Max Edson and Ryan Doucet started the company Prycd and here we’re talking about best practices for researching markets and pulling lists. One of the biggest mistakes you can make in your vacant land business is going into the wrong markets. You might think you know a certain state or county, but you might not know which area is the best place to do deals. Along with the guys from Prycd, we're going to show you how to research and find the best markets.
Once you've picked some markets, you’ll need to know how to pull the best lists. You want to be specific and targeted, but you don't want to overanalyze everything. Spray and pray marketing isn’t the best strategy. Getting very specific and intentional when going into the best markets gives you the best chance to find a good deal and sell it as quickly as possible.
I love Prycd. I recommend it all the time and use it every day. I use it for research, I use it for buying lists, and I use it for finding buyers. I use it to comp properties, even in states where it’s hard to get comps. Head to the link below to get a seven-day free trial and try it out for yourself.
Joe: Hey, what's up, Joe here. Real Estate Investing Mastery podcast. We're going to be talking about vacant land today in this episode, and we're going to be talking with the guys who started the company called Prycd and we're going to be talking about best practices today for researching markets and pulling lists. Markets for what? Markets for specifically vacant land, how to find the best places to market for properties, and how to pull the best lists. Because here's the thing. One of the biggest mistakes you can make is going into the wrong markets. You know, you might think, Oh, I live in Oregon and it's beautiful here. Who wouldn't want to live here? And you can do deals in Oregon. But, you know, and we've done a lot of deals in Oregon, but like what part of Oregon is the best place to do deals in? Is it better to go into Washington State or California? Is it better to go into Florida or the northwest, the north, southeast or the northwest? Right. So like we're going to show you on this podcast here with the guys from Prycd on how to research and find the best markets. And then secondly, once you've picked some markets, how do you pull the best lists? Because you can't we want to be like specific and targeted, but we don't want to overanalyze everything. We don't want to do spray and pray marketing. We want to be very specific and intentional in going into the best markets where we have the best chance to find a good deal and sell it as quickly as possible. So we're going to be talking about all of that with the guys from Prycd. Now, these are two guys I love Prycd. I recommend it all the time. I use it every day. I use it for research, I use it for buying lists, I use it for finding buyers. I use it to calm properties. And it's just fantastic, especially in some states where it's hard to get comps. These guys have done this for a long time. They work with some of the biggest land investors in the country and I'm glad to have them here. And we've got Max and Ryan here. Let's see if I can bring them on and unmute them. Right. No. Now you're good. Can you hear me, guys?
Max: Yep. How you doing? We can hear you.
Joe: Good. Max is in the middle. Ryan is on the right. By the way, first of all, guys, the. If you want to get more information about Prycd before we go much further here, go check it out. Right now, there is a seven day free trial, is that right? If correct call Joe McCall dot com slash Prycd Joe McCall dot com slash Prycd and in full disclosure I do get a real small referral commission from these guys but I'd be recommending them anyway. I use them myself. I've given them a lot more money than they've given me, I promise you that. But I refer them because they're really, really good at what they do, and they're specifically for land investors. They're not trying to be all things to all people. They've got a very good product that is for land investors and what they charge for it is really, really crazy and their customer service is really good. So go check them out. Joe McCall dot com slash Prycd. Okay, so Max right. Can you guys introduce yourselves and tell us who you are, what you do?
Max: Yeah. My name is Max Edson, one of the co-founders of Prycd, so I've been investing now for about six years. Before that, I was in the military, got out last year and now I help run Prycd full time.
Ryan: Yep. And I'm Ryan Doucet, the co-founder of Prycd that's also in the military along with Max, I got exact same time as Max I've been doing the line investing for about a year less than Max he was one actually introduced me and then when we started working on this product together and I do I do Prycd mostly full time. I also have another job as an engineer at Amazon.
Joe: Oh, wow, cool. Hopefully you don't get in trouble for saying that.
Ryan: Technically it's my day off today. So I think I'm okay.
Joe: I had one guy I was coaching who worked for a I can tell you it was Apple and he had a very, very good job. He was actually working from home before it was in vogue or popular to work from home. And he was doing four or five deals a month while he was working at Apple. And he had the most amazing testimonial, but he would not let me talk about him. This must be 12 years ago, so that's why I'm talking about him now. But like, yeah, sometimes you got to be careful when you actually work for another company. All right. Anyway, good. So why did you guys start Prycd?
Max: Yeah, well, when I started in investing about a while ago, it was really a manual process. So I learned to one that education groups try to do it on my own, and I personally did not like the process at all. It was really mundane. It was just really manual. Again, it took a long time to figure out and also there wasn't really any numbers that backed up any of the things that I was going for. And I'm a numbers person. What stats? I like the numbers to drive where I'm trying to go, and it just wasn't out there in the market. But like learning the process, it did feel very repetitive and something that we could bring together. So Ryan and I were on the side trying to come up with other business ideas, and it just so happened that we listed out a few that we were going to try next and land investing was one of them. And so we got together, picked that one out of the list that we had. And I told them, it's like, there's no way we can do this though, unless we try to automate the entire process, at least acquisition process. So we put our heads together then, which is now priced today. But it took a while to get there and a lot of edits and reversions to get that and feedback from users and land investors that we still are in talks with today and have a great connection with throughout the whole process.
Joe: Nice guys. So how big a company, how many people do you have working for you?
Max: So we're just under ten right now. Yeah, not, not a big company by any means, but one of the things we've been proud about is maximizing the amount of self-help on our platform and try to making it as streamlined as possible to go through that process without reaching out. So obviously, I help out with the staff. We have Ryan and then we have our support team. So we work together and try to make things again as quickly as possible for the users and we have a great feedback loop as well. So if there are any questions or any sort of sticking points that they may not understand, we try to obviously improve that process and also make YouTube videos for that. So now that we have visual aids to help them through moving forward, and if there's one person that has an issue, usually there's more people that are running into the same problem. So we can help multiple people at the same time of that process.
Joe: We're going to demonstrate price here in a minute. But can you guys talk about what Prycd does from a higher level view?
Ryan: Yeah, I could see I can sort of speak to that sort of the core the core functionality of what we do is allow you to pool property data and what we what we add to that element is our market analysis and our pricing obviously based on on our name. And so what we do for each of our properties is the properties that you download through us. This we have a database of over 2 million comps that we can match up. And so if we take our geo pricing, for example, which is, you know, our more popular pricing model is talked about a little bit today and we'll go find for each property on that list that you're going to expert with us. We're going to go find that the nearby sold comps, the nearby listings and match up the acreages. We're going to you know, we're going to create our model based on this sense and, you know, recency of sale and we're going to provide a market value for you. And that's all in real time. It takes on our platform, it takes seconds. And so if you export it. Through says 10,000 property returns within 5 to 10 minutes, you're going to have that list that's going to be, you know, neatly organized in a in a CSV file. It's going to be cleaned out for you, scrubbed up with the all certain filters that you want to see. And it's going to have that pricing data. So it's ready for you to do your your marketing campaign, whether that's a texting campaign, whether that's, you know, a direct mail campaign, you know, or however you want to do it. The other big features that we have on our site is that we provide as our research stage, which I think we're also going to talk about a bit today, using that database to do some market analysis and see, like you mentioned on the intro there, like where is the hot market, what's trending up, what's trending down based on maybe my investing criteria and my timelines, my, my price ranges, where do I want to go to find quality land?
Joe: Nice. So you can do market research to pick some good markets. You can pull lists of vacant land leads. You get that list from the data tree, data tree. And they're this good first cycle, first or second largest list aggregator in the in the country. Right in some would say they're the best but I think the two big ones are CoreLogic and Data tree is that right. So you get really good data from Data Tree, which gets the data from the counties and then you also help comp properties. So vacant land is a lot different to comp find comparables than houses. And sometimes you have to look at different websites. There's not like a lot of vacant land is listed on the MLS, but it's just a little different. So you get comps from active listings on sites like Zillow and Redfin, Land Watch, Land.com, Realtor.com, etc. etc. and then you help find comps. So you price the property, you say based on the average price per acre of properties in this area, your property might be worth about this and you should sell it for this depending on what percentage you want to offer. So it helps people get what I use price to help me get in the ballpark where I want to be. And then I look at Redfin or Zillow to see more recent sold comps and active listings and kind of it helps get you 85, 90% of the way there. And sometimes when you can't find any comps, I just go with 100% of what Prycd says and I go from there and I sometimes you just don't know. You don't know what a property's worth until you put it out there on the market and you start advertising it. So it's an amazing tool. I really highly recommend that. And again, guys, if you want to go check it out, go to Joe McCall dot com slash Prycd. You get a seven day free trial. There is different pricing levels. I just recommend getting the $500 a year level and then that gives you the most comp reports, the most extra features. It's 500 bucks a year and then you've just pay on a what's your current pricing right now guys, on a on a list that you download per record.
