If you’re like most real estate agents, all your marketing efforts share the same long term goal: More Leads. Which means you’ve probably considered finding a place to buy real estate leads.
But how can you be sure you’re not just throwing money down the drain?
Not all lead sources are created equal, so it’s important you know your options and decide on a source that’s credible and worth your money.
So, What’s the Best Way to Buy Real Estate Leads?
There are lots of options out there for buying leads, but the best option will depend on what type of leads you’re looking for, your budget, and how much time you are able to commit to nurturing leads.
To help you find the best option for you, we’ve reviewed the top options out there and chosen 5 of the best real estate lead sources in 2020.
The 5 Best Real Estate Leads Sources of 2020
|Provider||Starting Monthly Cost||Best For|
|BoldLeads||$399||Real estate agents who want exclusive leads|
|REDX||$39.99||Agents who are great at prospecting|
|Zillow Premier Agent||$250||Savvy realtors primarily looking for buyer leads|
|Offrs||$200||Agents who haven’t had success with traditional lead gen methods|
|Inbox Real Estate Leads||$25 / lead||New agents with a tight budget|
Which Real Estate Lead Source Is Right For You?
Let’s take a closer look at each of these lead sources to explore which provider is best for you and how to get the most out of the leads you’re paying for:
Best For Agents Who Want Exclusive Leads: BoldLeads
Our Favorite Example Of: The Ad Agency Approach
BoldLeads is a lead generation tool that acts like a specialized marketing agency just for Realtors. They create targeted ads to attract prospects to high performing landing pages that convert prospects into leads.
This is a fantastic option for realtors who are looking for leads from sources other than the major third party sites, either in replacement of or in supplement to. This is also a great option for real estate agents who want a little flexibility. Because you’re controlling your ad budget, while there is still a monthly minimum spend, you have the option to make adjustments midstream.
Buying Real Estate Leads From BoldLeads
BoldLeads creates and places ads that drive traffic from places where your consumers are already spending their time online (places like Facebook and Google.) When a lead clicks on an ad, they are taken to a custom landing page where they give their contact information to receive exclusive content like a Home Valuation. You are then notified that a new lead is in your hopper.
Because BoldLeads also works hard to help nurture your leads as well as acquire them, leads are automatically added to your BoldLeads CRM and will move through your marketing funnel towards a completed transaction.
How Much Does BoldLeads Cost?
BoldLeads starts at $399 per month for the ‘agency fee,’ and then whatever you’d like to spend on your ad budget. Since your number of leads will depend on your area, breaking down the cost per lead is tough, but the sales staff are good at helping realtors understand expected volume in different markets.
BoldLeads Pros and Cons
We really like BoldLeads because here you aren’t competing with other agents for your leads. The lead magnets are exclusively for you; there is no wondering if another agent is using those magnets to make money in your area.
However, that sort of personalized attention comes at a high dollar cost, making this not the best option for budget-conscious realtors.
BoldLeads has a great approach to acquiring leads, but they really stand out in the field with their CRM and nurturing after a lead is yours. Automated SMS texting, emailing, even voice messages make moving your leads closer to a sale easier. If you are looking for real estate leads and a whole lot more, this is your spot.
Best For Agents Who Are Great At Prospecting: REDX
Our Favorite Example Of: You-Do-All-The-Work Approach
REDX is an expert in aggregation, they work to get all the information they can from all over the internet and put it in one, digestible place. You can decide for yourself who might be a person you want to reach out to, and use the REDX dossier to contact them via phone, email, or maybe even a doorknock.
This approach is perfect for Realtors who happen to be hustlers. Actually, strike that. This approach is perfect for HUSTLERS who happen to be Realtors. If you can commit to regularly cold calling and emailing prospects and pitching your business, this is an affordable option that can have a huge impact on your bottom line.
Buying Real Estate Leads From REDX
REDX offers a suite of different products that give real estate agents access to various pools of potential clients. Each of the REDX apps focuses on a different group, including FSBOs, Pre-Foreclosures, and Expired Listings, just to name a few.
You get names and contact information, and rather than putting out a lead magnet to entice these parties to contact you, you decide who looks like a person who could be interested in your services and you contact them. You decide how many leads you want to go after each and every day.
