Real estate agent shakeup: Heres how theyre preparing [Video]

Realtors across the U.S. are bracing for a seismic shift in the way they do business. Starting Aug. 17, new rules will roll out that overhaul the way Realtors get paid to help people buy and sell their homes.The changes, which are part of a $418 million settlement announced in March by the powerful trade group the National Association of Realtors, eliminate informal rules that propped up the industry’s traditional payment structure, where home sellers were typically on the hook to pay a 5% or 6% commission, usually split between their agent and the agent representing their home seller.In the months since the settlement was announced, Realtors across the country have been preparing for the change, attending trainings and poring over the details of new contracts they must sign with prospective homebuyers. Some agents predict the rules will pave the way for new business models and potentially drive many full-service …