Ryan: So per record write down and expense date that is SSL. Yeah. That's going to be that's going to be to get that get you the property data and the pricing included. That also comes with, you know, sort of all of the tool sets. You know, we scrub it out. We we know we do a little bit of, you know, I wouldn't say manipulation, but cleaning up of some of the the owner names and some of the addresses, because there is sometimes I mean, it's it's easier for the list directly from a county or from a list aggregator. There's always some some weirdness that I you know, sometimes the names come out a little weird. So we try and we try and make it as easy as possible so that you get that list from us. And there's not a lot of manipulation or modification that you need to do to get that list into into your CRM or into your production workflow.
Joe: You know, there is one thing. Do you guys ever run across this problem when you're down? Like sometimes if I'm downloading a list and I want to send a letter to the owner, the mailing address, if it's in a northeastern state, some of the zip codes start with a zero. And when you put it into a spreadsheet, sometimes it removes the zero. How do you guys resolve that problem?
Ryan: So this is something that comes up with not just with the zip code, but with depends. It comes up with almost any field as a in America value. And it's a very known, a well known issue with Excel specifically not to call out it's.
Joe: Not you it's it's Excel when it comes into Excel. Right.
Ryan: Right. But here's the thing. And we try to we try to sort of help people with this, or at least when you have a CSV file, you open an Excel Excel is going to truncate that to zero, but it's still there. It's just just simply not showing to you. So if you don't if we don't save that file, if you just maintain the original CSV file, even as you can see that there's not zero, it's in the CSV, it's just Excel is sort of clipping it and making it shorter. We've done a little bit of extra work on it and we actually have what's called the unprotected 18. You can put a little back text around it and it tells Excel to format this, leave it as is. And so you can because we see all the time that the back end of the 18 will get sort of truncated off and then you have, you know, maybe a 16 digit 18 ad, maybe a 00 for it. The ad is now there's like 30 that are all the same. And then folks are like hey but like these are all the same, it happened so much. And it's such a it's it's such a process. It's such a battle to to to keep to keep things aligned. But yeah, I would just say the other thing we would recommend is uploading it to something like Google Sheets. They all do that and you and you get that nice clean list.
Joe: So without the auto formatting, we're diving this way too deep in the weeds. I don't want to confuse people with that, but it's, you know, it's not a big deal. You see this these you can there's and I teach in my course. Well then when you're uploading the list specifically to freedom off to do the mail inside of freedom soft there's simple ways to fix that. The other thing, though, that I love about Prycd is it gives me GPS coordinates for some reason. That's like the hardest thing to if you get a list from anywhere else they do not give you GPS coordinates are GPS coordinates are important because sometimes the append you can't find it. There is no property address. But if you have the GPS coordinates, it's so easy to look that property up in map. Right? Or whatever the blank it's called now or Google Maps. And then you can find the properties. So sometimes all you need is just the GPS coordinates. You don't need to know the county, the street, the address, or the APN number. So I love that about Prycd. You get the GPS? Don't ever change that, but you never will.
Ryan: It's the basis for our geo pricing. Right. So you know, we that is how we were able to pinpoint properties that you in the U.S. and then match them up with those comps because coordinates those are key.
Joe: All right. So let's jump into Prycd again you guys go to Joe McCall dot com slash Prycd to get a seven day trial and it's pr y c d pr y cd. Can I share my screen? And can you guys walk me through Well, by the way, I want to show you guys and you guys already know this, I'm sure, but I'm using some new marketing now and I'm using that the offer number from price. But let me share my screen here. And don't let me forget to show this to you. I'm going to I'm doing this as a teaser, guys, to show you the new letters that I'm sending that are working really well. So how's that for a tease? All right. So here we are in Prycd. You guys see me? Good. You all right? Now I'm logged in. Can we do some research? Can you guys show us some best practices for picking a good market? And I'd like to go to research. Is this where you're going to tell me to go? Yeah. All right. And then what I like to do, and this is all good, by the way, let's talk about this real quick while we're here. Sometimes people get stuck in analysis paralysis because you've got you have such good tools here. But sometimes do you see this where students just spend way too much time overanalyzing things?
Max: Absolutely. And we do have, quite honestly, a lot of data. And so it can be intimidating with all the different numbers, especially if you're starting out. You really want to obviously hone in to the place that will give you the best chance to succeed in everything. What we will say is that we do provide a lot of data. Nothing has been back tested. So the good news is that there is not one specific strategy that's going to give you that the golden goose egg or anything. So what we've seen personally from a lot of successful investors, they use a lot of different strategies, whether it's just research data or honing into another accounting that they already know about, But just figuring out the criteria and the strategy that works best for you is what's going to give you and lead you to success. So after a little while, once you just kind of come up with your own strategy, it's really important to just pull the trigger and pick that area, filter down to your list and send that mail out, because one of the biggest things is going to be persistence and just continuously sending out that that mail and just learning from mistakes too. If something doesn't work, edit it and change it a little bit and then figure out what will work better next time. And just it's a continuous process of improvement to me.
Joe: Okay. Yeah, I totally agree. So let's look here. What do you recommend starting do you say let's look at the nation, the entire country? Or would you say let's look at a specific state first?
Max: What we typically recommend is to look into a specific state first. And the reason why we say that is because different states process and upload the comps differently. So we really want to have an apples to apples comparison and to figure out what state you want with there's a bunch of different things. If you have one in mind, you can go for that, but you really want to think about your end buyer. What kind of land do you want to sell? Do you want more forested land? You want desert land, and then what type of price point as well? Because depending on that type of land, you're probably going to get a different price point too. So again, forested land usually sells for more than, again, desert land. So it really comes down to that. Some other things and techniques you can use to hone into specific states is looking at migration flow data. And what a great proxy is for that is U-Haul migration data. They always post annually where people are moving to across the United States. So if you type in U-Haul migration data 2023, it'll give you a list of not only where people are moving to out of the 50 states, and top number one is the best 50th worst. But I'll tell you what it was last year as well. So it's a great. Way to hone in to, again, the different areas that you're targeting and you can match that up with the type of land that you want to go to as well. So again, if it's force of land, you will be able to see the list that Joe is showing now. And you could see those states that kind of come to the top. So that can be a great tool if you really don't know and want to kind of have a starting place, that can be a great tool to utilize.
Joe: Yeah, it's interesting. We have Texas, Florida, South Carolina. North Carolina is the top three states right now. Well, this is 22 data. I don't know. I didn't spend too much time looking at, but that's fascinating. That's cool. One of the other things I like to do is look at land watch just to see the most popular states. And I don't like the real cheap ones. I like more recreational land. You're right. But let's say we just did a search for 50 to 200 grand, 5 to 40 acres, which are the most popular states right now. And you can see Texas, Tennessee, California, North Carolina, Oklahoma, Georgia, Michigan and Arkansas. So you could kind of start from that. You also could go down the land, watch and say, show me the actives and the sold. Now, the thing with land Watch, you got to understand, I don't we don't know sold from when it's a year ago five years ago ten years ago and these are only sold that are that have been listed on land watch these aren't sold from county records. But basically what this is doing is giving you kind of a good glimpse. Now, Texas is just whatever reason, it's huge. But look at this. Missouri is second. That's interesting. Oklahoma, Tennessee, Georgia, Florida, Virginia, Arkansas. So these are maybe some good places to start to see. What are the most popular states to look at? Right. Can you guys just want to pick a state for me and we can do some research here?
Max: Yeah, absolutely. So it looked like Tennessee was on your list. We can choose Tennessee if that works for you.
Joe: Let's do that. And don't ask me how to spell it.
Max: Yeah. And if you just put in most of the word as should populate everything down below too.
Joe: All right, Tennessee. Now let's just say I'm going after all vacant land. So I used to say I only want, you know, big recreational vacant land like two plus acres. But then I'm like, you know what? Some of these states I'm in most of the properties, vacant lots being sold are like quarter acre to half acre lots. So I don't care anymore. I just want to find the most popular counties where the most vacant lots are being sold. And I'm going to target all of them. And this also, by the way, helps you guys eliminate the overwhelm analysis paralysis. Right. Let's just I like to cast a wide net, but at the same time, I'm casting a wide net in a very specific area. So I'm not too worried anymore about small or big or rural or infill. Let's just go find the best counties and let's target all the vacant landowners there. So we'll look at that here. Now, really, Tennessee, what next?
Max: So again, if you're going to target different acreage is one of the new features we have is you can select which acreage is we're going to show you in the data table before. So because again, you want to just search every single parcel, we'll keep it at all approaches. But you do have that option. The first thing you're going to want to do is, is just figure out what types of filters you want to include. Right. So just from basic economics, you have your supply side and demand side. So you really want to marry two of those types of filters to figure out which counties, what in Tennessee are going to rise to the top. So, by the way.
