Oklahoma real estate commission rates average 5.63%, according to 2023 data gathered by FastExpert. (The national average real estate commission is 5.57%.) But what does that mean for someone interested in becoming a real estate agent in Oklahoma?
Learn how real estate commissions are calculated, how commissions are typically divided between agents, and how the commission rates vary by property type as we analyze Oklahoma real estate commissions.
How Real Estate Agent Commission Works in Oklahoma
Most real estate agents do not receive set salaries. Instead, as a REALTOR®, you will earn commissions, which are based on a percentage of the property’s sale price. The commission is typically shared between the seller’s and buyer’s agents.
You’ll also share part of your commission with your brokerage. The brokerage’s percentage depends on the commission structure you agreed to when signing with the company. One typical arrangement is a 50/50 split, which means the agent and the brokerage each receive 50% of the commission earned from a transaction.
Learn more about real estate commission splits by reading How Do Realtors Get Paid? What Every Agent Needs to Know!
The great news about real estate commissions is the more you sell, the more you earn. In fact, you may be drawn to the real estate industry because you are excited by increased earning potential.
Now, let’s look at the numbers – and how much you could expect to earn from an Oklahoma real estate commission.
How is real estate commission in Oklahoma calculated?
Oklahoma real estate commission is based on the property’s sale price. For example, if you agree to provide real estate services to your client for a 5.63% commission, you’ll multiply the final sale price by 5.63% to determine the commission. This amount is split between the buyer’s and seller’s agent. The seller’s agent usually sets the buyer’s agent’s commission.
According to Zillow, the average home value in Oklahoma is currently $198,107. Since the average negotiated commission rate in Oklahoma is 5.63%, real estate agents will receive $11,153 for offering services related to the average real estate transaction.
Who pays the real estate commission in Oklahoma?
Typically, the seller pays the real estate commission in Oklahoma. The Realtor fees are usually deducted from the seller’s proceeds.
Does the real estate commission rate in Oklahoma fluctuate over time?
The 6% commission model has been around for decades. While that rate may fluctuate by a few percentage points, it has hovered around 6% in Oklahoma and the rest of the country.
Average Real Estate Commission Rate in Oklahoma
The average real estate commission rate in Oklahoma is 5.63%.
What does this mean regarding the income you can expect to earn as a real estate agent? We’ll break down those numbers for you – by city and property type.
Average Oklahoma real estate commission by city
Here’s what you can expect to earn in commission as a Realtor working in Oklahoma. Please note that the numbers are based on the average home value in Oklahoma’s top ten most populated cities.
Average Real Estate Commission for 10 Oklahoma Cities
| City | Average Home Value | 5.63% Real Estate Commission |
| Oklahoma City, OK | $195,450 | $11,004 |
| Tulsa, OK | $195,024 | $10,980 |
| Norman, OK | $243,936 | $13,734 |
| Broken Arrow, OK | $266,897 | $15,026 |
| Edmond, OK | $241,863 | $13,617 |
| Lawton, OK | $150,000 | $8,445 |
| Moore, OK | $210,296 | $11,840 |
| Midwest City, OK | $159,829 | $8,998 |
| Enid, OK | $106,026 | $5,969 |
| Stillwater, OK | $231,777 | $13,049 |
Source for Average Home Value: Zillow. November 2023
Remember, the seller’s agent shares this commission with the buyer’s agent. In addition, both agents give a share to their respective brokerages. Real estate agents are also responsible for paying their income taxes out of these earnings.
Average Oklahoma real estate commission rate by property type
So far, we have only discussed residential real estate commissions. However, when you become a real estate agent, you can specialize in a specific niche. For example, commercial real estate, which includes office buildings, multi-family units, retail space, and industrial buildings, can be a lucrative niche.
Commercial real estate commissions vary depending on property type, location, market conditions, the deal’s complexity – and the commission structure.
For example, some Oklahoma commercial real estate commissions are based on a percentage of the sale (6%, for example), which is the same as the residential real estate commission structure. Other commercial commissions are graduated (5% up to $1M, 4% for transactions over $1M and up to $5M, for example). Finally, some commercial real estate agents negotiate for a flat fee.
It’s worth noting that there is no special licensing requirement to work in commercial real estate. However, once certified, you can take continuing education courses and specialized training focused on this niche.
How Is the Commission Divided Between Agents?
We mentioned earlier that the 5.63% Oklahoma real estate commission is typically shared between the buyer’s and seller’s agents. Then, each real estate agent gives their brokerage a portion of the proceeds. Here’s what that division looks like – using the current average home value for a house in Oklahoma.
Example of How Real Estate Commission Splits Work in Oklahoma for a $200,000 Property
| Item | Amount |
| Sale Price of home | $200,000 |
| Total commission paid to real estate professionals for a $200,000 property | $11,260 |
| Seller’s agent commission | $2,815 |
| Buyer’s agent commission | $2,815 |
| Seller’s agent’s brokerage commission (based on a 50/50 split) | $2,815 |
| Buyer’s agent’s brokerage commission (based on a 50/50 split) | $2,815 |
These numbers will help you imagine the income potential that awaits you as a real estate agent in Oklahoma.
Are you ready to become a real estate agent in Oklahoma? As you can see, being a REALTOR® can be highly lucrative and one of the few professions with unlimited income potential. Plus, you’ll have the honor of working with clients as they choose a home for their families. As far as job satisfaction goes – it doesn’t get any better than that.
Colibri Real Estate (formerly Real Estate Express) offers the pre-licensing courses you need to become a real estate agent in Oklahoma. Our courses are expertly designed and present the material in an entertaining and easy-to-understand format.
We at Colibri are so sure we can help you pass the Oklahoma real estate licensing exam that we offer the Pass or Don’t Pay Guarantee.
Get started today by reading an overview of the Oklahoma real estate licensing process. Then, enroll in one of the four Oklahoma pre-licensing packages offered by Colibri Real Estate.
Sources:
1. “Oklahoma Home Prices & Home Values.” November 21, 2023. Zillow. Oklahoma Home Prices & Home Values | Zillow.
2. Matarazzo, Steph.“Average Real Estate Agent Commissions by State (2023 Survey).” FastExpert. October 26, 2022. https://www.fastexpert.com/blog/real-estate-agent-commissions-by-state/.
