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There’s a common dilemma I’ve always had to wrestle with when buying vacant land. The issue boils down to valuation.

Land is a peculiar type of real estate because, in the vast majority of cases, it is EXTREMELY difficult to come up with a rock-solid, 100% reliable “market value” for this type of property (ask a professional real estate appraiser and chances are, they’re basically “winging it” in this area because the data just isn’t there).

So how are we supposed to have confidence in the value of what we’re buying?

I’ve always maneuvered through this process by following the guidelines in this blog post, which usually points to a reasonably strong conclusion, but if you’re looking for an even more quantifiable, measurable approach, I wanted to share with you an EPIC trick I learned about from Karl James, one of our faithful members of the Land Investing Masterclass.

redfin logoKarl uses a similar approach to the one I use to find sales comps on Zillow, but he goes one step further by analyzing the data with MUCH greater mathematical precision.

Karl uses Redfin, which provides much of the same information as Zillow, but allows users to download all the sales comp data in a CSV file. This may not seem significant at first glance, but trust me, it opens up all kinds of possibilities when analyzing the numbers and putting this data to work.

The video above explains how the whole process works!

0:00 - Intro
0:47 - Picking a market
1:04 - How to filter your property search
3:09 - How to download all property listings as a spreadsheet
3:32 - How to organize the spreadsheet
3:59 - How to find out the average sale price per acre
5:20 - How to average out the price per acre on all comps
5:40 - Something to remember about valuing vacant land
6:11 - How to identify and remove outliers
6:59 - What to do when Redfin won’t let you download the list
7:18 - How to use a data scraper to pull the data
8:01 - How to use instant data scraper chrome extension
9:09 - Downloading and organizing the CSV file in excel
9:37 - Deleting unneeded data and plugging in the right formulas
10:13 - Using the Find & Replace tool to eliminate unwanted text
11:30 - Finding and removing outliers
12:28 - What to do when Redfin doesn't work (go to LandWatch)
12:55 - Differences between LandWatch and Redfin
13:22 - Making sense of the scraped data from LandWatch
13:50 - The reason why Zillow doesn't work as well