Joe: Yeah, sometimes people need to add some visible fields here, don't they? Yeah, right here, I think. Click on Edit Visible fields. I hope you can see this. Yeah. So there's a bunch of fields you can have here and the ones I like are population. Population change percent population per square miles. Total comps for sale comps in sold comps sold to for sale ratio, total data tree parcels, total total out of county owner parcels. Because I like targeting owners that live outside of the county out of county to total ratio days on market month over month price change in parcels on market ratio, those are just some of the ones I look at. Do you recommend anything else I should add into this?
Max: You know, it's going to really vary. One of the big things that's been coming up lately, just because of how drastically the economic conditions have shifted lately, we do have time frame data now. So instead of like saw the for sale ratio of all which encompasses every cop in our database, you can now look at it in just a three month, six month or 12 month time frame. So we have those for a few different filters. So that can be pretty helpful. And just kind of determining what is the current economic condition as opposed to as far back as year where it didn't necessarily matter as much before everything started shifting with the interest rates and everything to 12 months.
Joe: Perfect. Okay, cool. So basically, these are fields that you when you click Save It now shows up in this table below. All right. Because right now this table shows all there's probably seven there's almost 100 counties in Tennessee. So this table is 12 pages and it's showing all of the counties. And as we do these filters, it's going to narrow down the counties. All right, cool. So now when I click on Fields to filter, it shows all of the. Oh, you can't see it. Okay. Well, some of the things I'm going to show you when I click on this dropdown menu on the screen right now, you can't see the things that are dropping down, but as soon as I select it, you'll see it. So anyway. One of the first fields to filter. What do you recommend?
Max: So just again, coming back from basic economics on the demand side, one big one that a lot of people typically use is the saw the for sale ratio that we mentioned. So what we can do is just come out and use that saw the for sale ratio for the 12 month that we kind of selected before. And then you want to always have a greater value just from amongst a lot of investors. What we had to say is the greater that value, the more sold comps are really demanding over the for sale comps, which means it's a hotter area. So you want to go with a filter type is greater than to come up with that value. There's really two different ways you can do this. So the first way is going to be just a fixed value. If you scroll down to the actual the saw the for sale ratio heatmap, that's where we're going to determine what value we're going to use. So it should be the second or third one down. Here we go right there. And one big way is so if you look and if you hover in the top left corner of this map, you can actually type in Tennessee and it'll zoom in to Tennessee. So we can just focus on the counties there. Yeah. And then again, there's two different practices that you can do here. So we'll show you what the mean. And median averages are sold the for sale ratio across the United States. So you can you can use that is going to be just above the map on this page. And we do this for all of the maps as well. So you can you can utilize that number if you wanted. Another way, though, is going to be to figure out what that median point is within Tennessee specifically. So there's two different ways you can go about it. One just nationwide and then one specifically to Tennessee. And the way I like to do it is to focus specifically on Tennessee, because, again, each state's going to upload and process comps differently than one another. So you really want the apples to apples comparison and you don't want to limit yourself too much in states where they kind of filter everything out with that mean ratio. So we're going to low are focusing on the 50% mark within Tennessee. And to do that on the right hand side, you're going to see the little slider bars. So you're going to look for the saw the for sale ratio. And then what we're going to do in the left input box, we're going to. So yeah, just above the saw the for sale ratio slider bar in the left input box so above that number. Yeah. If you just on the other side though. Yeah. We're going to put in to start out that mean ratio. So if they think it's 0.36 and then you're going to click enter on there and that's going to again it's going to box out all the counties that did not meet that criteria. And from here now it's just all about adjusting it to try to find that 50% mark within Tennessee. So you wanted to go another one, maybe point four might be better. And it just takes a little bit of adjustment this field. It doesn't have to be exactly right. That could be good right there. And so what we can do now is scroll back up and put point four in that value to filter on for the for sale ratio.
Joe: That's good. Sometimes what I do is like I look at this table and right now this table has 12 pages of counties, which is about 100 counties. So sometimes I'll just put a number in here, I do 0.5 and click run filter. And you can see right here now I have 92 counties. All right. So now let's do 0.6. Now I have 78 counties. Let's do 0.7. Now I have 61 counties. So I've eliminated almost half of them just by playing with the numbers right up there. All right. So so now I have all of the and by the way, when it says sold the list ratio here, is that all or is that the 12 months.
Max: That's going to be all there? Actually, it's going to be combined, right? I think that the combined one, yeah.
Ryan: So I think we're looking at two different we had a sold the listed in the filter, but we were looking at this sold to for sale in the and then just to call out what the differences there is. That's not all like you mentioned about you know Land.com not having necessarily all those dates the sold to listed ratios will only look at comps where we know exactly so they're listing on whereas for sale as an active market comp but we don't have so there's more data in the for sale ratios.
Joe: Just so you know my dropdown and I know you guys can't see it, it just all I see is a sold to listed ratio. I don't see the sold the less listed ratio 12 months in the dropdown, but okay, regardless sold to listed ratio. Here, let's add another filter. Sometimes I like to look at sold comps. All right. And I want to know I want them to be in a county that has a lot of sold comps. And so I'm going to do again the greater than sold comps. And I'm just looking here, I got eight pages now before add 12 and here is the sold comps. And I'm just you can see there's 239 209 199 504 81 180 So let's like what have we looked at? They had sold comps greater than 200. That's going to take it down to 36 counties. All right, that's good. If you wanted to, you could do 300. Let's see, that's 22 counties. So why are we doing this? Because we want counties that have a lot of sold comps in them. That's good. Now, from the hundred or so counties, now I have 22. Right. Let's do another filter. What would you recommend? I have the sold this list. Ratio. I have sold comps. What about days on market?
Max: Like days on market works? Yeah, parcels on market ratio. Those are some of the common ones that we see.
Joe: Days on market tells us, you know, how long does a property typically stay on the market before it gets marked as sold. So the less the better. Right. So let's do less then. And if I'm looking at my table here, the days on marker, you can see this column right here. 160 42091 9149 213 one 7209 220. What if we did less than 200, less than 200 average days on market? That brings me down to now 12 counties. Is that good?
Ryan: Yeah, I think we're getting there.
Joe: So I've taken from 100 counties down to 12 that has a good sold to for sale, sold to listed ratio, the good number of sold comps and a good number a low number of average days on market. Cool. Anything else? If I want to filter this down some more.
Max: The only thing we mentioned again, if you want to do some supply side filters as well, it's not going to be a perfect science. And what we do always recommend is still don't filter it so much where you're left with one county remaining because then if you ever want to scale or target different channel, you basically block them all out. So having a decent amount of counties is always nice to have and you can go down the list, especially depending on how many records you're trying to send out. You may not have enough for one county, so you want to kind of give yourself enough buffer room to have that.
Joe: What if we did population percent change and said is greater than zero, so the county is not shrinking. Now we have 11 counties. Okay, that's good. And let's do month over month price change. Month over month. Price change is greater than again, I'm looking at this table here. We have 2.07, 2.683.62. There's some that are less than two, so let's do greater than 2% per area. I got seven counties. This a pretty good list. Seven counties in Tennessee where we have a good sold two for sale ratio, good number of sold comps, good low days on market. It's a population. It's a county that's growing in population and the month over month price change is greater than 2%. So there is some appreciation here. And we have seven counties. We have Bledsoe County, Fentress, Franklin, Knox, Loudon, Monroe and Overton. Another thing I tell people is like, if you can get like 5 to 10 counties in a state, that's a good place to start. Like though, you don't want to just narrow it down to one or two counties because once you start pulling lists, some of these counties, you're only going to get a few thousand and that's you need more than that. So this is a good place to start here, isn't it?
Ryan: Yeah, I would say so.
Joe: Simple, easy peasy, lemon squeezy.
Ryan: And all you have to do is click send to search our image it or click out that best search process, which is which is also really handy. So now your counties are already voted in their end. Yeah, and you already know the market conditions. Now you can start to sort of drill down at your your own criteria.
Joe: Now, the thing I would say, though, sometimes when you have too many counties in here hidden, it's sometimes your list will be too big and you can only export 10,000 at a time and sometimes two because each county has submits different data. Sometimes data tree has a hard time getting all of this information when you're doing too many counties at once. I prefer personally just to do one county at a time. So what I'd recommend, guys, is write down each of these seven counties on a piece of paper and then just do one at a time. So let's just do one of them. Let's look at Franklin County. I don't know where Franklin County is. Let's leave it.
Ryan: Oh, it is very close to Nashville.
