REDX Presents Vortex®, The Cloud-based Lead Management Tool

As one of the top leaders in the real estate lead generation industry, REDX has made a habit of finding common problems and presenting customizable solutions. Now, we’re excited to present our simplest solution to lead management yet: Vortex®.

What is Vortex?

As a cloud-based tool, Vortex combines all the best parts of lead management software with the convenience of the internet. This means that the popular REDX method of lead management will now be available from any computer without the hassle of downloads or system updates. Lead lists are kept on cloud accounts so prospecting isn’t limited to a desk.

Along with the added mobility, Vortex creates a unique prospecting experience through three key elements:

1. Simplicity
At launch, Vortex focuses the user on two primary actions: first, to filter their leads by distilling them to a subset, in alignment with their market objectives, which is the initial step in all lead management. Second, they begin their prospecting session by selecting their desired method(s) of prospecting for this filtered lead set. The result is that with two basic actions the agents are engaging with their leads.

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2. Organization
Vortex reimagines how to organize leads in a visual way through our patent pending “Lead Progress” ribbon. This status ribbon provides users with a clear visual of the progress of every lead within their sales funnel at-a-glance. This creates a natural prompt for the agent, while simultaneously identifying the next step in the funnel that the lead should be progressing towards.

3. Boundary Elimination
Vortex is the first prospecting platform to detect when a property has multiple lead types. For example, it is possible for a property to be in a pre-foreclosure status, while the homeowner is trying to sell it as For Sale By Owner, after a failed attempt at listing their home with an agent. In other words, a property could be a Pre-Foreclosure, FSBO and Expired lead simultaneously. Instead of showing these disparate lead types in a siloed view—as is the industry standard—Vortex combines them in a unified property view to provide the agent with a complete understanding of the subject property’s history, leading to greater empathy, understanding and effectiveness while prospecting.

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Vortex features a whole new contact management system. The system allows for filtering by lead status, sales stage or even custom tags. The features and benefits of the Vortex system are all packaged into one sleek, minimalist design. Vortex is professionally structured, easy to navigate and generally more efficient to use.

Why do I need it?

Putting our lead management software online creates instant accessibility from any internet-connected device. The number of devices through which you access your account is unlimited, giving you more flexible working options.

You’re also given additional flexibility in the way you prioritize your workflow. The Vortex system gives you customizable visibility on your leads, so you can contact the ones you want to, when you want to.

How do I get it?

We are currently bringing all new clients onto the Vortex platform. For existing clients, we will be migrated market-by-market beginning in early Q2, however, existing clients who wish to move to Vortex now can do so without moving the legacy lead manager data to the new platform.

For more information visit the Vortex page here, or call us at (800) 731-7339.

A New Approach for 2015: Second to List – First to Sell™

By Mark Leck, CEO

I want to challenge agents to think differently about their business strategy in 2015. I want you to acknowledge that in each of your markets, there is a relatively fixed number of people that are going to list and eventually sell their home at any given time. Yes, there are ebs and flows. Yes, this number varies year over year, especially given certain macro economic factors — but ultimately, there is a measurable and predictable number in each of your markets.

For example, let’s say in January 1000 people are going to list their home. What % of that market opportunity do you expect to get? How do you expect to get it?

Most agents approach their business with the naive goal of being the first and only agent a seller should list with: a First to List, First to Sell™ strategy. Only to be disappointed and frustrated when their friends and family fail to call them to list. Or to realize they simply don’t have enough friends and family to sustain their business.

We propose a Second to List, First to Sell™ business strategy that acknowledges the fixed market opportunity, and refocuses to the greatest potential within that market.

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Define “Fixed Market Opportunity”

What we mean by “Fixed Market Opportunity” is that ultimately there is a set number of homes that will list and sell each month. Because there is a sufficient number of agents in each market, as well as the opportunity to list as For-Sale-By-Owner, most people who intend to sell are identifiable because they are either listed with an agent, or have decided to list their home on their own as a FSBO. The importance of this concept is to make clear that in each market, there may only be 1000 properties that list (even if there are 4000 agents in that market), and out of those, let’s say that 50% of them will sell in a given month.

The question is, how large of that market opportunity can you as an individual agent expect to get? Is it 1% (10 listings per month)? Is it 0.5% (5 listings per month)? The answer is this depends on the size of your sphere of influence/past client database.

For some agents, that answer is 0-1 listings, because they have no Sphere of Influence/Past Client database. But if you can only list less than 1% of the market from your SOI, what about all the other properties that are listed for sale, but don’t actually sell? This is a huge market opportunity, and one that should be apart of every agents business strategy.

