Coming off the landmark settlement that has forever changed commission payments for realtors, homebuyers could be facing new challenges, as well as opportunities, in this new real estate environment. Yahoo Finance Personal Finance Reporter Rebecca Chen joins the Live show to share the most important tips for new homebuyers following this decision.

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Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

JULIE HYMAN: Homebuyers are now facing uncharted territory in the wake of the realtor settlement that dismantles the way commissions are paid. On one hand, buyers could face more hurdles as the system changes and home prices stay elevated. But on the other hand, they could gain price transparency and negotiating power.

Our Rebecca Chen has compiled a list of top tips to help navigate the new rules. Rebecca, it's tricky.

REBECCA CHEN: It is tricky. And I think with the new settlement that is coming out, we are seeing that home buyers are maybe getting a little bit short end of the stick because they might be stuck with paying for their own agent. But on the opposite end, like you mentioned, they could be getting a lot more negotiation power and as well as transparency. And we talked to a couple experts. And they are giving us tips on how home buyers can navigate this new territory.

And tip number one, it was really just have to look for a suitable agent. Now, I know you guys might be thinking, you know, regardless of where we are, whether we have the settlement or not, you should always be looking for a suitable agent. But what is really different this time is because you're paying out of pocket, you really want to make sure you find that person that is good for you.

So look at your needs. What do you need in an agent? Research and interview them to make sure that they are what you want. For example, if you are a first time home buyer, you really want to find somebody that can walk you through the entire process, somebody who can hold your hand, and tell you what to do at each step.

But if you're somebody who has already bought and sold multiple houses, then maybe you can do a little bit of a reduced service kind of negotiation. And that brings me to my tip number 2, which is, if you know what you want, you can find reduced service agent or even opt out for something like a La Carte service. What this means is you do a lot of your own homework.

You schedule your own appointment, you drive yourself to these showings, and you research the neighbors yourself. But when it comes to the harder part like the transaction, then you link on a higher professional to carry you through. And you can also do this like a menu style, a La Carte.