Bermuda will get a two percent rebate on the sales commission.

The real estate agency will start giving two percent back from July 1, and the offer is expected to continue through December this year.

In an effort to dodge paying five percent of the sales price in commission to an agent, some home owners have tried selling their properties themselves.

"The real estate industry is flat, created by the current recession and the overpricing of property,'' First Properties' Mr. Craigin Curtis said in a Press release. "Their values are mostly 20 percent overpriced.

"Real estate investors are very much aware of the present situation, and we feel will remain in a cash position until some sanity returns to the market.

"Banks and deposit-taking companies are flush with investment funds, but are finding it difficult to place these funds out for mortgage purposes. There are lots of mortgagees, but few mortgagors. We recognise and appreciate this apathy and to this end would like to offer to the vendors a discount package on exclusively listed properties.'' Commission will be charged in the usual way at five percent of the selling price, the company has said, but once the sale is completed, the client will receive a cheque for to two percent of the commission.