Selling property with exclusive agent

I am currently selling a condo. Is it better to go for exclusive agreement with an agent or go for open listing? I found the following highlighting the differences and I understand the "exclusive" option is only valid for a specified period of time. And what is the standard commission rate for an agent, is it 2%? Anything else to watch out for? Thank you.

Exclusive agent
An exclusive authorisation agreement means that you give to an agent from a particular agency the right to sell your property within a specified period of time. The agent takes on the responsibility of marketing the property for that time period to get the best possible offer.
With this arrangement, the agent tends to have a more focused marketing plan and greater commitment to find a buyer for the property. He is also more willing to share the information within the real estate community for the widest possible coverage. Overall, you have better control over pricing as you deal with only one person.
An agent may share his commission (co-broke) with another agent who may have a buyer if the opportunity arises


Open listing
An open listing is an arrangement where any agent can help you sell your property. You may have more agents looking out for a potential buyer, which may translate into a quicker turnaround time. But you can’t be sure how much effort, time and money each one of them will spend marketing your property.
Since none of these agents is acting solely on your behalf, they may simply wait for any offer to come by. This could mean a considerable period of time before the property is sold.
The danger with an open listing is that different agents may advertise the same property at different prices. Buyers who are smart enough to spot the difference will go for the lowest price offered.

i would go for open listing and own marketing. to relate my personal experience, my own agent while marketing my property last time was telling me that he decided to leave another property he holds exclusive to hang just because the owner was asking for a price higher than what he wanted to market the property for. it is okay if you sign the exclusive with a 100% committed agent who is confident of selling ur property at the price you want, but what if the agent you signed the exclusive is not what he portrays himself to be. You can sms him/her all week asking bout buyers all week and you never know if he/she is doing his/her job.

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Originally Posted by jitkiat

I am currently selling a condo. Is it better to go for exclusive agreement with an agent or go for open listing? I found the following highlighting the differences and I understand the "exclusive" option is only valid for a specified period of time. And what is the standard commission rate for an agent, is it 2%? Anything else to watch out for? Thank you.

Exclusive agent
An exclusive authorisation agreement means that you give to an agent from a particular agency the right to sell your property within a specified period of time. The agent takes on the responsibility of marketing the property for that time period to get the best possible offer.
With this arrangement, the agent tends to have a more focused marketing plan and greater commitment to find a buyer for the property. He is also more willing to share the information within the real estate community for the widest possible coverage. Overall, you have better control over pricing as you deal with only one person.
An agent may share his commission (co-broke) with another agent who may have a buyer if the opportunity arises


Open listing
An open listing is an arrangement where any agent can help you sell your property. You may have more agents looking out for a potential buyer, which may translate into a quicker turnaround time. But you can’t be sure how much effort, time and money each one of them will spend marketing your property.
Since none of these agents is acting solely on your behalf, they may simply wait for any offer to come by. This could mean a considerable period of time before the property is sold.
The danger with an open listing is that different agents may advertise the same property at different prices. Buyers who are smart enough to spot the difference will go for the lowest price offered.

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My own experience says that if the market is hot.. it does not matter whether it is exclusive or not.. the buyers will come somehow...

I managed to get an unofficial exclusive agreement i.e. an email promising the agent to be exclusive by redirecting calls to him. In compensation, I promise to give him the next property deal and a long term relationship. :D