On paper, selling a house seems pretty straightforward. You find someone who likes your home, you guys agree on a fair price, you shake on it, and poof, you are all done!
Unfortunately, in the real world, it is slightly (read a lot) more complicated. Between getting a real estate agent or a listing on board to managing an insane amount of ‘showings’, selling a house takes a lot of work. Oh and the repairs – how can we forget the repairs listing agents will ask for you to get done to make your home more ‘presentable’.
Bye-bye High commissions
After jumping through every hoop your real estate agent asks you to, you also have to share a sizable amount of your profits with the agent as his or her commission. The commission charged by agents can range between 5 to 8% of the final house sale price. The average commission in Oklahoma stands at a cozy 5.5-6%. For the sale of an average-priced house in Oklahoma, this amount comes out to be a cool $5,300. Now that is a significant amount of money out of your profit. You can also go with a Flat Fee MLS listing service and get all the benefits of a real estate agent at just a couple hundred dollars.
High commissions are among the major reasons why a lot of people feel selling through an agent is not their cup of tea and opt to sell the house themselves. When the homeowner takes charge of the sale of the house without any listing agent or real estate agent’s involvement, that type of sale is called For Sale by Owner (FSBO).
FSBO in Oklahoma can have a number of advantages.
1) Convenience –
You get to sell the piece of property you love – your home – the way you want to. When you do FSBO you stay in control through the entire process instead of the real estate agent being in the driver’s seat. This means you get to put your time, your schedule, and your convenience first.
2) No commissions involved –
The entire profit you make on selling your home is yours, you do not need to pay a listing agent or a real estate agent anything.
3) Great if you are in a busy area –
FSBO signs can be a great way to sell your house especially if you live in an area of Oklahoma that is busy and gets a lot of foot traffic. For example, Oklahoma City is a place that is really high up on potential homeowners’ wishlist. Higher the visibility of your sign, the greater the chances of you attracting the right customers.
4) Perfect option if you are selling to friends –
FSBO is perhaps the best way to sell to someone you know. You know what you are getting into, you can directly give them a good deal and be done with the entire process quickly.
FSBO in Oklahoma
While it may seem like all it takes to go the FSBO route is sticking a For Sale sign on your lawn, there are a number of factors that you need to consider. These can vary from state to state and region to region. When choosing to sell your own house the FSBO way in The Sooner State, here are a few things you should be mindful of:
1) You are your only agent
The great thing about selling your own home in a real estate market as competitive as Oklahoma is that you get to focus on your listing. This is in comparison to a real estate agent who will probably be handling multiple listings simultaneously. While it could be a little draining, the focus can help you make quite the killing in terms of how well you market your home and what price to close at. The laser-guided focus you will have cannot be replicated by any real estate agent out there.
2) It is a seller’s market right now
The Oklahoma real estate market is booming. In fact, Oklahoma City is among the top ten markets in the country where first-time buyers are actually in a face-off with investors for houses. This is because there isn’t enough supply to meet demand. So if you are selling a home, remember it is a seller’s market right now. Use it to your advantage.
3) Understand your neighborhood and give the customers what they want
One of the best things that work in favor of FSBO, especially in a place like Oklahoma, is the connection a homeowner brings to the table. The owner of the house understands the place, the neighborhood, and the vibe of the area. Potential customers wish to know not only about the house but also the area in general, and what the vibe is like. This is where the homeowner can really make the perfect pitch that can translate into a perfect sale. Take the time and do a deep dive into other listings in the area just to get a sense of what customers are after. And if possible try to cater to those things. Now, these are steps that can only be taken when the homeowner is in charge of the sale, which is possible only in FSBO.
4) Make sure your listing price is just correct
What to quote as the price of your home? This is a question a lot of homeowners struggle with. It is actually pretty common for house owners to overvalue their own house. This is usually because we tend to become a little blind to the shortcomings of our home. Because we love it so much! As understandable as that is, if you want to sell in Oklahoma, make sure you understand the Oklahoma market. Several Flat Fee MLS Oklahoma services offer comparative market analysis that helps you to find an ideal price for your house. See and compare what prices houses similar to yours are listed at and what prices they finally sell at. It’s always good to remember that the listing price is not the final price, it is the price that is meant to attract a potential buyer to your home.
5) Seriously think about Oklahoma Flat Fee MLS Listing Companies
There are multiple best fsbo sites available to sell your home yourself but it could be a more practical idea to go with an Oklahoma flat fee MLS listing company instead of going completely FSBO. Flat fee MLS listings are perfect for those homeowners who want to stay involved in the process of selling their home but also want more exposure for their listing.
Houzeo is one of the best for sale by owner websites in America with stellar customer reviews and affordable packages. They provide maximum exposure to your listing while listing your property on MLS and syndicating to hundreds of other real estate websites.