Researching which land to invest in can take up a lot of time. But any real estate investor worth their salt knows how important research is in their direct mail marketing campaign. Land investors Max Edson and Ryan Doucet both faced this same tedious task back in 2018 and decided to find a solution to it.
So with that, PRYCD was born. Created as a powerful web application that simplifies the manual process of identifying locations, pulling records, pricing parcels, and scrubbing data, this prop-tech company has now been helping real estate entrepreneurs save time, increase their efficiency, and get more results.
Max and Ryan, co-founders of PRYCD, are land investors. Ryan’s background was on the computer science and software development side. He got introduced to Max who was doing land investing as sort of his foot into the real estate game.
Land investing had many benefits as deals could be closed with all cash and flipped really quickly. There was also no need to worry about property conditions, rental income, or even needing to see it in person.
In June 2019, Max and Ryan were doing mailers and realized that doing blind offers or doing the price ahead of time was tough. For every 1,000 they sent out, only 1-2 would come back with an offer price they wanted. Even more, everything had to be done manually, taking them 10-20 minutes for every single entry before they could write a letter.
This triggered the idea to build a model to help with their process in lead generation. The cool concept involved composing everything online that they could use for themselves. By streamlining the process, they’d be able to see everything with just a simple click.
Max and Ryan decided that with their crazy idea, they’d be able to let the software tell them where to look for deals. They started asking other people for feedback by emailing people and asking them where they wanted to go. Then Max and Ryan would send them a price for that area.
In a way, Max and Ryan built the model and had other people validate the data. They became partners in a sense, with Max and Ryan doing acquisitions and the other investors closing the deals.
This led to PRYCD getting opened up for others.
With just a simple click, a person can see all the comps. PRYCD is a massive model that is able to rank each county with pricing to tell the user where to go. This way, when the investor gets their mailer back, they already know the ballpark of what the owner is getting.
PRYCD has 100,000 comps in their database, and soon with their next update, the comps will be close to 3 million. The company stands by the accuracy of their comps with their own effectiveness rating. If their model doesn’t have enough comps, the system won’t return a price.
They also incorporate a 2016 report from The Washington Post detailing where people most likely would want to live. By pulling data based on these numbers, the investor gets the best opportunity for where they could invest.
The model prices on the backend of the system, and it goes through a lot of post-processing. Then an automated valuation model based on DataTree, plus other statistics and data they get on the property will be incorporated.
The model will then give a customized percentage based on after repair value (ARV). The data set will be cleaned up as well, and the user can pick and choose the comps they want before they download the final report.
PRYCD can be used by both beginners and professionals. Customer support and feedback are valued in the company as they act quickly to adjust to what the market needs.
Users can get as granular as they want through the data by breaking things down by state, county, or city. Customers are able to do their own search criteria based on what they’re looking for.
With PRYCD’s relationship with Rocket Print & Mail, users can click on the link on their site to send the CSV file to the mail house.
Currently, the company has a subscription-based pricing model of $25 per month or $250 for a year-long subscription. Each download is charged 8 cents per record.
The best feedback Max & Ryan have gotten are people telling them how their system saved them days of work. Pricing is tedious and takes a long time. They have found that through the efficiency they have brought, people are now able to try new things and increase their results moving forward.
For those interested in analyzing comps for their process flow, PRYCD also has a Comp API service that can be integrated with the Google API connector. Users can get comps for their vacant land with up to 10,000 comps per month, and then do their customized pricing based on that.
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