U
nderstanding Real Estate Commissions in Oklahoma

    Real estate commissions are fees paid by homebuyers or sellers to their agents for facilitating a home sale or purchase. These fees are calculated as a percentage of the sale price and are settled at closing.

    Who pays the commission?

    Traditionally, sellers have covered the cost of both their agent's and the buyer's agent's commissions. However, starting August 17, 2024, buyers must now agree to their agent's fees in writing before they start touring homes. While buyers can still request that the seller pay their agent's commission during the offer process, this change means the amount a seller might pay for a buyer's agent can vary and is entirely negotiable.

    Average Real Estate Commission Rates in Oklahoma

    Commission rates in Oklahoma can vary significantly based on transaction details and negotiations. While typical rates exist, they are negotiable, offering flexibility for buyers and sellers to tailor agreements to their needs. Factors like property location, market conditions, and agent services influence the final commission rate.

    Factors Affecting Real Estate Commission Rates

    1. Property Location: The location of the property can significantly impact the commission rate. For example, properties in urban areas might have higher commission rates compared to those in rural areas.

    2. Market Conditions: The current state of the housing market can also influence commission rates. In a buyer's market, where supply outweighs demand, sellers might be more willing to negotiate commission rates to attract buyers.

    3. Agent Services: The level of service provided by the agent can also impact commission rates. Agents who offer additional services like staging or marketing might charge higher commission rates compared to those who only provide basic services.

    Negotiating Real Estate Commissions in Oklahoma

    Yes, you can negotiate! Since there are no set laws governing commission rates, agents may agree to lower rates based on the specifics of the transaction, the services required, and your relationship with them.

    Tips for Negotiating Real Estate Commissions

    1. Compare Agents: Evaluate multiple agents and their commission structures before making a choice.

    2. Discuss Incentives: Consider performance-based incentives such as higher commissions for quicker sales or better prices.

    3. Leverage Your Property: If your property is in a sought-after area, agents might accept lower commissions.

    Oklahoma Real Estate Commission FAQs

    1. What are the changes to real estate commission? There are two significant changes: Buyers must now agree to their agent's fees in writing before touring homes, and fees can no longer be displayed in MLS listings in many markets. For more details on these changes, click here.

    2. How do the changes impact buyers in Oklahoma? Buyers are now required to sign an agreement with their agent regarding their commission rate before they start touring homes. However, you can still request that the seller cover your agent's commission in your offer.

    3. How do the changes impact sellers in Oklahoma? Sellers will still have a discussion with their listing agent regarding the compensation they wish to offer the buyers' agent, if any. The seller will review any requests and negotiate terms of the offer.

    4. How do you find a real estate agent in Oklahoma? If you're ready to buy or sell a home, Redfin can assist you. Connect with a Redfin agent today for help.

    5. How can you avoid fees? Opting to sell your home without an agent in Oklahoma can save you on commission fees, but for-sale-by-owner (FSBO) transactions require you to handle marketing, showings, and paperwork.

    *Listing fee subject to change, minimums apply. Any buyer's agent fee the seller chooses to cover not included. Listing fee increased by 1% of sale price if buyer is unrepresented. Sell for a 1% listing fee only if you also buy with Redfin within 365 days of closing on your Redfin listing. We will charge a 1.5% listing fee, then send you a check for the 0.5% difference after you buy your next home with us. Learn more here.