Max: It's on the southern border, I think of Tennessee, just below Nashville.
Joe: Well, there's a Franklin. The town of Franklin. Yeah. Okay. This looks like a great county. Why? Because it's kind of out in the in the suburbs. It's got a lake, some lakes there next to Chattanooga, not in the suburbs. It's out in the country near Huntsville, Chattanooga, Nashville. I like these kinds of areas that are more rural. One thing I like to look at is sometimes I just go to Zillow, although let's look at Redfin instead and let's look at Franklin County, Tennessee. Do I get that right now? It's Franklin.
Ryan: Tennessee, up. Franklin Yeah. Seriously, just like I did. Franklin.
Joe: County, Tennessee. There you go. Big difference. All right, let's go to filters. Let's go to solds. Let's look at land only sold in the last three months. Okay, good. There are 30 vacant lots that have sold in Franklin County in the last three months. That's good. You can also change this to maybe sold in the last year, 131. So sometimes what I like to do is I'm looking at multiple counties. I just go to Zillow or Redfin and look at number of sold and just compare them to each other. And if I have a list of seven or eight counties, I'll just start with the one that has the most sold in the last three months. Go to that list, then go to the next county, go through that list, then go to the next count. But this is all about following the demand, right? Following the money, making sure we're in good areas. All right. So we have Franklin County, Tennessee, right now. You know what? I'm just going to I'm just going to clear my search and do. All over again because I want I want to kind of start from there. Clicks clear search, and I'm going to type in Franklin County. It's a lot of Franklin counties. Is Franklin County. Okay. Now, most of the other reason I like doing this and Redfin sometimes is I want to know what is the average size of properties of acres that are selling. And sometimes if you go to Redfin, you scroll down. There's a download button right here, and you can download all of those sold comps and get an average acre size of what they're selling. But maybe I want to show you what I do and you guys can tell me if I'm doing this wrong. Okay. I like to look for anything above. Point two acres saw goes 0.2 to 1. These are increments. Okay. And I'll do 0.05 increment 1.012, maybe two. And I do 0.1 acre increment and then I'll go 2.01 to 20 acres and I'll do one acre increment. How's that?
Ryan: That looks good. And I will call out because this is a common question we get on the increment to just a sort of a unique thing that we what we do here. So there's two things happening. One is this is how we're going to break up the search and look for properties. So on your first one, we had 0.2 to 1 and we are .05 increments, so we'll do 0.2 to 0 four. What you find when you shop 2.0.25, 2.3 and so on. But it's also how under the hood we're actually modeling the data. And so for the increments, you just you select it. That's how we're also going to take that range of 0.25, 2.3, for example, and actually model those comps independent of the remaining of the rest of the ranges. And so, for example, of that point, 2 to 1 was at a one acre agreement, which encompasses the entire range. We just model all the comps and data in that range. It's the more granular you make increment, the more granular the pricing model. And so there's sort of a give and take there with how you want to break up the data. You know, you chop down the number of properties maybe in that data, but also, you know, sort of set up how you want to start modeling the different acreage ranges.
Joe: Yeah. The reason I do this is because I don't want a list of 5000 records and, you know, 90% of the records are all in one price range. The I don and try to get an even distribution as much as possible of these properties. So just screenshot this if you're watching it, that's kind of a good general increment.
Max: What I will also say to this so which is is actually a common mistake, is the max acreage field is going to actually go down to a hundredth of a decimal point. So a C just above it says rounder 2.99. If you start your secondary acreage out, 1.01 will actually not go to the one acres. So you'll miss one acre properties. And so you actually want to build that one. Yeah. So you can either move down 2.01 or the next one down to just one. So that way you're actually getting all of the properties within that range.
Joe: Okay. So this should be point to to one acre and then this should be one what.
Max: Yeah. And then you'll want to put the that the first max acreage to. Oh yeah. No you got it right now that's perfect.
Joe: Okay then this should be. Yeah. To make a.
Max: Note and you can always Yeah. To make it simple, you can always just go again like the first one one and then the second one one. There won't be any overlap when you do that. Yeah. You'll see above that says rounded to whatever the nearest decimal point is. And so we do that for that very specific reason. So we're not overlapping anything.
Joe: Okay, so if I now this one. So okay, because what I was doing before, if there was a property that was exactly one acre, it wouldn't, I wouldn't get it would I know. Oh, okay. So now I'm.
Ryan: We started doing it because what was happening is if we didn't rule that, you'd actually get it in both and it sort of like duplicating where the property would end up because it would show up in the first segment and then also in the later segments.
Joe: All right. I'm going to do like this. Was this okay. Point two, I know this is really small. I'll try to make that work there. Okay. Because what we're looking at is right here, this little thing, you want to make sure you're getting the 1.00 acre properties. And sometimes there's a lot of them because they're they're right at two acres. Right at five acres, you know. So. All right. Good to know these next filters here. Well, these are where you would filter out like I only want properties that are worth $20,000 or more, but I've never really used these. Do you guys use them? And what do you recommend?
Ryan: We don't and the reason for that is these these filters, they're sort of from our original, original construct and they filter at the county level. And so what we mean when we say that is when you run this initial initial search, it's going to look at the initial model that we create as the county as a whole. But because we you know, when we're using our own tool years ago, we're using geo pricing, we're not terribly concerned with the subtleties because as I'm sure you know, when we use the geo facing models, there's a lot of adjusting that happens that will completely, you know, can really radically shift the price per acre or merino price of a property well beyond what it was originally set for at the county level. It did it, you know, depending on where you are at within. In my state, within the county. I'm a great example that as a deer in a county, that as a major city, and I'll say Maricopa County near Phoenix says, and you know, you're going to get a much larger shift up in price when you get closer to that city versus when you're still on the outskirts. So, yeah, that this is another common question. We get around these shelters and the read more pages, very helpful to sort of explain what's going on there and why, you know, and why that the filters work the way they do.
Joe: Well, just ignore these then pricing characteristics. I just price those comps. I usually leave this 5050. What do you guys recommend?
Ryan: We recommend that, you know, we do see folks that will sometimes do the price of costs only. What we will see today is our models of our set up to have a bias towards salt comps just by how they're created. And so when when it says 5050, that's because that's allowing you to adjust the weighting. I guess what our model is by our model is already weighted, sold higher, but not not really inherently shown there. But that's what's happening.
Joe: Okay, very good. Filters, data, tree filters. I just leave them all checked. I don't care.
Max: The one thing worth mentioning there is for the land uses, what we've noticed is that when uses are not uniform from county to county. So what you may see from time to time, if you search or try to get a count for certain counties, you may see your count go completely that zero and one that when that happens, sometimes it comes down to the land uses that are actually being used and they don't classify them as vacant land at all. Instead, they're classified under maybe residential land uses such as single family residences, even though they're completely just land. So if you click the more button at the bottom right of land, you says that's going to be our residential end users. And so if you select this SFR button, just be careful because most of them make have houses actually on them. But if you pair that with our living areas, square footage filter and put zero zero, that may help you get more vacant land in certain kinds than others too.
Joe: That's a real good point because again, sometimes you'll you won't get any records. You're like, What's wrong? It's because it may be classified as a house, but it's a vacant land. So go ahead and select houses. But then living area square footage, the square footage of the house do zero. Or you can also do improved assessment values or improved values as zero. And sometimes that will also filter those out. Okay, that's good point. Now, for me, the only thing I look at here is in county owner. I want to exclude people who live in the county. Anything you want to say about that?
Max: That's a pretty common one. Obviously, the further out the owner, maybe the more likely they are to sell. And the only other one that I would say that might be nice to just have is kind of a default setting, especially if you're not trying to mail outside of the U.S. owners. If you go to mail state and if you drop that down and say mail state is USA, we can automatically filter out those owners before you even download your list that live outside of the United States. So yeah, you just put USA in there will auto filter out the those owners that are outside of the U.S..
Joe: Okay, that's cool. That's good to know. It'll save you a little few pennies. Yeah. All right. And I think that's it. You know, if I'm targeting buyers, I might want to say. Here, show me all the ones that own at least a certain number of properties already. What's the remove unavailable owner names. What is that?
Ryan: Yes, there's a handful of properties in the data from Data Tree where the name is is not available. I mean, it'll just say unavailable or it'll just be blank. And for some people when they're sending out, you know, say a letter, they want to have, you know, Dear John or dear Nancy. And so they don't want to just sort of have a generic blank cylinder fill a name, but this will sort of get rid of those. But if you're if you're not too concerned with that or maybe you're running a text campaign or something that doesn't really require their their first and last name, it's not necessary.
