18d • General discussion
Land Comping: The Rules That Actually Matter
Comps are not opinions. They are constraints. If your pricing is based on broker sentiment, gut feel, or loose Zillow matches, you’re guessing, not comping.
Most bad land deals come from three mistakes:
- Cross-band comping: Using small-acre comps to price larger tracts (price per acre drops as acreage increases).
- Bad proximity: Pulling comps 15–20+ miles away where values can swing 30–40%.
- Mismatched characteristics: Access type, utilities, slope, wetlands, flood zones, water frontage, these can completely change value.
A real comping system enforces rules:
- Same acreage band only.
- ~5 miles proximity whenever possible.
- Matching physical and legal characteristics.
- <3 valid comps = renegotiate or walk.
- Every comp documented with why it’s valid.
- Larger buys audited before offers go out.
Quick audit:
- Same acreage band?
- Close proximity?
- Matching access & characteristics?
If you can’t answer yes to all three, you’re not pricing — you’re hoping.
Have you ever mispriced a deal because of bad comps? Yes or no.👇🏻
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Land Comping: The Rules That Actually Matter
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