Brokers are independent business people who, for a fee, sell real estate owned by others and rent and manage properties. In closing sales, brokers often provide buyers with information on loans to finance their purchase. They also arrange for title searches and for meetings between buyers and sellers when details of the transactions are agreed upon and the new owners take possession. A broker's knowledge, resourcefulness, and creativity in arranging financing that is most favorable to the prospective buyer often mean the difference between success and failure in closing a sale. In some cases, agents assume the responsibilities in closing sales, but, in many areas, this is done by lawyers or lenders.
Brokers also manage their own offices, advertise properties, and handle other business matters.
Some combine other types of work, such as the sale of insurance or the practice of law, with their real estate business. Real estate agents generally are independent sales workers who provide their services to a licensed broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from property sold through the firm by the agent. Today, relatively few agents receive salaries as employees of a brokerage or realty firm. Instead, most derive their income solely from commissions.