Joe: And you know what else? I wonder if if you just included all for the owner location, you'd get a lot more records. I bet you I'm lose I'm missing out on a lot of deals because I'm only sending mail to people who don't live in that county. My thinking has always been, I don't want to send a letter to somebody who owns a vacant lot right next to the lot where they live because they probably don't want to sell it or they're probably not going to be super motivated. So I guess, you know, if you have a good county and you've already mailed it and it's a honeypot, you're getting a lot of deals from it. You might consider just mailing everybody who owns land in that county, regardless of where they live. And you probably pick up some good deals out of that. Yeah, but the exclude in county just means you're more likely to find somebody who lives farther away from that property, who's going to be more detached from the property. Not as much emotional tie tied to it. Okay. I don't worry about assessed filters unless these are something there you want to say?
Ryan: Nothing really. Yeah, it's pretty fair. And I think I think to what we were talking about earlier with with land data, this is another one that we see a lot where these these values are not necessarily filled in for every county. And it's really hard to get consistency with that. And if they are failing, it's also hard to get some accuracy with that. So it's it's we personally don't use them, but there's nothing to say that you can't use them.
Joe: If you are doing a search for residential, single family residences, This is where you put in a living area, square filter of zero.
Max: And we actually recommend it regardless if you're if you're doing farmland for your vacant land uses, just because there could be barns or other sheds that this may pick up as well. So it's just kind of a safety check just in case.
Joe: Sometimes I don't do that because I found when I had a living area of zero, it would filter out too many because if if the if there is no data for living area, sometimes I wouldn't get that record because there was no living area, so they just didn't give it to me. Does that make sense?
Ryan: Yeah, I think that this is probably a little bit of risk tolerance, too, if you're okay with having, you know, properties with structures on them. Yeah, it just what where misclassified, you know, in the land use is I think that's totally, totally reasonable. It's just just understating it as that. That is a possibility.
Joe: Flood zone codes. I don't worry about that. I mean, I just don't trust the county records to know whether properties in a flood zone or not. So I just check them all. Last sale date. What do you guys recommend for this? And I'll tell you what I like to do.
Max: I was just going to say it's good to understand how the last sale day filter works. So kind of the theme behind land investing is it's an imperfect data set. So the data that we get, a lot of the time, it doesn't show you what that last sales date is. So if you click that, absolutely again, okay to use, there's nothing wrong with it, but just know when you do that what our data provider does behind the scenes, if you say, Hey, I want any properties that sold, what's the file before five years? So if there's a property record that's blank, they're going to leave that into the results just to err on the side of caution. So it very well could have been sold within that five year time frame. They just don't know. And so just using that filter again, nothing wrong with it, just know how it works and that there still could be some properties in there that might be in within the time frame. But again, typically, as some investors like to say, the further they bought the property way, the more kind of again there something happened or they don't have a mortgage on it or they're just kind of okay and ready to sell it by now. So it just depends on what type of strategy you're using at the time.
Joe: So I want the unknown sale dates because that usually means it was last sold before they started keeping track of that, which was a long time ago. So if I say last sale date before five years ago, well, that include unknown sale dates. Yeah. Good. Yeah, that's good.
Ryan: Yeah, it is just the other way that will not. Right. So if you do last sale is after then you will not be included. Those are known as unknown dates.
Joe: Okay. I wonder if there's a way you could have a checkbox for include unknown sale date or not. Right.
Ryan: I mean I think the, the challenge there is this that's sort of the internal logic of data tree that's just how about how they they have decided to handle unknown data have been up where this property so sort of out of our control in that case.
Joe: Okay cool I don't worry about sale price I don't worry about deeds. I don't care about listing status because that's I'm going to guess that this is most of the time not accurate, am I right?
Max: And it's really hard to know as well because there is going to be probably some sort of delay.
Joe: Well, it's everybody that I've seen that provides MLS data. It's when you dig and start looking, it's wrong. It's just because MLS data is so hard to get the best place to get MLS data from the MLS or Zillow or Redfin. I pretty much I ignore anything else that says they have a database of listed properties. And anyway, so cool. That's it. I'm going to click search and see what comes up and I'll go.
Max: Oh, as you say, while this is loading two, if you do again and get a count in your your record zero, the best practice to just figure out what filter may be causing that issue is just to basically restart your if you're yes, remove your search and then just plug in one at a time with getting a count. And that way you can see exactly which filters are removing all the records.
Joe: One thing I want to show here real quick is you can see the kind of the even distribution of ownership records here. And I like that because it's not like 500 here and 1020 here. So I've got 64 records, 6054, 53, 41, 3227 That's good. And you can see the ranges here, point two, 2.2, four acres, then 2 to 3 acres. So it's I like that. Right. But I am surprised a little bit. I have only 816 records, so it could be some of the data that the data trees getting from the county records is a little screwy. Or it could just be that really is all there is. So if I look back here, what are some things that maybe I could do? Maybe mailing state is a problem, so I'm just going to say no mailing state filter. I could say, well, just include all people who live in the county or not and I could do well. There is no living area filter. I'm back five years. I don't want to change that. Let's try it again. So you just sometimes have to go back and change some filters to see if you get more of this.
Ryan: I think I think I, as I call back, told me you're looking at the research page when you have the the does this does you know, I think we have seven counties. You can actually see the total data tree count at a total you know all one basically all properties and all acreage. And so you can use that as a reference point when you're pulling this data to say, okay, if I only get 800, but maybe there's only 2000 total. That sounds pretty reasonable, but it takes 800 versus, say, a hundred thousand.
Joe: All right, so now I have 2500 records. That's good. All right. Now, some of these are going to be people who live in the county, but that's I don't care about that right now. That's awesome. Real quick. This is where you adjust the offer percent. Okay. Now, this letter that I'm using right now, this is the envelope and it looks like there's a check in the envelope. Okay. And then this is the letter itself. It's just. Hey, do you want to sell your land? And if you want a real check instead of this fake one, call or text is 24 hour recorded voicemail. And we don't give them to a website. We want their phone number. We want them to call us. And we've just been we've done different variations of this letter. But right now this is working really, really well for us. We get a lot of calls and I want as many calls as I can get. So you know what I do? I change this offer price percent up to 50%. Now, this is what I teach in the course. This is going to get you more calls. It's also going to get you more angry callers when they call and they find out that you really can't offer them 12 grand for their property. But this is something this is for another video. But this is where you just say, hey, great, thanks. I got your message. Do you mind if I ask you some questions about your property to see? This is something that I really want to buy. All right, then you turn on your sales, you put on your sales hat, and you start asking them questions. You know, it doesn't have an asphalt paved road, but so you ask them, does it tell me about the road to the property. Is it paved? Oh, no, it's not. Shoot. Okay. You know, maybe it's half wetlands isn't half dry. So tell me, is it is it on a wetland or not? Oh, I don't know. Okay, I'm looking here. It looks like half of it is. Oh, shoot. Okay. All right, then. You know, part of it is sloped. You know, you ask me what percentage of the property is buildable. Well, I don't care. I don't, you know. Okay. Looks like here it's on a slope. Only about 25% of it's buildable. Talk about utilities. There's. There's utilities on the property. Right. Or real close. No, you don't know. Or so you start asking questions and you say, well, you know, I don't know if I'm going to be able to offer 12 grand for this property anymore. What is the best you can do and shut up and let them talk? And you're going to get some people to say, like, you offered me 12 grand on this. You know, this was I just can't do it. I mean, and I'm also looking at properties here on Redfin that are cheaper than yours, that are bigger than yours, that have been on the market for over a year. So why would I want to pay you? I'm really sorry I sent you this bad. This really. I made a bet. I made a mistake. I'm embarrassed. But, like, why would I want to pay you 20 grand for your property when I can buy a similar one a mile away for half of that? So I'm sorry, but, like, what is the best you can do? What's the lowest price that you would be willing to sell us for? And I'm just asking questions. I could say like, you know, why would you even want to sell this property? It looks like a nice place. Why would you even want to sell it? You're not in a hurry to sell it, right? You should probably just list it with a realtor. You know, I can give you some agents that can list properties in this area. This is all sales. 101. I'm just talking to them, asking questions, playing the role of the reluctant buyer and trying to get from them now the lowest price that they'd be willing to sell it for. I'm still going to send them another offer, but this is how it works. And so this is a little slider here, which is so cool because if you're sending a blind offer or a check letter like the one I just showed you, I want as many calls as I can and I know I'm offering more than I could probably really buy it for, but I'm just doing it to get them on the phone, talk to them, and to get them to negotiate a lower price. Now, if you don't want to do any of that and you just want to make lowball offers and get one out of every thousand accepted, go, I'd move this down to maybe 30%. All right. And, you know, if you find that priced maybe is a little high in these areas, go down to 25% or 20% and just send a bunch of blind offers and you'll get one out of every 500 or 1000 accepted, which is good. So just depending on the game that you want to play, do you guys want to add anything to that?
