WEST PALM BEACH, Fla. – If you’re planning to buy or sell a home, some changes that matter to you will go into effect on Saturday, August 17.

Previously, sellers paid an average of 5 to 6 percent commission. But now the buyer’s agent must discuss and negotiate his compensation expectations in advance.

“It provides transparency and puts negotiability at the forefront of the transaction,” said local real estate agent Abbey Adair. “What the buyer’s agents really need to do is really prove their value.”

This is part of the $418 million settlement announced in March by the National Association of Realtors. The buyer’s agent must now have a written agreement with the homebuyer before touring a property together.

While this type of negotiation is nothing new, NAR has agreed to these changes to resolve several class action lawsuits filed on behalf of sellers.

“The goal is to have the buyer’s agent negotiate on your behalf so the amount comes from the seller and the buyer doesn’t have to pay it out of pocket,” Adair said.

There are already 18 states that require a written compensation agreement, but Florida is not one of them.

“This is going to be new for people here and we’re going to have to get used to it,” said local real estate agent Stephanie Grant. “There’s a lot of uncertainty, but we’ll get through it. We just have to work out a few issues.”

Although these changes will have an impact, the negotiating part remains the same.

“It’s important to remember that everything is negotiable and has always been negotiable,” both Adair and Grant said.

On the future of the real estate industry, Adair added, “I believe the weak will be separated from the strong. And I believe the agents who can showcase their value will be the ones who will succeed.”