Real Estate

Oklahoma recently adopted legislation allowing for the removal of already illegal, discriminatory property covenants – historically used to uphold racial segregation within neighborhoods, with many still in existence today.

“Oklahoma REALTORS® have been at the forefront of the drive for HB2288’s passage,” President of the Oklahoma Association of REALTORS® Julie Smith said. “This victory is a tremendous milestone and significant stride toward fairer housing in our state.”

Before, although legally unenforceable, these covenants were transferred to new owners during property acquisitions because no removal mechanism existed in Oklahoma. Now, potential buyers can effectively remove any discriminatory covenants from their property documents.

– Staff Report, The Oklahoma 100

The Oklahoma Association of REALTORS® (OAR) announced its officers for 2023. The officers were nominated by the OAR Nominating Committee and voted on by association members at the OAR Annual Meeting held in September 2022. The association has around 14,000 members. Here are the leaders for 2023:

• President – Julie Smith

• President-elect – Renee Hoover-Payton

• Treasurer – Kimberly Schreibvogel

• Secretary – Emilykaye Mitchelson

• Past-President – Susanna Lorg

• District 1 Vice President – Claudette Thornton

• District 2 Vice President – Jill Graumann

• District 3 Vice President – Jeannie Glaze

• District 4 Vice President – Josh Woodward

• District 5 Vice President – Jilian Gardner

• District 6 Vice President – Patrick Arie

• President Appointee – David Watson

– Staff Report, The Oklahoma 100

The National Association of REALTORS has an annual initiative that engages local elected officials, community leaders and the media to highlight everything from market condition trends to REALTOR®-supported programs and policy initiatives.

The Oklahoma Association of REALTORS hosted an event in support of the national initiative on Feb. 14. “Riding with the Brand” was held at the National Cowboy and Western Heritage Museum and the Oklahoma State Capitol.

Speakers included National Association of REALTORS Treasurer Greg Hrabcak, the Oklahoma Lieutenant Governor Matt Pinnell with a keynote speech by former Oklahoma City Mayor Mick Cornett.

– Staff Report, The Oklahoma 100

Another factor to consider in addition to location, location, location when investing in commercial real estate is barriers to entry.

While location is extremely important to the long-term success of any real estate investment, consider barriers to entry a top criteria as well for how much you might pay for a property. 

Examples include:

• Legislative. City governments vote to limit car dealerships expanding into town.

• Limited commercial zoned land. A shopping center is surrounded by residential neighborhoods.

• Frontage visibility. Properties with exposure to main travel arteries always command higher rents than those just one block off of the main arteries.

– Steve Massell, Massell Commercial Real Estate, The Georgia 100

I am sometimes asked, “How can I afford to invest in commercial properties?” First, remember you get what you pay for. If it’s too good a deal, there’s likely an underlying reason not to make the deal. However, if your proper due diligence reveals an excellent investment, be prepared to pony up 10-30% down payment and finance the remainder.

Seek competing loan options from banks, mortgage brokers, credit unions, government-backed SBA programs and inquire about seller financing. Sometimes it could be as inexpensive as buying the existing note and getting the seller off his hook. Be creative in your approach.

– Steve Massell, Massell Commercial Real Estate, The Georgia 100

Seal off access points – Check weather stripping around your doors and windows, and ensure all vents are covered with screens. This includes in the eaves around your roof, as attics are common homes for pests.

Store food properly – Seal food in pantries, especially pet food, and invest in quality stories containers and resealable bags. 

Use natural deterrents – Before chemicals, try planting some natural pest deterrents, such as mint, basil, and lavender.

Know when to call the professionals – With wood borers, such as termites and carpenter ants, time is of the essence to prevent damage.

For more tips, read our blog.

– RightSure, The Arizona 100

What does rental property insurance cover? 

Like a homeowners policy, it pays for repairs or rebuilding after a fire, vandalism and most natural disasters. But rental property insurance also covers everything inside the home that’s not owned by a renter, like appliances, furnishings, carpeting and window treatments.

It also covers elements of being a full- or part-time landlord that are not included in a conventional homeowner policy. Like if a tenant causes serious damage so you can’t rent out to others, your repairs and loss of income are repaid. 

Liability situations including injuries, wrongful eviction and discrimination are often covered too. 

– RightSure, The Arizona 100

The statewide Oklahoma Association of REALTORS® (OAR) has announced its slate of officers and directors for the year.

The 2022 OAR Executive Committee members across Oklahoma are:

• President – Susanna Lorg, Oklahoma City

• President-Elect – Julie Smith, Tulsa

• Treasurer – Audra Montgomery, Edmond

• Secretary – Renee Hoover-Payton, Duncan

• Immediate Past-President – Amy Bladow, Norman

• District 1 Vice President – Gwinn Wilson, Northwest Oklahoma

• District 2 Vice President – Jill Graumann, Altus

• District 3 Vice President – Pam O’Rorke, Shawnee

• District 4 Vice President – Josh Woodward, Tulsa

• District 5 Vice President – Steven Morren, Norman

• District 6 Vice President – Emilykaye Mitchelson, Oklahoma City

• President Appointed – Jilian Gardner, Edmond

– Ashley Glass, Jones PR

Oklahoma REALTORS® gathered to make their voices heard at the State Capitol for the annual Capitol Conference and REALTOR® Day (CapCon) on Feb. 15.

Hosted by The Oklahoma Association of REALTORS® (OAR), the day was filled with political advocacy, networking with policymakers and education on important policies that could impact real estate in Oklahoma.

“Our REALTORS® understand the value of political involvement,” OAR CEO Jessica Hickok said. “There is strength in numbers and Oklahoma REALTORS® are definitely a force to be reckoned with. We care about Oklahoma’s real estate market and strive to shape public policy to protect property rights.”

– Ashley Glass, Jones PR