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, which critics argue stifled competition and drove up home prices.

The new rule prohibits most listings from saying how much buyers' agents are paid, removing the assumption that sellers are on the hook for paying both agents.

The other new rule requires buyers' agents to enter into written agreements with their clients, known as buyer brokerage agreements. These agreements outline exactly what services will be provided — and for how much.

The changes will take effect this July, pending court approval, and will have major implications on how real estate deals are done. Here's how buyers, sellers and brokers will likely be affected.

Lower fees for sellers

The most obvious takeaway is that if buyers end up paying for their real estate agents instead of sellers, sellers are set to save a lot of money.

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