Mining for potential leads and manually cold calling takes an incredible amount of time and a whole lot of luck. Luckily, there is REDX, a powerful platform that finds and delivers leads with speed and precision. Its proprietary VORTEX system allows you to manage these leads while the Power Dialer gets you calling faster and more efficiently than ever before.
Hitting the phones and cold calling isn’t for everyone, but if prospecting listing leads is part of your strategy, learn more about this turbo-charged lead generation tool in our REDX review.
What Is REDX?
REDX is a prospecting platform that connects agents to qualified leads. Agents can subscribe to one or more of the five different categories of leads, including expired, For Sale By Owner (FSBO), For Rent By Owner (FRBO), and preforeclosure.
When a lead comes in, REDX gives you access to phone numbers, mailing addresses, property information, tax information, and even data about the listing of the property if it was recently on the market. REDX mines all of that data from national, private, and even proprietary databases and has access to over half a billion landlines and 200 million mobile phone numbers.
REDX also helps agents call as many leads as quickly as possible through its Power Dialer, and provides scripts so you know exactly what to say when someone answers.
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How Much Does REDX Cost?
REDX has an a la carte pricing model with options as low as $39.99 per month. All paid subscriptions include their Lead Management System (LMS), VORTEX, for free. Get what you need, and add on more as you crush your cold-calling game.
REDX is now offering to waive its $150 setup price for The Close readers.
Here’s a closer look at REDX’s a la carte pricing:
|App Name||Monthly Cost|
|GeoLeads||$59.99 (GeoLeads PLUS is $119.98)|
|Power Dialer||$99.99 (Multiline dialer is $149.99)|
|ONYX - Lead Upgrade||$100|
Who Is REDX Best For
REDX is one of our top six picks for purchasing real estate leads. It’s perfect for hungry agents who are motivated to actively cold call and connect with new leads. It is also one of the most affordable lead generation companies. If you’re worried about committing to regular prospecting, we have other options for you to consider—check out our 6 Best Places to Buy Real Estate Leads to find the right fit.
The 8 Best Places to Buy Real Estate Leads
How to Use REDX
We found that REDX has a pretty minor learning curve. It’s possible to hop on and be calling those leads in a short period of time. It all starts with their proprietary system, VORTEX.
Managing Your Leads With VORTEX
The REDX experience centers on its LMS, called VORTEX, which is where you’ll find a list of all your current leads, their contact information, and links to notes you’ve made from previous conversations.
VORTEX is not a customer relationship manager (CRM), so it doesn’t track all of your client interactions—its one job is filling up the pipeline with listing leads and helping you contact them.
Subscribe to whatever kind of leads you want to prospect and the platform constantly generates those types of new (and qualified) leads. While you might be able to find some of this information through MLS, REDX does all of the hard work for you, and in a fraction of the time.
Lead Generation Prospecting
REDX uses cutting-edge aggregation techniques to pull together five different types of leads. We wanted to be sure our REDX review includes an introduction to each of these lead types.
1. Expired Leads
When a property’s status turns to “expired,” REDX’s Expired Leads subscribers get the contact and listing information for each would-be seller the moment their home comes off the market.
While your competition is spending valuable time locating a single expired lead, you already have the mailing addresses, phone numbers, and tax information of every single expired listing right in VORTEX.
[Related article: 15 Best Expired Listing Scripts & Objection Handlers 2022]
A new list of FSBO properties appears in your VORTEX feed every morning. REDX compiles these leads from hundreds of classified sites, newspapers, magazines, and major consumer real estate sites like Zillow.
[Related article: The 7 Best FSBO Scripts of 2022 & Why They Work]
Owners might consider selling a property if it’s just sitting empty, costing money. Also, owners of income property often own multiple properties, so there could be an opportunity for multiple transactions, especially if the owner is a regular investor.
REDX searches public records of foreclosure proceedings and identifies properties in the preforeclosure process, delivering a list of these properties and their owners to VORTEX at the start of every business day.
You also have access to important dates, loan information, and insight into whether or not there might be some equity in the home. These leads are often very receptive to an empathetic prospecting message, especially because you could be presenting a solution to a very emotional problem.
