In February, the average Southern California home sold for $842,997. Under the old system, where sellers pay both agents 3% commission, they'd shell out $50,580. But if they only have to pay one agent 3%, they'd save $25,290.

Buyers, then, would be the ones footing the bill for their agent. The added expense might seem pricy, but Michael Copeland, a real estate agent in Palm Springs, said the final numbers might ultimately shake out the same under the new rules.

"Buyers were often told by their agents that they didn't have to pay anything and that services were free," Copeland said. "But that's not necessarily true."

Copeland said when sellers pay 6% commission to split between both agents, they pad that number into the purchase price, so buyers actually end up paying more for the home, and thus, pay for their own agent.

So under the new system, buyers may end up paying their broker 3% commission, but the price of the home might be cheaper since the seller is only paying for their own agent.

More flexibility for buyers

One of the biggest complaints about the previous system was that it left buyers out of the negotiation process. Sellers paid each agent's brokerage 3% or so, and that was that.

Lawsuits filed against the National Assn. of Realtors alleged that the practice kept commissions artificially high and incentivized buyers' agents to "steer" them toward properties that offered them higher commission rates.

But under the new system, more buyers will be negotiating directly with their own agents — not just how much they'll pay them, but what services they want the agent to provide. And those expectations will be specifically outlined in the buyer brokerage agreements, which are now required.

"Some buyers may just hire an attorney and pay a fee to handle the transaction," Copeland said. "Or they'll want to hire an agent as a consultant. Someone they can ask questions."

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