Ryan: No, I think that's a yeah, that's pretty spot on. But I think the other thing to mention is a saw, a visible on a screen is doing things like range offers, which is, which is also very popular strategy. So we do have a tool that allows you to sort of generate incremental 5% incremental offer prices. And then you can sort of set your letter template if you're if you're, you know, kind of going off on your own strategy and. So you have the template to say, Hey, I want to offer, between, you know, based on your property's characteristics, I can offer between 30, 60% or so, the ballpark. And then like you were just saying, with the sort of the sales strategy, you sort of say, hey, like if if those things are not present, it's going to fall closer to that 30% mark versus maybe that higher 60%.
Joe: That is really cool. Can we talk about how to do that?
Ryan: Yeah, sure. So we'll get to that when we keep going through the if we keep going to the selection process, like you can't call it out when we get to that.
Joe: Okay, well, that's important. I want to do that here, but I just want to show people real quick how to get comps. This is one of the really cool things about price. Like you can get comps from Prycd if you're paying member without downloading any lists. So let's say you have a two and a half acre lot. Well, just click on this right here. So I have two on right in the middle, two and a half acres and go right here, two for sale and sold comps. Click on that. And now you get a table of five pages of comps and you look at this and it's going to give you all of these properties. Some of them are the same like this one. This property is probably the same from Realtor.com and Redfin.com, but you can click these and you get sent to that listing on Realtor.com or Redfin or whatever. And you can see this one's currently for sale for 33000 to 50. And you can also download this whole table into a spreadsheet and start playing with it. So this is a great way to get comps on similar sized properties in the area. And I never used the chart before. This is a chart.
Ryan: A cool visualization of the of the comps. Just to call out on those on those comp, because this is also another fairly common question. They're saying, hey, these are duplicate comps. Is that going to affect the price? We do remove those duplicates when we do modeling, but we like to leave them in on that comp visualization because sometimes the listings on, you know, say Realtor or Redfin or you know, maybe it's on the land dot com and Zillow and it's the same comp. They had a different pieces of information about that comp you know maybe that yeah Google upload that put more or less data. So it's nice to have sort of a little bit of a a different perspective from each of the listing sources.
Joe: And this is also helpful in nondisclosure states like Texas. This is a great way to get comps for properties in Texas because you can see the ones that have been active, you know, or are off market. And what they were priced at, like this is a deal that was off market, it was on Land.com and it's not anymore. So did it sell or did it not? I don't know. But you can see. All right. Well, it's there's 2.2 acres at 85,000, so it's whatever, $40,000 an acre. Okay. So great little tool that you don't have to you don't really pay for. It's what you do in the monthly that you do. But like, if you do the $500 a year, you can export these comps and get them without downloading a list. So that's pretty cool. I'm not going spend a whole lot of time talking about this, but we have different pricing screams schemes, one based on the county of the entire county, one of them based on the city, and that's the city mailing of the mailing the property address. And then you have geo pricing. And geo pricing is just algorithm that you use, right?
Ryan: Correct. Yeah. And sort of at a high level, what it's doing is I think I mentioned it earlier is for each property it takes a lot long, It'll look at the nearest comps around that long that that matched the same acreage profile and then it creates a model based on proximity. And then also waiting, like I mentioned earlier, sold comps higher than the close of the acreage as are together to the property. You're trying to price some more, the more weight that will add to that and add to that property.
Joe: And again, I like how I did my I'm just bragging about myself here. I like how I did my ranges for acreage because look at it's a pretty good even distribution there. I got 189 one 5126 117 107 etc.. Right. So let's say I want to download this list. I'm going to click on and I want to I want to do 40% of my offer price because I'm going to use that check letter. I want to get a lot of calls. I'm a download all of them. I want you guys to show me how to do the range thing. Yeah.
Ryan: So we want to continue.
Joe: Yep, continue here. And I love that range idea because one of the things I'm going to be testing soon here is a postcard with the offer on the postcard and with a phone number to call because I can send postcards for super cheap and if I can send an offer price that you know, I know is high, I'm going to be getting a lot of calls on that. All right. So we're looking here at some field names. I usually just leave them all checked.
Ryan: Yeah, that's fair. I will point out the protected APN. I know it's not a huge deal, but if, like you said, if you if you rang that issue or your APNs are getting truncated from, from Excel or something like that or this year, those are going away, that that could be helpful, but it's not okay. Assessment is required and the agents, like I mentioned, are fine within the CSV files.
Joe: Personally, I remove blank owners, church owners and government owners blank addresses is that blank property addresses are blank mailing addresses.
Ryan: It's got to be by mailing addresses. Yes, that's yeah. Because typically in especially vacant land there there is not a property address or it's that's not a full, you know, U.S. postage address.
Joe: All right. So I'll also remove non-U.S. addresses and I also remove same zip code as parcel if we're doing the owner is outside of the county. Wouldn't that already take those out? .
Ryan: Yeah so some of these are a little redundant. Some of these are were sort of created back when we first started. We just let them in there for for redundancy. But sometimes, maybe you also might forget or miss that filter. So it's sort of the last also the last chat that will remove those. Just, just in case you're not mistakenly you know, you're you're you rather, you know, follow our money on the data, then spend more money on the letters, which are going to cost substantially more money for you.
Joe: Any filters that you would recommend. I should have checked or should not have checked.
Ryan: No, I think those are all pretty pretty standard.
Joe: All right. Go to continue. I know this is cool. You can get skip trace data if you want. You can generate a campaign map. Campaign map is like a cmll file that you can put into Google Earth. I used to use that a lot more than I do now, but right now I just get my comps right from Redfin or Zillow. But if you want to put them into Google Earth, that's where you can skip trace your data. We have a lot of clients who do that, remove duplicate owners. I use this because this now removes one owner that might own five properties, so I'm only getting him once. Oh, here it is. This is the new thing. Split pricing. Is this it?
Ryan: No, this is actually another unique feature that we have on our site. And so what we're doing here is when we do something like geo tracing, not every not every property in your geo pricing model is going to have the requisite number of cops around it to create a model for. And so when that happens, what we're going to do is sort of fall back to the next layer, if you want to call it that, you know, so that's a checkbox actually below it will say, Hey, when you do have that, I want to revert back to see price by default or revert back to the county. And so that's sort of another check where we say, hey, if there's only like maybe one or two cops around your property within three miles and we're not going to mistakenly create a model of some, you know, so few of comps. And so, you know, it's just like another way to sort of segment out that data and maybe you do some or you for that and then for the for the range offer, let's if we actually go back because you want to click the X, actually we actually skipped over and I apologize for this, if it's filled to the top here, it's going to be that checkbox right under resected geo pricing. So you see on the left hand side that show offer price all the increments. That's the button we're looking for there. And so what that's going to do, like I mentioned, this is going to create on your Excel sheet, it's going to create offer prices of five, eight, 5% increments from zero all the way to 100, and then their need appropriately so, you know, we say offer price underscore five offers price items for ten all the way up and so on your ten where you can actually pre construct a raise or any new template area say I want to do offer price 30 to offer price 60 and then it'll fill in those numbers for you. So it's really easy way to create that raise offer letter with Australia's like you mentioning where maybe you have some wiggle room in your offer based on some characteristics of the land that are not inherent in a property dataset like utilities.
Max: And decide to go and get it. You can click the set default increment button. So that way when you go through this, you don't have to check each time either.
Joe: Yeah, I'll keep that. Yeah, because I want to start. I've never done the range offers. Do I want to? I've been wanting to test it for a long time. Guys still using that and do they like it.
Ryan: We've heard, we've heard some good success stories about that. You know, I think there is a lot of value, especially when you know that you're going to sort of negotiate in having that that high and low sort of boundary. So that way, I think it also sets a better precedent with the with the seller that, hey, like, you know, we would love to offer the most, but there's just things about certain land that we, you know, whether it's in a flood zone that doesn't have direct road access or, you know, maybe like you mentioned, it's not buildable where we just still and, you know, take a market can take a hit on what we're able to provide because we have to, you know, maybe do some do some work to that property to to bring utilities to the property or, you know, bring a rotor. Yeah.
Joe: Oh, that's cool. All right. So we'll keep the offer price adjustment at four less to 45%. I like pushing it up because I just want as many calls as I can get. All right. So then we just go to continue on.
Ryan: I'll go back through again.
Joe: Remove church owners, blank owners, government owners. I'm okay with trust in corporate's blank address is non-U.S. addresses same zip code as parcel boom continue and then you can skip trace the data if you want. Remove duplicate split pricing, revert to city pricing. That just means, again, if there's not enough pricing from the geo location pricing, then it will revert to county pricing by default or city pricing. If you click that.