If you can’t be the first to list the property, you should be the second to list it — and make sure you are the first to sell it! Hence, a Second to List, First to Sell™ strategy.

What is a First to List, First to Sell™ real estate business strategy?

The goal of this strategy is to be the first and only agent a seller chooses to list and sell their home. This strategy is dependant upon having a large sphere of influence (friends and family), and more importantly, a large database of past clients. This strategy is most often successful after an agent has been in the business for several years and has developed a large SOI and past client database through prospecting with a Second to List, First to Sell™ strategy to Expireds and For-Sale-By-Owners.

Unfortunately, many new agents begin their career in real estate attempting this strategy, which often leads to low production and disappointment, because their SOI is not sufficiently large enough to sustain them.

What is a Second to List, First to Sell™ real estate strategy?

A Second to List, First to Sell™ real estate business strategy is the fastest strategy for growing your sphere of influence and can ultimately lead to a long-term First to List, First to Sell™ strategy. This strategy acknowledges the Fixed Market Opportunity, and identifies the largest opportunity available for agents is targeting homeowners who have an intent to sell, and have previously listed with another agent (expired listings) or are listing their home on their own (For-Sale-By-Owner listings).

An ideal agent for this business strategy is someone who doesn’t have any past clients, or someone who’s past client database isn’t sufficiently large enough to generate enough repeat/referral business to achieve their business goals. We believe this is the best strategy for real estate agents to create a sustainable real estate business.

Again, our challenge to you in 2015 is if you haven’t reached a level of production within the industry that you are happy with, change you strategy! My father use to always say: “If you do the same thing as everyone else, expect the same results.” So let’s not do that. Having a First to List, First to Sell™ strategy is fine, but if it can’t sustain your business or doesn’t succeed in helping you to achieve your goals, then make the focus of 2015 to have a Second to List, First to Sell™ prospecting strategy.

 

Back to Basics: Using the Slow Season to Brush Up on Your Prospecting Skills

winterhouseAs the cold begins to creep in, the real estate market inevitably starts to slow. At this time of year you will most likely have fewer appointments and showings than you enjoyed in the summer months. Use this time to brush up on one of your most important real estate tools: prospecting.

Here are five ways for both new and experienced Realtors to beef up their prospecting and keep business flowing.

1. Get Organized
Keep track of your leads in an organized way. Whether you use a simple spreadsheet or a more sophisticated lead management platform, make sure you have a way to track and categorize any and all leads. Losing track of leads is one of the greatest missed opportunities in real estate.

2. Practice Your Pitch
Using a script is one of the best ways to overcome a fear of talking to people. Having a good idea of what you will say before you say it keeps you on track and helps you focus on your goal rather than your nerves. Have an outline of the points you want to hit and have that outline memorized. Then practice, practice, practice. This will keep you from sounding canned but will also keep you focused.

3. Don’t Rely Completely on Technology
Real prospecting is becoming a lost art. Basic sales skills are still a very important part of real estate. And as more people sit in front of a computer screen all day with little human interaction, your ability to connect one on one with possible leads will be even more powerful.

4. Ask for Business
Ask this question to anyone and everyone: “Do you know anyone who may be thinking of buying or selling a home?” They might say no because they are caught off guard or haven’t had time to think about it. If so, follow up with, “That’s fine. If you think of anyone I would appreciate it,” and give them your card. Be friendly. Thank them just for taking the time to think about it for a few minutes.

5. Track Your Results
Track the results of any and all prospecting. For X number of phone calls, how many appointments did you get? Of those appointments, how many actually resulted in a meeting? Of those meetings, how many turned into a signed contract? When you know the results of your efforts, you can then tailor those efforts to reach the goals you have set for yourself.

Conclusion
Prospecting is the part of real estate that many Realtors dread the most, but it is arguably one of the most important business building activities. If you make it a goal to prospect daily, your business will survive even the coldest of real estate seasons.

Developing a Strategy to get More Referrals and Real Estate Leads

Business Card CupReferrals are a powerful way to build your business. They deliver more high quality leads than possibly any other type of lead generation.

Why? Because referrals are typically beyond the “thinking about it” stage of buying or selling a home and are ready to sign a contract. And because you have been recommended by someone they trust, they are more likely to sign that contract with you.

The following tips will help you develop a strategy that will produce a crowd of real estate “groupies” who will rave about your services to anyone who will listen. (more…)

Being a Real Estate Hero: Prospecting During the Holidays through Stellar Customer Service

Happy Elderly CoupleThis holiday season, families across the country will gather for Thanksgiving and Christmas celebrations. If they live far away from each other, these events may be the only time throughout the year when everyone can sit down and talk face to face about family issues.

