Real estate agents' payment rules have changed, giving homebuyers a new bargaining chip.

The recent rule change in real estate agent compensation has an upside that can aid buyers in securing their desired home.

Since Aug. 17, homebuyers have the option to negotiate the commission they pay their real estate agent prior to beginning their home search, a change from the traditional practice of both buyer's and seller's agents being compensated from the sale proceeds, typically splitting 5% to 6% of the price.

Buyer's agents can receive payment in various ways, such as a percentage of the home price or a fixed fee, or they could be paid by the seller if it's an option.

The flexibility in negotiating the agent's fee can be confusing, particularly due to the need for more communication between the buyer and agent, as well as between the buyer's and seller's agents.

The change in policy allows buyers to remove the seller's obligation to pay the agent's commission, giving them an edge in competition with other bids.

The rule change has created a new 'bargaining chip'

Many sellers are still offering to cover buyer's agent fees, either out of simplicity or to make a listing more attractive, according to a recent Redfin report.

Redfin's chief economist, Daryl Fairweather, reports that in slow markets with low demand, such as Austin, most sellers are still willing to pay the buyer's agent commission to attract buyers, and agent fees remain mostly the same as before.

In competitive markets, buyers who have already arranged to pay their agents could use that as a "bargaining chip" in their negotiations, says Fairweather.

Agents in markets with low inventory and high demand, such as San Francisco and Boston, report more instances of negotiation around fees, with sellers asking buyers to make their best offer rather than preemptively deciding what they want to offer a buyer's agent, according to her.

In markets where sellers hold the power, covering the buyer's agent commission can provide an advantage, according to Joe Muck, a realtor in Michigan. This concession could have the same impact as other concessions, such as offering post-sale occupancy or waiving an inspection.

Providing to cover the buyer's agent fees may attract wealthier buyers.

According to Fairweather, first-time buyers who lack the funds from the sale of a prior home will find it more challenging to afford this purchase, in addition to the cash they already require for a down payment.

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