Ryan: You'll be able to see that directly on your in your data center, which pricing tier it price, it'll say the source of the pricing and whether it's a town name. Or a adjusted.
Joe: Oh, I forgot. What do they choose up here? Oh, I was doing these on. Okay. Okay. One of the question I have for you real quick then is let me just do this one more time, because I like to put reference IDs on my letters and sometimes I have to do it inside of Excel. And when I'm teaching students how to do this, I they glaze over when I start doing adding a column and doing reference numbers in my spreadsheet. So can you explain the custom reference number and exported file label thing here?
Ryan: Yeah, absolutely. And so what the file label will do is so a lot of times and this is this happens a lot where folks will export several times in a day or in a short period of time and we have a default only convention for our files. So, you know, for us it's trace date and then the date of the export. But if you're someone that exports maybe ten times or 12 times and then puts all those zip files or final lists into a folder in, you know, on a computer and they all have the same name, it's hard to know what data goes to, what you know, you were exporting. And so that's the what you've typed. That is probably the most common thing we've seen. You know, sometimes I'll put like an acreage range. And really what the idea there is this is sort of labeling the files and a label, the high level zip file and your final list file with some sort of custom annotation of what data is this, Right. If I'm doing I'm doing Franklin that I'm going to do another tally. I can put, you know, Franklin County, Tennessee in that way. I'm aware of what of what's there. And then the custom reference number. What we do is we actually provide a reference number for all our exports. And so what this allows you to do is to say, hey, I want to actually create my own scheme for this. So whether it's, you know, French dash something or just Frank and then you can say, yeah, I forgot. And so that just is going to just numerically count off and I'll put Frank Dash and then I'll start at 6000 and then every property will be, you know, 1501 1502 So if you want to create your reference scheme that is easy for you or for your foreign service or whatever process you're using to it to follow. But just knowing that we also create a reference number which helps us internally to track all the properties that are being exported, all the data is being exported, but sometimes you want to have.
Joe: It so and so it's okay to do the dash.
Ryan: You could do the dash and the dashes added. So I would just you can probably the dash off.
Joe: Okay, So like this I like this because when the seller calls, the letter reference is on the letter and my voicemail says, give me the letter reference ID And so it's just easy. When it's in the spreadsheet, I can send it to the mail company and awesome, That's it. Then you check out, you get your last one.
Ryan: The one more thing I'll add to the before you check out is and we get this question is we highly, highly recommend using the preview option. The reason for that is you know there is a lot of but you see selected there's a lot of filters. There's a lot probably a lot of back and forth when you're setting things up. And so the preview mode allows you to export. So we had, I think was like 2000 records for each of those rows we selected. It'll export five rows or five properties and then you can go in and it'll look exactly like your final list is going to look okay. And they're basically four for no charge will allow you to sort of review those properties. Just double checking that, you know, you set up everything that you wanted, maybe spot checking out couple for price to make sure like I set up my my pricing criteria correctly and that'll help you feel more confident when you go in and export you know because sometimes this one's not too bad with 2000 records, but if you're going to set up maybe a 20 or 30,000 record export, you want to make sure that there's, you know, you're not going to make any any mistakes that are going to require you to maybe export that again or have to, you know, go through our support channels to sort of six, six certain things. So we do recommend that pretty intensely.
Joe: So with that preview, we did email it to me.
Ryan: Yeah, Yeah. So it'll email it directly to whatever the email on the account is, is the same email that would get me. Here it is.
Joe: Okay, so I'm opening it now. I'll open it up here in just a minute so you can see the preview at the final list. I'm now to be able to show my screen, but I'm opening up the spreadsheet and I'll tell you how many records are in here. There are cool 40 records. And I can see here I got the right data. I have the mailing, the owner's name, I have the mailing address, property, address, the API and the lot size. It's good. I have the county, I have the chip's coordinates. Thank you so much. Legal description, which is good. Property taxes are good. I sometimes I like to filter out. I'll sort the whole list by property taxes and I'll remove the real expensive ones. I see the offer price, the market price, I see the pricing source, how it was, the sourcing of the pricing geo and most of them are geo adjusted here. And then I also see the price ranges. Nice. So I can like when I'm sending my letters to the county or to the printing company, I can say, all right, for my range, use the 40%. To the 60%.
Ryan: Instead of saying offer price in a template letter. When you put the offer price you know into the the thing you can say I want to offer price 40 and that offer price.
Joe: Yeah. Oh that's cool. All right. I know you guys can't see it right now. I'm just looking at the spreadsheet. All right, Awesome. Anything else that we should talk about? I know. We all know he went long, and I know you guys are busy. I apologize. I feel like we did a really good job there. Looking at the picking the right market, getting a good list. Can we talk about real quick best practices that you guys are seeing with your customers on type of letters or direct mail, skip tracing, cold calling? What are you seeing the best marketing practices right now?
Max: I think the best practices we've seen lately are people hitting potential sellers multiple times. So whether that's sending letters and then also skipping tracing data and creating text marketing campaigns, so they're getting hit multiple times and then also having ads run through their websites. So there's certain mail houses out there and everything where they can basically align the property sellers that you're mailing to with the website that you have. And so now they're seeing your website, they're getting your letter, and then they're also getting texts from you as well. So just those multiple hits seems to be the best practice right now that people are doing just because of the ad and the competition. There's more people in this space and so it just takes more times. And you hear it a lot too, right? Seven times to get a potential seller in any sort of type of thing, too. So the more times you can hit that person, that seems to be really working right now.
Joe: Yeah. Good. Anything else, Ryan?
Ryan: No, I think. I think Max nailed it there. Yeah, I think the only thing I would I would maybe call out just from our website. I know we did go long. There is we do have a really great comp report tool that I think some people.
Joe: Oh I didn't even talk about that.
Ryan: First it's actually something you know funny enough we had it for quite some time it is is still not as well known as our main workflow but we you know we use it every year for every property that we get a lead on. We're pulling a comp report for it to get the most data and analysis we can on a single property. So we actually want to submit the CMO report just to kind of quickly look through it. It's going to give you the property overview, it's going to give you that a crazy breakdown. And what's cool here is you're going to see all the different tiers of that pricing. So you can kind of get a sense of where everything's at. You know, for this one in Bubble County, you see the city of Pueblo and our adjusted g of price. And then what's cool about this here is if you keep scrolling down, you're going to see the breakdown in comps. We got a little analysis, you know, high level overview analysis of all accounts that are in this report.
Joe: And there will be a hyperlink here. You can download the comps into a.
Ryan: Into his million download construct spreadsheet. The other thing that's cool about our reporting, although as you see right there, is we have a map that comes with it too, so you can open it and you know, Google Earth and you can sort of see visually where they all said.
Joe: Oh I didn't know that. And so when you click this, it'll give you the Google Earth camel file.
Ryan: Then when you download the report, it will said, yeah, if you actually go back to the comp report page, there's a sample maps that you can download along with this sample or insert right exit right there. And so you can open that. It'll download a key HTML file for you that you can open up. Yeah.
Joe: You can't see it, but it's a it's a if you're familiar with Google Earth and it's a little clunky, but what it'll do it it'll put a bunch of pins on Google Earth around your property where the comps are coming from. So it's a good visual tool.
Ryan: And I know a lot of people use that with something like parlay and they'll be able to sort of see like the layout of the land, you know, right there. But if you keep scrolling here. So we have our, you know, our high level overview, we have our comps, we have some cool charts to sort of it is a visual dispersion of those comps where they're coming from, the sort of scatterplot, you know, where they're falling from a price speaker perspective, here's all the comps to sell. So do you remember back when we're looking at the single county, see those comps, These comps are very specific to this property. So these are the closest comps to your property that you're looking to comp for sales comps.
Joe: And then sold comps?
Ryan: Absolutely. And there's no Realtor.com sold links. That's just one thing about this, just one thing we don't have. It's they don't provide those. So if you see that it's not it's not a your, your report is just not something that's provided. And then if you see some of the cool stuff we've added over the last couple of years is these property insights. So looking at buildable area, the breakdown of slope of your properties.
Joe: Which is I use this a lot. This is huge. Let me explain this here. The maximum slope on this property is 26%, but the total buildable area is 95%. So that's good. And you can see some of the key care like, well, 67% of the property is flat, 18% is gentle slope. This is really cool. If you see a property that is maybe only 5% buildable area, then that might be a property you want to pass on or just be really conservative on your offers. Right. That's helpful. Septic breakdown. How accurate is this? I've always wondered about this.
