I have been a fan of the RedX real estate lead system for a number of years now and recently got to tour their new Vortex FSBO, Preforeclosure and Expired Listing lead system. What I saw, blew me away. This new cloud-based system for REALTORS completely simplifies what needs to be done to fully engage and convert each lead. The system has been completely remained with simplicity in mind and because it is cloud based, you have access to your database on demand, in the field and wherever you may happen to be. I was using the system on a laptop in my car, but you could just as easily use it on you phone before a showing while you are waiting for a client to show up.
Vortex is Simplicity
What the company has done with their platform is to take all of the guess work out of where to begin when you login. Unlike the desktop software which requires you to download the last thirteen days worth of leads when you login, this new system shuttles you directly to the newest leads on your list. From there, you can start dialing, set up call appointments, or click into the lead for a much more comprehensive view of the property and prospect.
Because the new system was designed with simplicity in mind, it feels a lot more like the Top Producer interface when you login. The first thing you see is literally the stuff that you need to do right now to become and stay a successful REALTOR. Depending on your reason for logging in, you can certainly bypass that first “to do” list by a simple drop down filter system to grab the specific data that you need. The filters are customizable and easy to use. Better still, the search function is comprehensive, so just like Google, if you want only records that have the word “divorce” in them, simply type it in and start working on the results.
Sources of FSBO, Expired and Preforeclosure Leads
Just like the desktop based system, the Redx Vortex system scrubs multiple databases to consolidate all of the leads into one place. It covers Craigslist, and your local classified pages for For Sale By Owner leads, and it interfaces directly with your MLS to pull all of the listings that have expired. For pre-foreclosure listings, it grabs the Lis Pending and notice of default data from the tax records.
For each of these leads, the system compares the data against tax rolls, ownership data, and public databases to ensure that the information is as complete and correct. What you get is a lead that gives you the correct phone number, address, ownership data, mortgage information, as well as the number of times the home has expired on the market over the past year and who with.
Unlike the desktop software, this new cloud based system gives you more than just the past thirteen days worth of leads. Because it is web-based, you get access to every lead that has come available; regardless of whether or not you have logged in recently. The caveat to that is that when you first register, you only get the previous 30 days worth of data. However, this number of leads should keep you busy for quite a while.
Regarding the number of leads, it all depends on your market. If there are a lot of FSBO’s, expireds and preforeclosures, then you get a lot. If the market is slow, then not so much. In my personal experience, I find that I generally get between eight and fifteen leads per day; depending on the day of the week and time of the year.
Contact Management Simplified
It is obvious when you first login to the RedX system that they have tried to make it into a much simpler system that can be used like an effective Client Relationship Management (CRM) tool. Each lead that is presented has simple status boxes located next to the name where you can identify when and how the lead has been contacted, and when and what type of follow up is needed.
When you click on the any of the leads, you are brought into the information section of the lead where you can see the listing history, additional contact information, sales data, tax rolls, and mortgage information. Above this area you can access your customizable call scripts, or add notes to the record which are fully searchable within the platform. Because the designers kept simplicity in mind this you get a simple platform and the ability to have a full background picture on every lead that you contact. As always, the DNC registry is part of the system, so you never have to worry about making a call to someone on the do not call list.
Review of the For Sale By Owner Leads
The lead quality for this system hasn’t varied much from the desktop version. This is to be expected given that both platforms use the same databases. Because of this, the FSBO listing lead quality can vary depending on what and how the information was entered into the classified site. For example, if the seller added all of the information into his Craigslist ad and included a direct contact phone number and address, then the lead provided through Vortex will be pretty complete. By contrast, if the seller simply posted a phone number and a few pictures on the classified site, then that is all you would get through the service. To combat any lack of data, the listing lead system always includes the text from the ad as well as all of the additional data that could be gathered on the property from the other databases. This gives you as complete of a picture as possible for this type of lead.
Review of the Expired Listing Leads
By far, expireds are the best leads around to prospect. After all, these are the people that want to sell their home with a REALTOR. Also, because the data is pulled directly from the MLS, the property information is complete. Better still, the new platform shows when and how many times a property has expired over the past year; which gives you a great picture of what type of future client you will be dealing with.
The challenge with these types of leads within the RedX system has been, and will probably continue to be, getting the correct phone number for the lead each and every time. What I have found personally is that the phone number is correct about 80% of the time. This is simply because a lot of MLS’s don’t require ownership data as part of the public record. As such, the software must use tax and mortgage data to grab the phone number for the listing. The system does a great job of pulling and consolidating this information, but for me, two calls out of ten result in a wrong number. Fortunately, that just means I get the opportunity to stop by and drop off a pre-listing packet.
Review of the RedX Vortex Preforeclosure Listing Leads
This type listing lead is relatively new for the company. RealtyTrac has been providing them for years and has built a successful business providing this information to investors and agents. However, the Real Estate Data Exchange decided to add the feature within the past couple of years. With regard to the quality of the leads, it is probably the best out of the three types that they offer in terms of correct contact information. The challenge however is that leads have the longest sales cycle and are often the hardest to convert. Simply put, many people in foreclosure don’t want to sell and may be in denial up until the day that the sheriff knocks on the door. That is not to say that you shouldn’t include prospecting to these leads as part of your marketing strategy. For many agents, and most short sale investors, these leads are the foundation of their business.
Cost of the New Service
When I first started as an agent I bought every lead package that I could find. Completely ignoring Gary Keller’s advice about leading with revenue, I had quickly blown 8,000 on Realtor.com, Zillow and Trulia leads. What I found was that at 20 dollars per lead, there is really no way to build a profitable business.
In contrast, the RedX system starts around $50 per month; with the full package just peaking over $100. For my market, their system provides around 180 leads per month; which for me equates to around $1.50 per new listing lead. Overall, this is a much better value, and instead of just getting an email address, you get a complete picture of the prospect and the property that they are trying to sell.
Now there is a $150 dollar setup fee for their system, but I have convinced them to bypass it if you use the following link: RedX Vortex Discount Code
Overall, the new listing lead platform that the Real Estate Data Xchange is rolling out is a great upgrade to an already fantastic service. The new platform eliminates the need to be sitting in front of a computer and instead allows you the flexibility to prospect on your own terms whenever you have time to do it; whether you are sitting in an open house, or in a doctor’s office. The interface is simple, the data is comprehensive, and the lead quality is second to none.