without leads your business will die.
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More leads = more sales
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More sales = more income
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More income = more financial freedom
But, to get to the ‘freedom’ phase, not only will you have to acquire leads, you’ll have to nurture them as well.
There are numerous ways to generate leads…
You can go way back to traditional methods of manual cold-calling or knocking on people’s doors, or through asking for referrals from past clients and networking.
Or, you can make use of a software company that says it can generate leads for you and help you nurture them such as REDX.
Lead Management Software
REDX is an SaaS (Software as a Service)-based tech company that focuses on:
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Homeowner and property data
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Lead generation
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Prospecting products and services for real estate professionals
The company is based in Silicon Slopes, Utah and has been in operation since 2003. REDX has extended their services to over 40,000 real estate professionals all over the United States and Canada.
It’s actually one of the first and most popular lead service platforms available in the market. The company promises to send you these types of leads every single day:
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Expired
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Pre-Foreclosures
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FSBO (For Sale By Owner)
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FRBO (For Rent By Owner)
Unlike most of the platforms that send leads in a CSV or XLS document, REDX steps up their game by sending leads through a web-based prospecting platform called Vortex. It is a browser-based program – so you can access it on any device – which makes it easier for you to classify and label your leads in any way you prefer. Plus, it lets you record notes on each lead and also stores FSBO scripts to make cold-calling a no-brainer.
Here’s what REDX specifically offers you…
Expired Leads
This type of lead is considered to be one of the most profitable lead sources for real estate agents. They can also work for real estate investors, because you can turn expired listings into a list of contacts you can use at your disposal.
You’ll be able to access names, mailing addresses, as well as legal phone numbers. It allows you to search the MLS for this type of lead.
GeoLeads
GeoLeads rely on their algorithms to know the number of years homeowners have lived in their homes and then give you a list of numbers to reach the owner of the house so you can target most homeowners within a certain neighborhood that may have a lot of equity.
FSBO Leads
There is a higher chance that homeowners who have taken the FSBO route will eventually give in and either hire an agent or accept a lower offer.
REDX enables investors (or agents) to be the first to contact FSBOs.
It’s definitely better than driving around the neighborhood all day long looking for houses for sale or looking for leads.
FRBO Leads
Real estate investors are able to assist and contact landlords so you can offer them your services – help them list and sell or manage the property.
If you’re an investor, you can offer to buy their property to remove their tenant headaches.
The best time to contact these landlords is when they are at the peak of their frustration in searching for a new tenant.
Pre-Foreclosure Leads
The software lets you eliminate the hassle of going through county records searching for lis pendens, notices of default or other 90-day late notices.
Lead Nurturing
They also offer different features so you can nurture your leads. Because really, what’s the use of leads if they don’t stick around and turn into clients?
Storm Dialer
From the word itself, it encourages productivity because you won’t have to punch in hundreds of numbers or waste time waiting to leave messages.
This feature enables you to make 100 calls per hour, plus it lets you leave prerecorded voicemails while you’re at it.
Expectation vs. Reality
REDX’s features look promising. But does the software live up to people’s expectations?
Various real estate professionals have voiced their concerns about REDX. While there certainly are pros, there are downsides as well…
REDX promises to give you leads and a list of phone numbers so you can contact the leads. But, many of the numbers may not be accurate. For the ones that work, though, you might find a great deal.
If you want to give it a try, you can buy a month’s subscription. Here are some of their options:
Still hesitant? You might want to check out other platforms similar to REDX, such as LandVoice or ArchAgent, before you take the big plunge.
Share Your Experience
Have you used REDX or a similar platform? Tell us more about it below.
Nurture your leads. No matter what platform, software or whatnot you use, you always have to nurture your leads. Without proper lead nurturing, your leads will slip through your fingers leaving you with no leads, no clients and no income.
Don’t be fooled, do your research. There are tons of technology applications in the market that claim to move mountains or cross oceans for your business. But before you give into temptation, do your research, read reviews or try free trials.
Combine traditional and non-traditional methods of getting leads. While I admit that relying solely on technology to generate leads for you is freeing, let’s not forget that traditional lead-generating methods work too. So if you have time, hop in your car and drive around the city looking for leads, knocking on doors and talking to neighbors. This way, you’ll get leads from software and from traditional methods.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.