Estate agency pays vendors to market their properties

A London estate agency has revealed that it is offering local homeowners cash incentives for valuations and instructions.

Keating Estates, based in Brixton, is offering £50 for the opportunity to provide a valuation and an additional £250 if prospective vendors decide to market their property with the agency.

The offer comes with two caveats. The first is that Keating Estates must be the sole agent and the second is that the cash incentive will be paid in Brixton Pounds, a currency which can only be spent with local businesses.

"We are doing this to try and gain an advantage over other, larger estate agents," Shane Mercieca, Keating Estates' managing director told the Evening Standard.

He told the newspaper that it is '100% not a gimmick'.

He said anyone who books a valuation with agency will receive a visit and be paid £50 in cash when the agent leaves.

When asked about the scenario where a vendor has a valuation with Keating Estates and subsequently markets with the firm only to take their property off the market once receiving their £300, Mercieca said he doesn’t think anyone would do that.

Mercieca revealed that the firm carried out a similar campaign in January and that it was 'well worth it'.

"It worked very well. We got a decent number of new valuations and listings off the back of it," he said.