15 September 2014 ~ 2 Comments

Review of RedX Real Estate Expires and FSBO Leads

RedX Software Review

Previously I reviewed the RedX Real Estate Expired and FSBO lead system and have been using the software and tools for some time. I wanted to provide an update of my

 experience with the software and how the leads provided by the service have impacted my business. Since the last review, I have upgraded to use both the FSBO and expired services and; while not overwhelmed with listings; can rely on the software to provide a consistent source of new business.

Review of the FSBO Leads

The RedX software interfaces with classified databases like Craigslist, local newspaper classifieds, and other sources to grab the details of properties that are being sold by owner. The software then cross checks this data with the do not call registry and a few more databases to give you as much information as possible so that you can dial and get a real person. This feature is great and provides a steady source of new potential listings to call, but has a few shortcomings that are just unavoidable. First and foremost, the system simply pulls from classified sites under the FSBO sections. Although not common, there are a number of agents that choose to post their listings under the FSBO section of these classifieds. As a result, two or three out of every ten leads is actually a number to for a listing agent. While this is easily overcome with a simple visit to the actual classified ad, it can be a hassle when you sit down for an hour of productive prospecting.

Review of Expired Listing Leads

The other issue that often comes up with FSBO listings is simply getting complete and accurate data. Once again, this has more to do with the classified sites that feed the information than it does with the software, but for every group of leads, there are a handful that do not contain correct contact information. This can be a hassle when dialing for dollars, but overall does not detract from the effectiveness of the software as a lead generation tool.

Up until recently, I was only using the FSBO tools. However, I decided to upgrade to the expired listing service as well, and am sorry that I hadn’t done it sooner. The expireds that the system provides are set of data on each lead. Where the FSBO leads often contain errors, because the expired data is pulled from the MLS, it is correct and complete. In addition, the software compares the MLS data from previous entries and flags if any of the contact information has changes. This ensures that when a listing expires, you get the most accurate contact information.

However, similar to the FSBO leads, there are some shortcomings with the software. Because the data is pulled from the MLS, it relies on the correct input from the original listing agents for information. This includes phone numbers which are often obscured or not entered. In these cases, even with the DNS scrub and comparison from Tax Rolls, getting the right phone number for an expired can be a challenge. What I have found is that enough listing leads have input errors to warrant me doing a google search on the phone numbers before placing the call. If the number returned is that of an agent, I move on to the next lead in the system.The RedX Real Estate Software Review

Number of Listing and FSBO Leads

There are two things to be aware of with the RedX system and the volume of leads. First is that their database will only pull the last ten days of data for you with any given update. Although their software allows you to have thousdands of active leads and can act as a very basic CRM system, you can only go back ten days when you download a fresh list of leads. To ensure that you always have a good source of leads on tap, set the system to automatically update on startup. Hopefully you are at least updating weekly to take full advantage of the leads that are available.

The second thing to be aware of with regard to the volume of leads, is that they are tied into the date cycle of your classified sites as well as your MLS listings. With that in mind, there is a basic ebb and flow of leads throughout the week. Mondays, Thursdays and Fridays are days that typically provide the highest number of both expired and FSBO’s; where the middle of the week is typically very quiet.

The RodDex Software

The basis for the Redx system is their RolDex software which is basically a light CRM tool that houses all of your downloaded leads. When you login to the software the system can interface with the main RedX database and update your leads from the previous days; up to ten days back.

Within the software each lead is posted in a simple data table that give information on the property, contact information, and as well as pertinent information about ownership and do not call status. By clicking any of the leads, you are taken to a detail page which shows all of the information that the system was able to gather about the lead. For expireds, this includes MLS data, tax rolls, ownership information and a fair amount of additional information. For For Sale By Owner leads, the data is often more scarce. Within each record you can add follow up notes about the prospect add reminders and include basic information about the status of the lead. As mentioned in my previous review, there are also canned scripts that can be used during prospecting, but I have not found them to be very effective or useful.

Cost of Service

For the money, the monthly cost of the RedX system is not expensive; especially when you compare it to the cost per lead from a service such as Realtor.com, Zillow or Trulia. The basic FSBO package runs around $50 per month; with the Expred Listing upgrade pushing that number closer to $70. On a cost per lead basis, this is probably the least expensive source of continual leads out there. There is a one time $150 activation fee, but that can be waived by clicking through any of the discount links below.

The RedX Real Estate Software Review

Conclusion

Overall, the RedX system is still one of the most effective real estate lead generation systems I have found. The software and the simple ability to provide data from multiple databases place it well above both Benetech and LandVoice in providing quality leads. Although there are some major shortcomings with the systems ability to give you the correct information each and every time, the system more than makes up for that in convenience, volume of correct leads, and the ability to save time while getting listings and making money.

 

 

2 Responses to “Review of RedX Real Estate Expires and FSBO Leads”

  1. Sell House Fast Philly 14 April 2015 at 6:37 am Permalink

    If it will help me buy and sell these properties for all cash despite their condition or location then I don't care how much the software cost. 267-798-5033

  2. Johnny James 23 September 2015 at 4:00 pm Permalink

    You can run the search on your MLS a year back and download it to red x


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