REDX also has a reasonable Lead Management System (Vortex) that helps you keep track of who you’ve contacted and when, and shows where each contact is at in the funnel. This system isn’t fancy, but it definitely gets the job done.
How Much Does REDX Cost?
REDX provides an a la carte pricing option for their different features, starting as low as $39.99 per month, with discounts for paying in advance. There is also a setup fee to get started, something else that can be waived if you are paying upfront.
Given the fact that you’re in control of how many reaches you make to potential leads each day, you control your cost per lead.
REDX Pros & Cons
We have always believed that having more information is better than having less information, and for users of REDX who really dig into the platform, they are usually the most informed Realtors in their communities when it comes to the specific niches their apps cover.
Being in control over the number of contacts you make each day also makes the potential cost per lead of this option very low. By the same token, this is technically less of a lead purchase option as it is a cold-call outreach tool, so Realtors who get discouraged easily by ‘no’ won’t flourish here.
Because the cost to get into the REDX game is relatively low, and the value of their information is so high, it seems like a no-brainer that this be a part of your toolkit. If you’d like to read more about REDX, we’ve written an in-depth review to really dive into the platform. When you consider that REDX also has an available built-in dialer to automate your calling and dramatically increase your call volume, this is a great value.
Best For Savvy Realtors Who Can Solicit Great Reviews: Zillow Premier Agent
Our Favorite Example Of: The Floating Fee Approach
Zillow is, without argument, the largest real estate presence on the Internet. Their insane traffic and visitor statistics alone make them a perfect spot to pick up leads. Zillow sends buyer and seller leads (but mostly buyer) to members of the Zillow Premier Agent Program by advertising those agents on their platform, putting them in a lineup of options for consumers to choose from when they want more information about a property.
When a consumer chooses you, they fill out a quick form with their contact information and Zillow sends you (and only you) that information.
This approach only really works if you can be a champion of the reviews section. Most of the time, Premier Agents are advertised with other Premier Agents who are paying for the same zip codes. The agent with the best review track record usually wins the leads, so if you can get your review solicitation game down, Zillow is the place for you.
Buying Leads From Zillow Premier Agent
With more than 186 million unique consumers visiting Zillow every month, agents should line up to advertise here.
The process is simple: choose the zip codes where you want your Zillow Premier Agent Ad to be displayed, choose how often you want that ad to be shown (how much money you want to spend), and deck out your profile so you’re an attractive choice to all your would be clients who will be checking you out as soon as your campaign goes live.
How Much Does Zillow Premier Agent Cost?
The Zillow approach to buying leads is a little amorphous in terms of price. On Zillow, you pay for ad space on the Zillow platform, but that cost is dependent on a number of factors, including the average home price in an area and the number of other Realtors who are competing for space.
Your price per lead will fluctuate, but Zillow’s budget tools give good estimates on the number of leads you can expect to see per month for your money.
Most agents we’ve talked to have said that a budget of at least $250 per month is the bare minimum needed to really get started here, but depending on how competitive your area is, even that may not get you the results you want.
Zillow Premier Agent Pros & Cons
Zillow’s market presence and exposure are unmatched, and there’s actually a lot of other benefits that come along with the leads included in the Premier Agent program (a decent CRM, an IDX website, expanded ad options on other platforms, just to name a few.)
That being said, Zillow costs can add up quickly, and currently there is a six month minimum contract required to join the program. Your lead volume might be high, but so are your dollars out of pocket.
Success on Zillow depends on real investment in the platform, and not just in money. Zillow consistently delivers a pipeline of leads, so if you can build out your Zillow presence with great content and feedback from clients, your quick follow up to leads is going to be rewarded with phone calls that turn into clients.
Visit Zillow today and get started with your Premier Agent Account. If you would like to read more about Zillow Premier Agent, we recently wrote an in-depth article on how to make Zillow worth the cost.
Best For Real Estate Pros Who Haven’t Had Success With Traditional Lead Gen Methods: Offrs
Our Favorite Example Of: The Private Eye Approach
When we think about the process of qualifying real estate leads, we typically think about step one being your lead reaching out and interacting with a lead magnet. However, when you have a Private Eye involved, there is actually a step before that. Offrs employs a private eye approach to first predict which property owners are most likely to consider selling, THEN targets specialized ads at that select group.