GeoLeads is the most flexible lead source on the platform and definitely a favorite we wanted to highlight in our REDX review. Instead of selecting the type of lead, GeoLeads lets you focus on a particular geographic area.
Using an intuitive mapping interface, users can search for contact information in a specific neighborhood or draw a custom boundary to get information on every property owner within that specified area. You can even filter your results by how long a property owner has owned their home.
This REDX option is ideal for circle prospecting. If you want to narrow your focus to a part of town, GeoLeads lets you see who lives there and if they own or rent, and gives you access their contact information.
REDX Review: The Power Dialer
The REDX Power Dialer calls through your computer or cell phone and initiates a constant roll of calls. The moment someone picks up, you are instantly connected and as soon as that person hangs up, the Dialer has already lined up the next one.
REDX estimates that Power Dialer increases the number of conversations its users have by more than 400% per hour.
Plus, Power Dialer allows you to pre-record a voicemail for each calling session, so you don’t waste time leaving a voicemail every time you reach a voice mailbox. You can also record conversations, and the time zone protection makes sure you’re not calling at an inconvenient time. The REDX Power Dialer offers three packages.
The efficiency of Power Dialer is actually a little overwhelming at first, especially if you are used to the relatively casual pace of manual phone prospecting. But we found that you get into “auto-dialer mode” very quickly, and it is really exciting how many calls you can knock out in a short period of time.
Additional REDX Features
If you don’t have your phone pitch dialed in just right, REDX has multiple scripts tailored to each of their lead sources. The scripts are excellent starting points for someone looking to get better on the phone.
The REDX Pulse tracks your call time and your conversions. For anyone goal-oriented or motivated by hard numbers, this is your happy place.
REDX offers four different bundles of Data Insights: Market, Financial, Home & Building, and Lifestyle. Each bundle is considered an add-on for an additional $25 per month. The analytics are designed to enrich your knowledge and give you the confidence to talk to any lead about any property.
ONYX is an upgrade promising more premium contact information. While most agents connect with the right person one out of 15 calls, with ONYX, it’s one out of six calls. You also get access to lead email addresses.
Training & Troubleshooting
The training and troubleshooting resources within VORTEX are very helpful. The library of written material and prerecorded videos helps answer most questions, and they have phone support during business hours (Monday through Friday, 8 a.m. to 8 p.m. Eastern Time). There is also a robust blog and even a podcast with helpful tips and techniques for success.
There’s no doubt that this is an excellent lead generation platform, but we do have a few notes on room for improvement.
In order for REDX to yield positive results, it requires a serious time investment. Some marketing strategies let you get away with “set-it-and-forget-it,” but not REDX. You are not making money if you are not working the phones.
Limited Integration Options
Though this product does offer some third-party compatibility, the list is short and that compatibility is limited. Transferring data from VORTEX into another management system (say, a CRM) can be a cumbersome process.
Incorrect or Missing Information
Finally, we’d be remiss if we didn’t mention the reliability issues of the phone number data provided. Many of the phone numbers are abandoned landline phone numbers. In our experience, around 50% of the numbers are actually current and working.
However, it‘s important to point out that while 50% seems low, it’s actually pretty on par with the industry standard.
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Making the Math Work
Now that you’ve seen the costs, what sort of success would you need to see with REDX to have a positive return on investment? Let’s do a little thought experiment.
Say the average sale price of a home in your area is $200,000 and the average commission percentage for that listing is 6%. Let’s also assume your conversion rate on your calls is very, very low; for every 400 calls you make, you get one listing—a conversion rate of about one quarter of one percent (.25%).
You make 20 calls a day: that’s 100 calls per week, roughly 400 calls per month, or 4,800 calls per year. If you get one listing for every 400 calls you make, that works out to an expected listing volume of 12 properties per year. That is a bump in volume of $2.4 million, or $72,000 in total gross commission income.
Would you be willing to set aside an hour of your work day for an extra $72,000 this year?
REDX Review Summary
REDX provides a ready-to-use platform for agents with easy-to-navigate tools and only the slightest learning curve. Ideal for both new agents and seasoned veterans, a high return on investment is achievable for someone who is committed to dedicating the time to prospect every day.
Over to You
Have you been looking for a new way to up your expired listing game, or are you going to use GeoLeads to make your farming more effective? Have more questions? Let us know in the comments below.