New Vendor Finance Product Makes Waves in Real Estate Industry
In an ‘Australian first’, vendor finance product SaleFunder allows people planning to sell their home or investment property to directly access up to $60,000 in specialised finance to help them maximise the sale price of their property. The funding is aimed at supporting agent recommendations and the sale process. It can cover items such as renovations, repairs, landscaping, property advertising and marketing, styling, solicitors’ fees, and even various inspection reports.
The comprehensive product is already being offered through hundreds of real estate businesses across Australia but consumers can also apply for the finance directly through SaleFunder and this customer funnel is creating ongoing leads for partner agents.
“SaleFunder is aimed at making it easier for every property owner and their agent to get the best possible price from a sale,” said SaleFunder Founder and CEO, Lucas McEntee. It provides between $3,000 and $60,000 to property sellers with the funds released within 48 hours (if an agent has been appointed). The borrowed amount is repaid at settlement.”
“We noticed that many new customers were looking to access the product before they had selected an agent and thought this was a wonderful opportunity to support our real estate partners so we went about creating an automatic lead generation process,” continued McEntee. “We don’t recommend agents or shortlist a panel, we simply provide the details of our local market partners for consideration by our customers. So far this has proven very successful and we expect volumes will only increase as we begin to aggressively market the direct-to-consumer product over the coming months.”
Initially, SaleFunder will be promoting the product through real estate portals, television commercials, social media channels and through education pieces in the media that focus on the difference small renovation projects can make to sale prices.
A vendor in the Northern Beaches of Sydney recently utilised the product to paint and landscape his property. The property was valued at $1.05 million but sold for $1.2 million with both the vendor and agent crediting the property upgrade for the higher than expected sales price.
Chairman and Owner of Century 21 Real Estate and Better Homes and Gardens Real Estate, Charles Tarbey, said home owners and real estate agents alike had been waiting for a comprehensive product like this. “In nearly fifty years of real estate, I have lost count of the times I saw vendors achieve a higher price for their home by improving the way it was perceived by buyers,” said Tarbey. “On the flipside, I also recall countless cases when vendors didn’t follow an agent’s recommendations to undertake some small improvements or run a more aggressive marketing campaign and this likely cost them money in the end. Simple things – such as a small renovation, a fresh coat of paint or even a backyard makeover – can make all the difference in attracting strong competition for a property which can often mean a better sales price.”
SaleFunder has offices in Sydney and Melbourne, and will soon be launching in Brisbane. Agents interested in finding out more about the product and how it might support sales are encouraged to visit https://salefunder.com.au/for-agents/