a. An "exclusive right to sell" is by far the most common, and requires a seller pay a commission to the agent no matter who finds a buyer, even if the seller finds a buyer him/herself.

b. Under an "exclusive agency" agreement, the seller lists the property with just one agency, but the seller does not pay commission if the seller finds the buyer.

Consider Selling For Sale By Owner - With home prices falling nearly 16% in the nation's top 20 markets over the past 12 months, paying commissions further reduces the homeowner's equity. In separate studies, Northwestern University and Stanford University found that "for sale by owner" sellers are as effective as agents in maximizing the sales price of their homes. After commissions are factored into the equation, the studies reported, sellers who sell by owner actually pocket more money and retain more equity than sellers who sell through agents. Consumer Reports magazine also found that FSBO sellers are more likely to get their asking price, while agents deliver, on average, a price that is $5,000 less than the asking price.

Consider Taking the Home Off the Market - Fall is always a slower home selling season, as there are historically fewer buyers in the market during this period. Sellers should ask themselves whether they can take the home off the market until the spring selling season.