If you’re looking to sell your house or investment property in OKC without using a real estate agent, we can help. Not everyone likes real estate agents. Maybe you had a bad experience. Even though we’re licensed agents here at Sparrow House Buyers, we’re not offended! There’s a lot of unethical folks in our industry.
Although we do cooperate with brokers, sometimes it’s best to avoid paying someone to be in the middle.
After all, paying 5-6% of the sale of a property in a commission is a lot of money. In certain situations, Oklahoma brokers and real estate agents can be very useful and earn their commission. Not always.
How Do I Sell My House Without An Agent in Oklahoma City?
There are a few ways to avoid paying high commissions for your Oklahoma City home.
First, there’s a tricky custom that you’ve gotta know about.
In most sales in OKC, roughly half of the commission you pay as the seller goes to pay for the buyer’s broker. So you’re paying both agents. If you sell a house for $100,000, at lease $6,000 will go to the agents. That’s not including any of your closing costs as a seller.
Doesn’t make much sense, right?
Why should you pay for the agent on the other side of the table? Sure that agent brought you a buyer. But there are lots of us that would be interested in buying that home that don’t expect a commission.
You can use that to your advantage in a few ways.
First, factor in the commissions paid when you’re looking at the comparable sales. If the properties similar to yours sold for prices that included commissions, take that into account.
Don’t underprice your property – be aware that a savvy buyer may expect to take a discount too. If you’re doing the work of one agent, you can expect to save that money.
Sometimes in Oklahoma City, buyers who aren’t represented by an agent won’t remember to negotiate the buyer’s side commission out of the price for themselves, so don’t remind them if you don’t want to pay them. Just don’t be surprised if it comes up during the negotiation.
You may want to consider offering 2.5% to buyer’s agents who will bring their clients to show your property. But then some agents won’t show the home because they don’t want to cut their commission. Sure, it’s a lot of money. If you’re pricing your property including that commission, you can always negotiate a better deal for a purchaser who comes without an agent.
On the other hand, if you don’t leave room for the buyer’s agent’s commission, you’ll be excluding most of the buyers in the market in Oklahoma City.
Over 90% of transactions happen through the MLS – that’s the Multiple Listing Service. It’s the main database that all the brokers in the Oklahoma City use to access information for their clients on the houses, condos, land and investment properties for sale, along with data on the sold prices. If you see a house on Zillow or Redfin or Trulia? That house was listed on the MLS, most likely, by an agent.
Once upon a time, you had to pay a full commission to get your property on the MLS. Now in Oklahoma, there are a few brokers who will charge you a fee just to list your property on the MLS. Often, you spend a few hundred bucks and you only pay a commission if the sale closes.
Compared to the cost of a newspaper ad, the MLS is a cheap way to market your property to a very wide audience. But you’ll have to hire a photographer, fill out property disclosure forms and follow all the Oklahoma Real Estate Commission laws and guidelines in marketing and selling the property.
Advertising is a gamble. Sometimes open houses in Oklahoma City can be a great way to sell a property. Often they’re a waste of time. Same with newspaper ads, craigslist postings, fancy signs – sometimes they work, and sometimes they don’t. Then you gave up your whole Sunday only to play solitaire for two hours by your lonesome.
To effectively sell your property on your own, you have to market it well.
Putting up fliers and signs around your neighborhood can generate some calls, and there’s a lot of free websites where you can post information. But often just putting up flyers and an open house isn’t enough if your house doesn’t appeal to the average home buyer.
In theory, real estate agents charge big commissions because they have to spend a lot of money up front to advertise your property. By advertising lots of properties at once, they expect to get more phone calls – and obviously, they’ll make good profits by selling lots of houses. It is a lot of work!
Certain properties might require thousands of dollars in advertising expenses before the right buyer happens to see the ad and call.
If you want to avoid paying any commissions, you can also sell your house to investors like us for CASH
We fair prices for properties – and we can close fast (in as little as 14 days if you need to).
Sometimes we’ll purchase homes Oklahoma City, Edmond and Yukon, fix them up, then rent them out… sometimes we’ll fix them up and sell them to other people looking for great homes in the area, and a lot of other reasons, too – but we love to hear from people like you who are thinking of selling anywhere in Oklahoma.
We’re investors who care a lot about OKC. We’re Thunder fans. Sooner fans. Cowboys fans. We even follow the Golden Hurricane and Golden Eagles!
We close fast and pay cash in as little 14 days. Give us a call now at 405-403-9344 or fill out the short form over here.