Seth Williams and JP Moses recently had an opportunity to sit down with Luke Smith of RuralVacantLand.com and talk about the thought process he goes through when pricing his offers on vacant land properties. As you can imagine, there are A LOT of variables to think about when pricing offers for land (understanding market values, the highest and best uses for the property, the potential for subdividing, etc) and we spent almost two hours talking about the ins and outs of what's involved here. 00:00 - Intro: Who is Luke Smith? 02:15 - Luke Smith’s background and what made him get into the land business 07:30 - How does Luke’s land investing endeavors look like right now at a high level? 11:04 - Should you put your focus on the number of deals or the zeros at the end of the deal? 12:50 - Does the process of valuing lots and sending blind offers differs a lot between smaller and bigger properties? 14:30 - What particular use would make this property most valuable to somebody? 17:00 - The first steps of getting into the land investing game 18:25 - Has your acquisition method changed with the years? 19:02 - How do you determine the offer price for a vacant land? 20:02 - How do you determine when a market is flooded? 21:20 - How to define and analyze if you have found a good market for your business? 23:54 - Use your mistakes as learning opportunities to level up your game 25:06 - Making Offers: How to start and determine how much to offer on a property? 29:58 - What advice would you give your younger self in the early beginnings of your land investing career? 38:25 - What is a normal blind offer acceptance rate? 42:29 - How often do you pursue densely populated areas and should you consider concentrating more on them? 45:08 - How do you know if a piece of land is a good investment? Where should you put your focus? 48:07 - Luke Smith shares his wisdom on how to make your Pricing Offer process more effective 56:56 - The psychological effect of putting cents in your price and ending with the number 7 or 9 57:47 - Why should you just make your “stupid” offer and don’t put your focus on making dollars per acre? 01:00:15 - How do you determine what is the market value of a particular property in a particular area? 01:01:30 - The fear of starting out in the land investing game 01:02:59 - How to determine the right percentage of the selling price when you are going after higher-value properties? 01:04:59 - Have you ever lost money on a deal or broke even on a property? 01:08:31 - What percentage of market value is considered to be a good pricing offer metric for blind offers? 01:09:25 - Going back in time: What should I have done at my early beginnings? 01:14:52 - How to close on a land contract? 01:17:36 - How many Virtual Assistants work for you? 01:18:26 - Using technology to level up your game: What are the most important resources you should consider? 01:27:14 - What is one word that best describes Luke in 2019 as a land investor? 01:30:33 - Why are some properties more valuable than others in certain areas? 01:33:47 - How granular are you getting when you are doing blind offers? 01:43:26 - Most effective ways to set up different filtering for your lists 01:51:00 – Final thoughts Be sure to check out Lukes website: https://www.ruralvacantland.com And his YouTube Channel: https://www.youtube.com/channel/UCvXeLL1VlscFlVtF7AtvVaQ Join Our Community! REtipster Forum: https://retipster.com/forum REtipster Facebook Group: https://retipster.com/facebookgroup Follow Along! YouTube: https://retipster.com/youtube Facebook: https://retipster.com/facebook Instagram: https://retipster.com/instagram Twitter: https://retipster.com/twitter Pinterest: https://retipster.com/pinterest LinkedIn: https://retipster.com/linkedin TikTok: https://retipster.com/tiktok