107 day Promote
Here’s What Most People Are Wondering
What are my options if my real estate office doesn’t currently offer Elepay, but I like the idea of avoiding any upfront marketing costs?
Here’s how it works. Usually we need the real estate office already signed up as an approved agency on the Elepay platform. This process usually takes about 10 working days. Once they have the service, then they are free to offer it to any of their vendors looking to defer any upfront marketing costs.
If your current real estate office doesn’t offer Elepay, but you are super keen to defer your marketing expense, get them to contact email@example.com and we can get the process started quick smart. Who knows, if they are super keen to help you, we should be able to get them onboarded so you can activate your marketing in no time.
Where do the Approved Marketing Amount (AMA) funds go once processed?
All approved AMA funds go from Elepay to your real estate office’s nominated bank account. You (the vendor) actually don’t see the AMA, your real estate agency receives all Elepay funds. They are responsible for paying all your approved marketing costs. You don’t have to do a thing.
What sort of things can I spend my AMA on – is it just certain types of marketing and are there any restrictions?
When you are selling your property, there are many facets which you need to consider. Potentially you may need to invest in certain areas to make the home more appealing, making sure you maximise the value of the sale. So Elepay don’t restrict the areas where you spend your AMA. We simply suggest you agree on what is best for you and your property with your selling agent, and sign off an Agreed Marketing Amount (AMA). It could be a new coat of paint, some additional photography, some styling or a really cool digital campaign. Whatever you agree on and sign off on with your agent – that’s what we will fund.
Can I extend past 107 days if my property doesn’t sell or settle on time?
Elepay only offers a deferred payment plan for 107 days from the date the application is approved (approval date). If you are not in a position to pay the funds back plus the 5.9% fee – late fees will be incurred.
The best course of action if you are experiencing difficulties is as follows:
- Contact the team at Elepay as soon as you feel that you will have difficulty repaying the AMA plus the 5.9% fee by emailing firstname.lastname@example.org and provide us the means to support you and work through the situation.
- Don’t panic and think a debt collector is going to come knocking on your door tomorrow……far from it actually. If you communicate with the Elepay team during this difficult phase and let us know your circumstances, we will work with you in a compliant way to settle the manner. Remember – you need to communicate with us so we can support you. Don’t go cold or missing, otherwise, we may think the worst.
Ok, what are your late fees and what is your hidden agenda?
Elepay is hopeful that all our customers never have to be charged a late fee, and everyone has settled their funds by the 107 day as agreed.
Our late fee policies have been created to simply recover our costs of doing business. There are no expectations of making money from poor circumstances.
Our late fee’s policy is as follows:
- .06% per day will be automatically applied to the total amount due (the total amount due is equal to the AMA plus the 5.9% fee)
- An approved AMA plan will be deemed unrecoverable 60 days after the 107th due date, and as such will be handed over to a 3rd party compliant collection service for resolution.
How will I remember when my 107 day plan is due?
No problem, the Elepay team will keep you updated regularly so you’ll never have any surprises about when things are due. From the approval stage, you will receive communication from Elepay and will be given access to your own personal dashboard where you’ll find all the information pertaining to your AMA. You can personalise payment details, contact the team, and most importantly you can review final payment dates. The Elepay platform will also send you payment reminders 14 days out, 7 days out and 48 hours out.
What happens if I want to payout my Elepay promote plan earlier than 107 days? If you are looking to payout your plan before the 107 day, the following fees apply:
If you are looking to payout your plan before the 107 day, the following fees apply:
AGE OF PLAN: 4 – 45 DAYS 2%
AGE OF PLAN: 46 – 60 DAYS 5%
AGE OF PLAN: 61 – 107 DAYS 5.9%
What happens if I need more money to help market my home sale? What are my options?
We understand that changes are sometimes needed and maybe additional funds will be required. So we have a simple provision at Elepay, which entitles you to ADD 20% of the original AMA to the existing deal – without too much hassle.
However, these additional funds (up to 20%) will need to be repaid on the original 107th date.
Can I roll my existing 107 day plan over into a new plan?
If you have been successfully approved by Elepay and have entered into a 107 day plan, we are not permitted to offer you the ability to roll over the original plan, nor commence a new plan, until the original plan has been successfully completed and is cleared.
Can I have more than one Elepay Promote Plan on the same property?
If you have been successfully approved by Elepay and have entered into a 107 day plan, we are not permitted to offer you a new plan on the same property. Not until the original plan has been successfully completed and is cleared but remember you can fund an additional 20% of the original AMA if needed
What if I’m not the title owner of the property which I am selling - does this makes things complicated?
It really depends on your relationship with the title owner. We will need to see some paperwork for sure (eg. like a copy of a power of attorney etc.) or a signed authority from the title owner.