Ryan: It's pretty accurate. We have used it in our own properties and we've sort of validated. It's very hard to sort of nail one by one and validate every property. I think every town is going to be a little different. Every property is a little different. And you know how up to date this information is. You know, we sort of use this as I wouldn't say as a all encompassing this is, you know, the truth, more of, hey, this gives us a better feeling about whether or not this property is going to have this capability. We're also going to validate this most of the time, but it's sort of a good first, first wave chat to say, hey, is this is this something, you know, we're going to feel confident in? One thing to note on this, too, is we mentioned that map that you get earlier. You're also going to see visually where that 99% is and where that 101 percent is on the property itself. And so you can kind of get a sense of where, you know, where within the property there's more likely to have this capability, which you could potentially use if you're going to do some kind of study on that to, you know, sort of push someone towards there in the right direction. So it's definitely a real coverage. Yeah. Yeah. So those are the same core insights that we have on the property itself. And then here's that appendix we were talking about with the range offers. This just sort of a different visualization.
Joe: I use this all the time. I use this all the time. So if I got a property, there's three columns here, County offer, city offer, geo adjusted, I'm usually about 35 40%. So I see different. If I'm at 40% here, I'm looking at 24,000, 30,000, 27,000. So I just usually go with the lower one and that's why I make my offer. Simple as that.
Ryan: And if you keep going down, I mean there's a lot of and it's it's a longer report but we now we have this is another really cool one that we've come up with as we start to move into the subdivisions space and looking at, you know, what is the breakdown of the market competition, also pricing when you start to chop up your property into smaller plots. So this particular example is a 40 acre lot. And so you can say, hey, like if I wanted it, you know, at 1500 acre to SA, you know, where can I get some forced appreciation. Where is a sweet spot, a price point if I want to say maybe make for ten year lots or you know, eight five acre lots or you know, what have you, I mean you can also see like sort of like I mentioned, the competition on the far right columns of what kind of parcels are there on the market and saw that those does.
Joe: I didn't know you did this. I don't know. This is very cool.
Ryan: Yeah. This is one thing we use we use a lot in our in our subdivision analysis.
Joe: This is if you're going after bigger properties and you know, what would the comps be if you broke that 40 acre up into a five acre lots.
Ryan: That's cool. Exactly.
Max: And it's just another tool in your arsenal. You know, if if you're trying to negotiate with the seller or not able to come down to your 40, 50% mark, but they will want to sell it to you at 80 or 90%. It doesn't work as a flip, but you can see where it may work as a subdivided property. That's where it can be really useful.
Joe: Yeah, you also get some skip trace data in there and it's cool to at the comp report you get the you get a KML file where you can open it up in Google Earth to $500 a year level. You get 25 reports a month and then ten free reports are added every month. If you don't use them all, that's a really good value. I really recommend the 500. Let's look real quick at the pricing here. I'll pull this up. Okay. Let me share my screen here. The bronze level is 25 bucks a month. I'm sorry. Yeah, Bronze plus is 50 and gold is $499 a year. But you get all of this stuff at the 500 a year research, location, searching analysis, location analysis, comps, viewing comps, owner property, record exporting, external list, upload pricing. So you have you have a list for somewhere else. You can upload it in to price and they'll give you comps on that comp reports, customer service expert comps and price data, Polygon drawings. I use this a lot. This is really good If you're looking at a certain area and you only want like you can draw an area that only gives you comps or properties in that little subdivision or area that you draw and you get ten free comp reports per month. Very cool, right? Anything you want to add to this, guys?
Ryan: No, I think that I think he really he really hit there. And, you know, I think as I just mentioned, I think you mentioned earlier in the call that we do pride ourselves on our our support. And if there's anyone ever has any questions or, you know, runs into trouble, please, you know, we have a pretty solid, you know, template of of pages help. You know, now we have a really large collection of YouTube videos to help. But, you know, you're still stuck. You know, please feel free to reach out to us and and you know, we'll we'll try and try and get you out that you need to get you points in the right direction.
Joe: Mike and his business partner Matt Bill's here posted something on Facebook. I also love the comp reports.
Ryan: And they are and they are firstly one of my favorite features. We like these so we use them on every lead that comes in to show our workflow with that's our first that's our first thing that we do is our first action is. All the comp report and sort of reanalyze. You know, I like where we are at this property. What you know, what is the owner looking at? Where do we go?
Joe: Awesome. Thank you, rick, for the compliments. Donna, is this being recorded? Yes, it is. Being right now it's on my YouTube channel. And I've also put this video into the simple and flipped Facebook group. And this has been such a good video. I want to add it to my chorus. So I didn't even tell you guys that. But I'm adding this video into my program and so you can see it in there and also in my Facebook group. And it will soon be a YouTube video as well. This will be recorded. And Ricardo is asking, Do you have a script for those questions that I was using? Yes, it's in my course. And one more thing. I'm not sure I understand Ricardo can't report, so I can only run ten properties total. Now you can if you. That's ten a month. I think you get a certain number start with and then ten free ones every month after that and that number accumulates.
Ryan: And you can I just march so on, on the front page you can there's a, there's a way to purchase as many years as you need. We also have a page where you can buy them in books. Do you want to continue to purchase, you know, 20 by the time you can buy, you know, 254 for that price and then kind of not worry about it's awesome.
Joe: And your skip tracing pricing I didn't talk about this it's $0.14 a record. That's really good.
Ryan: Yeah, that's good. Skip tracing is something that we launched fairly recently and we've actually spent quite some time working with our provider there too. There was, there was a little hiccup hiccups along the way that we were trying to address. We're pretty happy with where it's at now. So folks have tried it or we're not happy with it. We're definitely, you know, working on and addressing those issues. And so we're really happy with the skip tracing.
Joe: I have a question for you guys real quick, since you're here, that the 500 a year level you get, what is comp API access? What does that mean?
Ryan: So we have another, it's another tool that we have in the tool belt. And what that allows you to do is if you're someone that likes to set up some automated CRMs or wants to create some of your own tooling, you can actually disrupt the top there and go to more. And then there's a copy API page. It'll sort of explain a little bit of what this is. But if you're familiar with API application programing interfaces, it allows you to quickly easily pull comps from anywhere. You don't have to be on our website to pull these comps in. If you're a gold member, you can sign up for free. You can actually just click the start button. If you're on gold, it will actually generate a key for you. And then such you scroll. Yep. So you're that's your user ID and then all you do is follow the steps and you can essentially pull these comps right into any CRM. You can pull away the Google sheets and it'll, you know, set us all up for you without having to use our website at all.
Joe: All right. Now, I'm a big Freedom soft user. I love Freedom soft. But sometimes my students can't afford the hundred $97 a month for freedom soft. So I'm looking at maybe creating something in like mondaq.com to really just for beginners for like your first deal, use something really cheap like Monday. And can you get tools like Monday.com where you can connect to Zapier, you can connect to all kinds of services. I don't know if they have an open API or not, but is that something that a programmer could to help me figure out how to do in Monday.com solution?
Ryan: Yes. So the copy API, this is the one of the easier to set up APIs that you'll encounter. We don't do anything super fancy or, you know, super complicated. For that reason, we want to make it easy for folks that aren't programmers to be able to set up an API connection and get that information. And so that's absolutely something you should be able to do it and make. You're using something like Monday, I should add. I can only imagine they have a few videos on how to set up external connections like that.
Joe: I wonder, do you have somebody that can help me with that?
Ryan: I can potentially help you with that. Sure. And I could I could sort of point in the right direction offline and get you some links to start on on what to do with, you know, with whatever software you're trying to try and get that set with.
Joe: There's also pricing API. What is pricing API?
Ryan: Yeah. So this is the sort of similar, but it's actually one of our newer APIs. And so what this is, is you can actually send us a 20 FIPS code and an 18 and we will send you back our market analysis directly through API. Now the difference with the pricing API is it's actually a separate service. So we've constructed this service to be for folks because where maybe you want to use this as an external tool and not go through a pull list, you just want to price individual properties on a, you know, based on whatever, you know, process or workflow you're doing. And so it's priced separately. Then the default, you know, either a month plus to $0.08, it's actually has its own pricing structure, but it's a really cool way to be able to price properties through API. Now this is set up more as a traditional API. You're going to see typical API documentation and authentication like you would in any other API. But it's if you're someone that's familiar with setting up, you know, APIs or interface. Like that. It's a really great way to get this data.
Joe: That is cool. That's cool. So let's talk offline later about that, right? To see if there's any way I could I could build that into Monday dot com. All right. Thank you guys so much. Again, Max and Ryan, appreciate you being on the show from Prycd. If you want more information about Prycd, get a seven day free trial. I'm telling you, I use this every day. Joe McCall dot com slash Prycd P R Y C D. This is way longer than I normally do podcasts from industry and but this is this has been such a good video. Thank you guys, appreciate you.
Ryan: Yeah. Thanks, Joe, appreciate it.
Max: Thank you so much.
Joe: Bye bye, everybody.