One of the biggest family issues facing baby boomers today is what to do about their rapidly aging parents. They may have noticed recently that Mom or Dad is starting to forget important things, can’t function as well as before, or is having trouble getting around safely.

While moving an aging parent (or parents) out of their home might be necessary, it is still a difficult decision for adult children to make. And even if they can convince their parents to move, there is the overwhelming issue of what to do with all of their stuff – particularly their home.

As a Realtor, you can make the process much easier by stepping in and offering to help with the sale of the home. Explain that rather than trying to do it themselves, using your services can save them time and hassle while they are making all of the other arrangements – financial management, health care, transportation, etc. – for their parents.

In addition to your real estate services, offer advice and resources on housing solutions, de-cluttering, cleaning services, and storage units. Suggest the names of repairmen or other contractors if the home needs some fix-ups. Establish relationships with local assisted living centers in your area so that you can recommend those that will best meet your client’ needs.

Being more than just a Realtor in this situation will go a long way toward building relationships that will garner future referrals. Approach it as an expert who can help with every aspect of their situation, not just the sale of their home.

This extra work will pay off. These grateful clients will rave about you to their friends, neighbors, and extended family, who at some point will also need the services of a Realtor as their own parents begin to age and need alternative living situations.

In the bestselling book Delivering Knock Your Socks Off Service, great service is defined as “creating a positive, memorable experience for every customer. It means exceeding expectations and satisfying needs – and in such a way that you’re seen as easy to do business with. It means looking for opportunities to wow and delight your customer in unique and unexpected ways.”

If you do this consistently, especially with clients facing a stressful and uncertain situation such as aging parents, you can build a business that runs itself completely on referrals. Over time, happy, satisfied clients will bring in more – and better quality – business than all other prospecting efforts combined.

For more information and resources on lead generation and prospecting, contact REDX today.

5 Myths of Real Estate Prospecting

Call iPhoneProspecting. Love it or hate it, it is a vital part of any realtor’s tool chest. And while there isn’t necessarily only one “correct” way to prospect, there are some misconceptions floating around that can make your job more difficult.

Here are 5 prospecting myths that may be holding you back:

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Keep it Local at NAR

Michelle and Tyler Holt in the French Quarter.

Michelle and Tyler Holt in the French Quarter.

 

I’m so excited for the thousands of NAR attendees that will be visiting New Orleans. NOLA has been my home for the past three and a half years, and I still call it home even though I recently moved. As the Big Easy gets ready to host an amazing event I thought I’d share eight insider tips.

1. Get off of Bourbon Street

There are so many amazing parts of the city. Bourbon is just one, and for many locals not one of our favorites. Check out Frenchman, Magazine, the Garden District, Marigny, Bywater, City Park, St. Charles, and walk all over the French Quarter. Jackson Square is a great place to start and Decatur and Royal are the main walking streets through the Quarter.

2. Listen to Our City

Music is a huge part of NOLA history. New Orleans was the first city in the New World to have Opera and it is of course the birthplace of Jazz.  You can hear so much great live music all over the city. WWOZ 90.7 is listener-supported volunteer programed for the New Orleans Jazz and Heritage Station. It is a big deal.  The WWOZ website provides the best calendar for finding out who is playing where and when on any given night.

A few personal favorites: Historic Preservation Hall, Maple Leaf, BMC, Snug Harbor, Spotted Cat and d.b.a. Note: there is indoor smoking allowed at several bars so if that is a concern I would check the venue before you arrive.

3. Coop’s Place

Best fried chicken and red beans and rice, be warned it is a dive bar with bad service. Don’t be a diva – this place is like the Soup Kitchen in NYC . Everyone waits in the line: celebrities, locals, and tourists and you don’t ask to “customize” something. What’s on the menu is what you get.

4. We Don’t Flash Boobs

So, you’re in the Quarter and someone on a balcony has beads and a crowd forms and starts going crazy for the beads – PLEASE do not flash. First off, it’s not Carnival season, second, you will get a ticket. Carnival for locals is about family and friends celebrating their love of New Orleans and its rich history. We try to keep the tourists close to the Quarter so we can keep them contained. But asking locals “if they flash” or even joking about it is going to get major eye rolls.

Carnival is a season, Mardi Gras is a day – if you want to see some of the amazing artisans that help create Mardi Gras check out Mardi Gras World. It is totally worth it to see the huge and amazing floats that are created not just for local Krewes, but also for Disney, Universal Studios and many others.