Realtors who have been around the block on lead buying before and want to try something different, or perhaps are looking to add a new dimension to an already existing lead game are great candidates for this sort of lead generation.
Buying Real Estate Leads From Offrs
Offrs uses a proprietary algorithm, analyzing millions of data points to help identify what traits the next homes to hit the market are likely to possess, along with which property owners are likely to sell.
Combining these two equations gives them a predictive model of which homes in an area are most likely to become listings. They then target those potential listings with lead magnets and deliver the results to you.
How Much Does Offrs Cost?
The cost of Offrs varies depending on market conditions (similar to the way that Zillow varies their pricing). However, unlike Zillow, the sky is not the limit as far as how much you can spend per geographic territory.
According to Offrs’ website, most geographic areas are available for between $200 and $500 per month, though to be fair, we had to really dig deep to find that information.
Offrs claims that their algorithm will identify upwards of 70% of listed homes as potential leads prior to them actually going on sale. The specific number of leads you receive will vary based on the number of homes being listed in your area.
Offrs Pros & Cons
We love the predictive analytics of Offrs; it’s unique and something your competitors aren’t doing. Adding a “step zero” to your marketing effort definitely gives you a leg up on the competition.
However, when a system relies so heavily on an algorithm, you might ignore easy opportunities that the algorithm misses. Also, the pricing isn’t super clear, which means that every time you consider an adjustment to strategy, an exploratory phone call comes first.
Offrs is a unique option for lead generation assistance, one definitely worth exploring. However, it seems like a natural sidekick to other efforts rather than the star of the show.
Best For New Agents With a Tight Budget: Inbox Real Estate Leads
Our Favorite Example Of: The Flat Fee Approach
Sometimes, simpler is better, and you can’t get much simpler than the flat fee approach like the one offered by Inbox Real Estate Leads. When you sign up for a service that offers flat fee pricing, you don’t pay upfront costs, you don’t pay a geographic fee, you pay per lead. Full Stop.
With Inbox Real Estate Leads, you only pay for the leads you want, when you want them. It can get competitive and you end you paying a little more per lead than you would with a standard lead generation model, but for many new agents, the flexibility it provides is well worth it.
Buying Leads From Inbox Real Estate Leads
In order to get to the leads generated by these pages, first, an agent has to decide what geographic area they’re interested in leads coming from. This opts them in for email notifications when a consumer completes a lead form form in that area.
After the form is complete, any Realtor who has opted in for notifications in that particular area gets a notification via email with a preview of that lead. The first agent to respond back to the notification and get through the automated purchase process gets the lead.
You tend to pay a little bit more per contact, but with no contract or commitment, you trade a little money for extra flexibility.
This angle on lead purchasing is perfect for real estate agents who are just starting out and don’t have a lot of money to spend. Also, if you have a very busy schedule and can’t always respond to emails or texts in a timely manner, this way works for you too, as the pipeline of leads is not constantly flowing.
How Much Does Inbox Real Estate Leads Cost?
Each lead is $25. That’s it. There are no other costs, there are no other fees, you pay for what you want, when you want to. IREL even offers a guarantee that you’ll never pay for a disconnected phone number.
If you pay for a lead that didn’t supply a good number, you let IREL know and they will credit you for the purchase of another lead. The number of leads you can expect to get from IREL varies from place to place, but since there is no cost to opt-in on the notifications for your area, you can see for yourself how many come through on a weekly basis.
Inbox Real Estate Leads Pros & Cons
We love this platform because of its flexibility and no-contract status. However, it can turn into an email version of the Hunger Games, especially if you have geographic areas that have a lot of agents competing for leads.
The flat fee approach is perfect for agents who want to simply pay for the leads they receive. You don’t get any extra bells and whistles here, but if you are shopping in this price point for leads, you aren’t expecting that either. Visit Inbox Real Estate Leads today to sign up and start receiving leads in your inbox immediately.
We’d love to hear about your success buying leads. Whether it be on any of these platforms, or another we didn’t mention, tell us your stories. How has your business changed since adding this element to your marketing toolkit?
Have any success or horror stories? Drop a comment below, and let’s keep the conversation going!