Seventeen Steps to Save Real Estate Commission

Anyone can sell their own property to anyone else.  In Oklahoma, when using a third-party to help in the transaction, that third-party must be licensed by the State as either a Real Estate Associate or an attorney.  

When dealing with real estate, remember the differences in purchase decisions between commercial and residential buyers:

If you decide to market and sell your own property, you should follow the following seventeen step process:

Step One
Conduct a mini-walkthrough inspection, making notes of things that need to be repaired -- you will usually be able to make repairs less expensively than what a prospective buyer would charge against the purchase price to make the same repairs.  Your checklist might include:
Step Two

Make all necessary repairs and improvements before you advertise the property -- clearly identify any fixtures that will not remain with the property.

Step Three

Carefully research information about prices and terms of sales in today's real estate market.  Investigate recent sale prices for property similar to yours in the immediate area, then establish a realistic price for your property.

Step Four

Meet with local lenders and determine financing alternatives for your prospective buyers.  Determine the type(s) of financing you would be willing to consider such as:

Step Five

Determine which newspapers, magazines, etc. will be best to advertise your property; call for rates and deadlines.  

Step Six

Establish an advertising budget.

Step Seven

Prepare a professional, attention getting advertisement that will attract the buyers who will want to purchase your property; place the ad in newspapers, magazines, etc.

Step Eight

Prepare a plan to reach those out-of-town buyers.

Step Nine

Purchase an eye-catching and weatherproof yard sign; install it in the front of the property.

For residential properties:

Step Ten

Prepare a "feature/benefit" fact sheet outlining specific features of your property and corresponding benefits to prospective purchasers. 

Step Eleven

Learn how to separate the "lookers" from qualified buyers.  Ask for names and phone numbers and be sure to follow up with telephone calls.

Step Twelve

Be prepared to negotiate with the buyer(s) as though you are an impartial third party.  Remain calm and refrain from any emotional outburst that might jeopardize the sale.

Step Thirteen

Be available at all times so that you can walk through the property with prospective buyers to answer questions and offer information they might need to make a decision

For Residential Properties: Schedule and conduct an open house on weekdays as well as weekends.  Make the property more inviting by:

Step Fourteen

Contract with a professional to perform a general building inspection, and other additional specialized inspections that may be necessary for the sale of the property. The general building inspection would include plumbing, electrical, foundation/structural, well & septic (if applicable) and roof.  In addition to a general building inspection,  residential transactions require inspections/disclosures for:

The lender may require additional inspections.

Step Fifteen

Obtain all forms and disclosures necessary for the legal sale of real property, obtain either legal council or a licensed real estate professional to help with the details -- in our increasingly litigious society, it is imperative that competent council be obtained.  Forms and disclosures typically required for residential transactions include:

Step Sixteen

Negotiate with the buyer(s) all final terms of the sale including price, financing, inspections, date of closing, date of possession and other pertinent considerations.   

Step Seventeen

Plan a final walk through with the buyer(s) before the settlement process is complete in order to resolve any disputes.  Have a witness present.  

Many people are very comfortable in the role of "For Sale By Owner."  Whether you chose to take on the task of selling your property alone, or prefer to work with a real estate professional, we would be happy to help you find a buyer.

 

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