Realtor rules just changed dramatically. Here's what buyers and sellers can expect

So long, 6% commission.

For decades, real estate commissions have been somewhat standardized, with most home sellers paying 5% to 6% commission to cover both the listing agent and the buyer's agent.

On Friday, everything changed.

A landmark agreement from the National Association of Realtors paved the way for a new set of rules that will likely shake up the entire industry, affecting sellers, buyers and the agents tasked with pushing deals across the finish line.

The most pivotal rule change pertains to how buyers' agents are paid. Traditionally, home sellers have paid for the commission of both their agent and the buyer's agent,