Lesson 20 of 37
Module 6: Pricing With Strategy (Not Emotion)
Lesson 20 of 37
Module 6: Pricing With Strategy (Not Emotion)
How to Research Comps & Recent Land Sales
Why This Matters
Pricing is the single most important decision you'll make. It can create momentum or stall it. Great images, drone shots, and renderings will get buyers to click — but pricing determines whether those clicks turn into calls, showings, and offers.
At the same time, let's leave room for reality: it is possible to sell well above market. Strong positioning, sharp visuals, and a compelling story can sometimes attract that one buyer who sees more value than anyone else. But if the price is off from the start, you risk the property sitting too long, and the longer it sits, the harder it is to build urgency.
The Goal
- Find real, recent sales of similar land.
- Adjust for differences (size, zoning, access, utilities, location appeal).
- Use this data to set a strategic, competitive price that builds buyer interest — not an emotional "wish price" that stalls activity.
Tools & Sites You Can Use (Simple & Free)
- Zillow (Lots & Land) – Free, easy, and fast. Filter for land sales to see what's active and what sold.
- Realtor.com / Redfin – Also free, good backup check to compare against Zillow.
- LandWatch.com / Land.com – Land-focused platforms, best for seeing asking prices and trends.
- Your Local County Property Appraiser / GIS Map – Free official records of closed sales (most counties post this online).
Step-by-Step Process
1. Identify the true comparables
- Similar acreage (ex. avoid comparing 1 acre to 10+ acres).
- Same zoning/usage.
- Comparable access (paved vs. dirt vs. landlocked).
- Utilities (on-grid vs. off-grid).
- FEMA Flood Zones
2. Pull 3–5 recent sales (within the past 6–12 months if possible)
Note acres, sold price, and price per acre.
→ How to calculate price per acre: sale price ÷ acres (e.g., $62,500 ÷ 5.0 acres = $12,500/acre).
3. Adjust for differences
Example: Your lot has paved road access but the comp doesn't → slight upward adjustment.
Example: Comp has utilities on-site, yours doesn't → slight downward adjustment.
4. Spot the range
Find the realistic range.
If you want strong activity, aim for the middle to slightly below the range.
5. Set your strategy price
Remember: pricing is positioning. The right price sparks urgency and competition. The wrong price creates hesitation and stale listings.
Golden Rule (with Grace)
Most of the time, it comes down to price. If the presentation is strong and the property still lingers, chances are the price is the issue.
Think of pricing like setting the volume on a speaker:
- Too low, and no one notices the music.
- Too high, and people cover their ears and walk away.
- Set it just right, and people lean in.
That's the sweet spot where momentum builds, inquiries stack up, and sometimes competition pushes the price higher than you expected.
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