Although New York State law does regulate a broker's professional behavior, it does not require that a broker directly be involved with real estate transactions. Despite this fact, most Manhattan Sellers traditionally have been limited to just two worthwhile options:

Going it alone. Sellers have been known to attract Buyers through personal contacts, word-of-mouth, or newspaper classifieds.

Brokers and real estate agents. Sellers use agents to market, show, and negotiate the sale of an apartment.

Brokers can be engaged through three possible avenues:

1. Open Listings. With this option, the Seller provides several brokers with an apartment listing. Brokers compete for the sale of the property, and a commission is due only to the broker who successfully negotiates a sale. If the Seller closes a deal with a Buyer without the assistance of one of the brokers, no commission is paid.
2. Exclusive Agency Listings. In this scenario, the Seller agrees to use one agency only to locate a Buyer. If another broker wishes to show or sell the property, he or she must do so in a co-broker arrangement with the exclusive broker. Most of the time, a property will remain wholly in the jurisdiction of the exclusive broker for a month or so, then will be offered on a co-broker basis. Again, if the Seller closes a deal with a Buyer without the assistance of one of the brokers, no commission is paid.
3. Exclusive Right to Sell. In this arrangement, the broker is entitled to an agreed-upon commission even if the Seller locates and closes with a Buyer. Be wary of this arrangement; it means that even if you sell the property to a friend or relative, the broker is owed a commission. Here, again, the exclusive broker may co-broker with other real estate brokers.