Episode: Converting Dead Leads to Cash with Chris Craddock
Guest: Chris Craddock is the Founder and CEO of The Redux Group, a real estate team that sold over $150 million in real estate in 2020 throughout the Washington DC & Richmond Virginia region. He is the host of the Uncommon Real Estate Podcast.
Big Idea: Homebuying companies can generate $10,000 or more every month by converting their dead leads into cash. Direct to seller marketing for real estate investors is a great way to generate deal flow. The waste product of this lead generation is that you end up with many retail-price seeking sellers. Chris and I discuss the process of converting those leads to cash in this podcast-plus much more.
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View the Episode Description & Transcript Here:
Dan Breslin: Today’s guest, Chris Craddock, is the founder and CEO of The Redux Group, a real estate brokerage team that sold over $150 million in real estate in 2020 alone, throughout the Washington DC and Richmond, Virginia region. He is the host of the Uncommon Real Estate podcast, as well. The big idea for today’s episode is that home buying companies like us, your direct seller marketing companies, can generate $10,000 or more every month by converting their dead leads into cash.
Direct to seller marketing for real estate. investors is a phenomenal way to generate deal flow, however, the waste product of this type of lead generation is that you end up with many retail price-seeking sellers that simply don’t fit for most of our buy box, as real estate investors.
I know I’m looking for houses that need a renovation, can fix them up, can flip them retail, that’s what I’m looking for. There’s not much I can do with the retail price-seeking sellers.
Chris and I are going to do a deep dive on this, the converting of these leads into cash on this podcast, plus much more. Shall we get started?
All right. Welcome to the REI Diamond Show.,Chris, how are you doing today?
Chris Craddock: I’m great, brother. Glad to be here with you.
Dan: Nice. For listeners who might not know who you are, do you want to do a little bit of a background story, Reader’s Digest, of what you have done and what your business looks like today?
Chris: Sure, yeah. I’ll try to give a one-minute version. 2000, I graduated college, then I stopped[?] with an organization called Young Life. Loved it, changed my life. It’s amazing. 2003, my wife got pregnant. I knew I wasn’t going to be able to live on 20,000 a year in the DC area, so I went to the library and checked out every book I could on real estate investing and read every book they had, almost like an idiot. I always say, “massive imperfect action”, right? Imperfect action trumps perfect inaction any day of the week. I just started knocking on distressed properties’ doors, and somehow in 4 months, I made 12 times what I made in a year. I was like, “This is awesome,” and so I just put that money away. We bought the house we live in now. I continued to administer stuff. I have 6 kids. As I got more kids, the money started disappearing fast, so I started flipping houses again.
At that point, it was after the crash, and so it was short sales. At the time, short sales are pretty easy to flip, but if you were licensed, they would pay a commission. Since then they changed their margin, so it’s a little bit harder to flip short sales these days. It’s still doable, but harder. I ended up getting licensed. During that time(co