I like how the key image is integrated into the design - especially since it is for a company that does business in the real estate / properties sector. (I think?) So to me, that is a good concept.

I enjoyed finding the key, and I think overall it definitely has a classy feel. Perhaps you can play with the proportions of the logo and the horizontal rule / company name in relation to each other.
____________________________
www.coroflot.com/kate_dawson

I enjoyed finding the key

I did too! At first, I didn't get why the G had a notch in it, but finding the key made me feel like I learned a secret.

My suggestion would be to increase the weight (just slightly) of the horizontal part of the key (the body of the key?). As is, it might get lost at smaller sizes. Along those lines, have you tried making it smaller to see how the notch in the key holds up?

I like the GF mark. Discovering the key allows the viewer an aha moment which is fun. I'm not sold on the font you've selected for the name. It's too close to but doesn't match the GF. I'd like to see it match the Didot(?) or go with something that will contrast more like a sans.

I thought it was a medieval trumpet with a flag hanging off of it.

- Lex

Yer, before even reading Lex’s comment I thought the same.

I agree with Lex.

Maybe just play with the serif of the F to look more like an older key?

Like these:

http://flyowa.com/Flight424/old-key.jpg
http://www.antique-hardware.com/key.jpg
http://www.polyvore.com/cgi/img-thing?.out=jpg&size=l&tid=1248794

If that is what your concept is going for.

I don't get it either. I saw a trumpet too. :-\
Here:

I think it's a good concept and it does have an 'ah' moment (so to speak) where you see the key. But then again, the fact that I already knew it was an estate agent before I saw the picture means I was impartial from the start.

I know you've left a gap between the shaft of the key and the top half of the F to imply the key going into a lock (or at least that's how I see it), but maybe try losing the gap, widening the shaft of the key and making the handle look like a key handle (don't worry about it not being consistent with the rest of the F), then you'd definitely lose the trumpet that people seem to be seeing.

Then again, all those things I've suggested might not look good if implemented. Just trying to give some ideas.

I think it does look like a key, i would suggest a few improvements though; The key does look good but it needs some kind of end that should be added to the F that makes it look like a trumpet. I would suggest a circle or a oval. The typeface is a tad heavy and the ampersands is very nasty, i suggest Trajan pro. Both elements the type and image need to be moved closer the line separater by a lil tiny bit. The top type is very nice but text underneath really needs to look cleaner and crisper. The top font needs to reflect the bottom. You should try and find fonts that match or are the same.

In conclusion you have a fantastic idea and the final product will look great.

-Oliver

Like the concept.
Key needs a little work to let it work better.
Try some other colors.

Good job!