In New York (United States), it is common to use real estate agents for purchases and sale of real estate.
The agent who represents the Seller is referred to as the "Seller's Agent" and is responsible for coordinating the sale process, from negotiations with the buyer to finalizing the contract.
Exclusive Agreement: The Seller has a dedicated real estate agent from one real estate firm to exclusively represent the seller for the sale of the real estate by signing a "Exclusive Agreement".
Open Listing: The seller has no exclusive agent, and multiple real estate firms will be involved in selling property, or seller can sell the property by themselves.
※ For the open listing system, sellers will need to coordinate for the sale price estimate, advertisement, showing, negotiation with buyer, and closing. The scope of the marketing of the property will be limited so that the exposure of the property will be less compared to having an exclusive agent. It is recommended to hire an exclusive agent because the commission (6% of the sale price) will be the same even if you do not hire an exclusive agent in most situations.