Every motivated real estate agent is always looking for a way to generate more leads. However, generating them can be time-consuming, expensive, and frustrating, but it doesn’t have to be. Fortunately for you, there’s REDX.
What Is REDX?
REDX, or the Real Estate Data X-Change, can help realtors identify solid leads. It provides you with a quick, easy, and affordable way to access brand new for sale by owner (FSBO) leads, pre-foreclosures, and expired listings – among others. Here’s what you need to know about REDX and what it can do to help you make your real estate business a success.
How REDX Works
REDX is a leader in data aggregation. This means that they are able to gather information from all over the internet and put it in one, easy to reach place for you.
The software offers a variety of products to give real estate agents access to different pools of potential clients. Each of their apps focuses on a different group such as:
Just because listings expire doesn’t mean they’re dead! With REDX, you can get the most accurate cell and landline numbers for both new and previously expired listings, including the first name and last name of the owners. These homeowners are ready to list with a new agent and you can be the one.
You can target your local area with REDX software too. This is an advantage to you because people are more willing to work with agents that know the area. Local listings just got a little easier without all the footwork.
For Sale By Owner (FSBO)
Sick of putting miles on your car as you drive around to look for leads? Do it from the comfort of your smartphone or computer instead. Be the first agent to find and contact FSBO leads – you’re more likely to be the agent they hire by getting a jump on the competition with REDX Vortex lead manager.
For Rent By Owner (FRBO)
You may be missing out a big listing opportunity if you’re not working with property owners in your area who rent. You never know when they’re going to be ready to sell their investment property, especially if it sits vacant. REDX helps identify vacant property leads to help you get in the door. Do not waste your time driving around looking for “for rent” signs again!
Sure, you can find homes in the foreclosure process, but that’s not enough. If you don’t have the right information to reach a property owner fast, then these leads aren’t helping you to generate more business. REDX helps to gather data about these properties to help you have workable leads you can use.
One of the best things about REDX software is that instead of marketing to potential leads in the hopes that you can entice them to contact you, you simply contact them. You have all the control deciding what leads look the most promising and explore as many, or as little, as you choose.
How can you make sense of all the information provided by REDX? With Vortex. Vortex is REDX’s lead management system. It helps you to keep track of who you contacted and when, then shows where each contact is in your sales funnel.
It’s not a fancy system, but it’s effective. It keeps you organized and enables you to spend your time building relationships with leads instead of prospecting.
Another recent addition that adds value to this REDX is an auto-dialer – the Storm Dialer. This helps to automate your calls, dramatically increasing your call volume to help you generate even more leads.
It connects you with people who want to talk and leaves voicemails for other numbers while skipping over any bad numbers you may get. Storm Dialer is built into the Vortex system, so you don’t have to worry about exporting or importing any data.
Remember when we said it was affordable? With their a la carte pricing model, you get to pick the features you want and decline the ones you don’t. These features start as low as $39.99 per month and you can get discounts by paying several months in advance. The cost of each product is:
- Expired leads for $59.99/month
- GeoLeads for $49.99/month
- FSBOs for $39.99/month
- FRBOs for $79.99/month
- Pre-Foreclosures for $39.99/month
- Storm Dialer for $99.99/month
The REDX pricing system is generous, basically allowing you to have control over how many leads you follow up with each day, which helps you control the cost per lead.
The Good and the Bad
Having too much information is always going to be better than not having enough. The REDX users who fully utilize the platform will be among the most informed real estate agents in their communities, especially when it comes to the specific niches covered by the REDX apps.
Another benefit of this system is the control it gives you. You decide how many contacts you make each day, which also helps you to control your cost per lead. This often results in very low costs on your end, which is always a win.
One thing to be aware of is that obtaining information this way requires you to make a lot of outreach cold calls. If you get easily discouraged by hearing the word “no” a lot, then this may not be the system for you.
We think the best way to review a product is to include both the pros and cons. The best way to do this? Have real customers provide it. Given this product is not a mainstream product used by every agent, the reviews are limited. We’ve scoured the internet to pick some highlights so you don’t have to.
On the Bigger Pockets forum, agent Edgar U. writes, “Easy to search expired listing using their software. You can customize the search to find exactly the area you want to farm and ONLY INPUT these leads into your search.You can label/add folders for any leads based on zip codes/search criteria.They have a nice built in CRM for which you can manage any follow-up task.”
Real estate agent Chasten Miles says, “I have realized after 6 years in the business that prospecting is one of the most important things I can do. Listings give you leverage and you can generate more leads that turn into listings with REDX.”
On the same forum, Elizabeth Bazan writes, “At the end of the day, RedX & Landvoice offer same info in slightly different formats. Have been using RedX for a while and it’s meeting my needs as of now. True alot of numbers are garbage however, I have experienced this with other services. In these instances it’s best to go knock on the door and do introductions. Don’t let a few wrong numbers hold your business back.”
Based on the above comments, the lead addresses are solid and can be easily searched. However, the phone numbers are either out of date or just wrong. This does not mean you should rule out the product. As other users point out, even services like Rebogateway or Landvoice also have outdated numbers. The takeaway is that the lead addresses are valuable and you can do some good old door knocking.
How can I cancel my REDX subscription?
You can cancel your subscription at any time by emailing email@example.com or by mailing a written cancellation request to the company’s headquarters. This notice must be given at least 1 business day before the next billing cycle begins.
I don’t like the product. Can I have my money back?
REDX does not guarantee results, but makes a best effort to make sure information is correct. The company incurs certain costs for each use, so unfortunately the subscription is nonrefundable.
Do you check the Do Not Call list?
Yes, Vortex compares numbers on their lists against the DNC list.
Do I have to pay for expired scripts?
No, these come free with your subscription.
Don’t I already have access to expired listings on the MLS?
Yes, you do. But you’d need to get the address, look at the tax records, then find the owner’s number. That’s a lot of work, and REDX takes the legwork out of this by providing you with all relevant information.
Should You Use REDX?
Because REDX is such affordable software and the value of the information you gain is so high, it’s a boon to any realtor’s toolkit. Check it out and see how it can help you rise above the competition and generate more leads on your road to real estate listing success.