A collective stake of $418 million solution by the National Association of Realtors (NAR) is set to change the way real estate agents are paid and shake up the industry as a whole.

The deal, which was finalized on Friday, takes effect in July and was sparked by class-action lawsuits accusing the realtors of having too much power and a monopoly over Americans trying to sell their homes.

In part, the NAR settlement removes the rules on sales commissions for agents and brokers, meaning that the standard initial commission rate of 6% no longer exists. RESIDENCE it only affects However, buyer and seller agreements, so tenants may have to pay broker fees when looking for a new unit.

In a statement, NAR denied any wrongdoing.

“NAR has worked hard for years to resolve this litigation in a way that benefits our members and American consumers,” said Nykia Wright, NAR interim CEO. “It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals.”

Meanwhile, real estate titan Barbara Corcoran is sounding off on the news and how it can make or break many real estate agent careers (and commissions).

Connected: 'Everybody's scared': Barbara Corcoran says now is 'the best time to buy a house' – here's why

Corcoran explained that the cost of selling homes is likely to come down now and that competition among realtors will increase, but cautioned buyers not to expect home prices to drop as a result.

“It's bad to wait for the cost of buying a home to go down,” she wrote. “The real culprit in today's market is a shortage of homes and too many buyers who want them. And if interest rates drop one point by the end of the year, we'll see home prices rise another 10% as buyers rush in.” in shop.”

However, Corcoran admitted that now is a “scary time for real estate agents”, while remaining optimistic that something positive would come out of the big change.

“Change is nothing new to the real estate industry. What I know for sure is that real estate agents and their agents are some of the most resilient people in the world,” she said. “They're creative and tough, and that opens the door for agents to use that resilience and creativity to find new and better ways to serve their sellers and home customers.”

Last month, Corcoran appeared on an episode of “The Elvis Duran Show” where she encouraged listeners not to play the waiting game when it comes to buying property.

Connected: 'All hell is going to break loose': Barbara Corcoran warns of real estate market, interest rates

“Interest rates will never come down to two to three percent, that's history, yet people believe they will.” she said. “So let's say they come down to something with a fiver up front, everybody sitting on the sidelines is going to rush to the market, they're going to bid up, there's not enough inventory to go around … everybody's going to pay more per tune by 10, 15 maybe 20 percent. So why wait?”

Corcoran's net worth is about $400 million.