5. Learn the History

There is a lot of history in New Orleans, it was founded in 1718.  From the Louisiana Purchase in 1803 with Thomas Jefferson to the famous French and Spanish architecture, to the important role it played in the American Revolutionary War, the Slave Trade, and it’s role in the World War II.

  • Visit America’s National World War II Museum. It is amazing and a short jaunt from the convention center. Plan at least four hours. You won’t be disappointed. TripAdvisor recently named it the #4 museum in the United States and #11 museum worldwide.
  • Take a tour. A little know fact about tour guides in New Orleans is that they have to be licensed. We care about the quality of how our city is represented. A personal favorite of mine is the  Haunted History tours. I’ve been on the Ghost tour twice and enjoyed it each time as it has great legends and stories about the city. Don’t forget to give a tip, or as the french say Pour Boire meaning “for drink”.

6. Food is Serious

Similar to New York, to make it in New Orleans you have to be good to survive. There’s too many great options that if you aren’t on par then you can’t last. Also, for dinner you will likely need reservations. So, if you are dying to get in somewhere then call ahead for a reservation. Here are a few personal favorites:

  • Cochon – cajun southern cooking
  • Peche – seafood grille
  • Commander’s Palace – quentinesstial Southern experience in the famous Garden District
  • Antoine’s – the oldest French-Creole fine dining in New Orleans. Lunch is amazing and not to be rushed.
  • The Joint – best barbeque hands down. It has been featured on several lists and on the Food Network. (Pretty much everything on my list has). And it is in the historical Bywater.
  • Beignets – so this is personal preference so try both and decide for yourself: Cafe Du Monde and Cafe Beignet.  Tip: don’t buy the beignet mix – it won’t taste as good at home.
  • Dat Dog – hot dogs have never been the same. Started as a shack and then it blew up!

7. T-shirt City

When you’re strolling on Royal and Decatur you will see a lot of  souvenir stores. Bypass those and check out some of the places and t-shirts locals wear. In fact, great local boutique shopping is found on Magazine Street. Great cafe’s and shops there. The shops listed below are locally owned, topical, and endeared to locals. You may get better service at Coop’s if you are wearing a Defend New Orleans shirt for example.

  • Dirty Coast – coined the phrase “Be a New Orleanian Wherever You Are”
  • Storyville – “Nola Seasons” is a classic
  • Fleurty Girl – awesome Black and Gold source and a fantastic example of the NOLA entrepreneurial spirit
  • Defend New Orleans – New Orleans’ proud and independent spirit

8. Black and Gold Fever

There’s always a lot going on in the city. This weekend with NAR is no exception. Emeril Lagasse’s annual Boudin, Bourbon and Beer festival is happening. As well as the big game on Sunday at the Superdome with the Saints playing the 49ers.  Wearing black and gold is always advised. To find out what else might be going on check out these great calendars:

Michelle Holt is the Director of Marketing at REDX. She just moved from New Orleans, LA to Salt Lake City, UT and next to Christmas, Mardi Gras is her favorite holiday season. Prior to coming to Real Estate Technology, Michelle worked at two large investment banks. She studied Public Relations at Brigham Young University.

Data that Drives Success: Paula Burlison Case Study

Graph With Stacks Of CoinsIn 2007, the bottom dropped out of the housing market and real estate values in the United States fell by $6 trillion.

During this time, Paula Burlison was working as a realtor in Las Vegas, Nevada, one of the hardest hit markets in the country. While other realtors floundered, Paula not only managed to keep her business afloat, but continued to make a substantial income as well.

How did she do it? By understanding the data that drives her business.
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How Scripts Can Help Realtors Generate Consistent Results

9311718035_23ab0c5834Do you hate the idea of using a script on sales calls or appointments? Many realtors shy away from using a script because they don’t want to sound canned or robotic when talking to prospects and clients.

After all, many agents went into real estate because they love interacting with people. The last thing they want to do is kill that spontaneity and the personal touch that makes their job so enjoyable.

We have all experienced that awkward call from a telemarketer who can barely pronounce your name and reads tonelessly. But scripts don’t have to spell disaster all the time.
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Gain Accountability, Increase Income: The Rocky Wright Case Study

8404984150_616882fa48_bAccording to Christine Comaford, Forbes Magazine contributor and author of the book Smart Tribes: How Teams Become Brilliant Together, 98% of the CEOs she works with are kept up at night by one thing: how to get and increase accountability in their business.

Why? Because increasing net income, improving performance, and achieving predictable revenue can all be attributed to raising the level of accountability in the sales process.

Realtor Rocky Wright knows this. He has developed a unique system of accountability that requires him to look no further than his own family for results.
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