Real estate agents are usually 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 the agent's sale of the property. When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers where details of the transactions are agreed upon and the new owners take possession. A broker's knowledge, resourcefulness, and creativity in arranging favorable financing for the prospective buyer often mean the difference between success and failure in closing a sale. Brokers supervise agents who may have many of the same job duties.
Brokers also manage their own offices, advertise properties, and handle other business matters.
Some combine other types of work, such as selling insurance or practicing law, with their real estate business. There is more to an agent or broker's job than just making sales. They must have properties to sell. When listing a property for sale, agents and brokers compare the listed property with similar properties that have recently sold to determine its competitive market price. Once the property is sold, the agent who sold the property and the agent who obtained the listing both receive a portion of the commission.