How does Rello's service for marketing costs work?+
An agreement with Rello is not a loan, it's an invoice factoring contract.
Invoice factoring is a concept commonly used by businesses in Australia since the 1970's, and works as follows:
1. A property owner wishes to sell their property and in doing so incurs costs including advertising, styling, minor repairs to the property, legal fees and other costs.
2. The property owner sells to Rello a right to a portion of the future sale proceeds, and in return Rello pays the property owner's marketing costs to the agency today.
3. When the property is sold, the property owner buys back that right from Rello, for the value of the marketing costs plus a service fee.
How does Rello's service for accessing a deposit work?+
An agreement with Rello is not a loan, it's an invoice factoring contract.
1. A property owner has an unconditional contract for sale of their property, and wishes to access the deposit paid by the buyer prior to the contract settling.
2. The property owner sells to Rello a right to a portion of the future sale proceeds.
3. As the sale is settled, the property owner buys back that right from Rello, for the value of the funds provided plus a service fee.
How does the buy back process work?+
For our marketing service, you must buy back Rello's right on the earlier of:
- If the property is withdrawn from sale, on the date of that withdrawal
- If the property is sold, on the date the deposit is released to you
- If the property is sold, on the settlement date
- 180 days after the agreement is activated by Rello
For our deposit release funding service, you must buy back on the earlier of the date the property is withdrawn from sale or the settlement date.
What are the fees?+
Rello charges a simple flat service fee based on the requested amount of funds, calculated and displayed to you transparently for approval prior to any request being submitted to Rello. Depending on the nature of the property sale, Rello may apply additional fees, in this case, Rello will advise you up front and seek your approval before proceeding.
How does Rello determine the amount of funding to advance?+
For marketing costs, Rello typically will not advance more than 2% of what we believe to be a reasonable estimate of the sale price.
For accessing a deposit, Rello will not advance more than 80% of the deposit held in your real estate agency's trust account, up to a maximum of $250,000.
Rello assesses each request on its own merits considering the property, the listing, the estimated sale price, sales history, and other factors.
How does Rello handle credit checks and personal information?+
As an agreement with Rello is not a loan, Rello does not require credit history checks for individual property owners. Rello does verify identity using Equifax Australia's proprietary services to ensure compliance with relevant regulation. All data is stored securely for periods determined by regulation. Refer to our privacy policy for further information.
How is my agency involved?+
Your agent does not sell or market Rello's services, nor does Rello pay "kickbacks" or incentives to agents. Agencies use Rello's payments platform to collect payments, with the choice of payment method in your control. Rello's platform ensures you ultimately approve your agreement and any subsequent changes, agencies cannot act arbitrarily to affect your contract with Rello.
What are my obligations as a property owner?+
The contract between Rello and you is between Rello and you. While some agencies will assist you managing the process:
1. Your agency is not responsible for your agreement or arranging the buy back.
2. You are responsible for reviewing and understanding the terms of your agreement.
3. You are responsible for ensuring any updates or changes to your sale process are advised to Rello.
What do I do if I have a complaint or dispute?+
First, clarify who your dispute is with, your agency or Rello. Most disputes around a property sale are between the property owner and their agency.
Where you believe you do have a complaint or dispute with Rello's service:
1. Confirm you are clear on the T&Cs of your agreement with Rello.
2. Engage directly with Rello's support team, clarifying the nature of your dispute and the resolution you seek.
3. If you are not able to resolve things directly with us, you always have the right to complain to AFCA.
How does Rello assist me with financial hardship?+
Rello won't provide the service unless we are confident that your property will sell within 180 days, for a value that clears debts + sale costs + the buy back of Rello's right, ensuring Rello's service will not in itself cause you financial hardship. Where you do require financial hardship assistance, we'll work with you to achieve an affordable solution.
Who is Rello?+
Rello is a privately owned Australian business started by a group of finance and technology professionals who believe that payments and compliance within the real estate industry should be a lot easier. We work with major Australian real estate brands and software companies to offer relevant, powerful, automated and integrated solutions for payments that ultimately add to the joy of a sale for property owners.
How does Rello's non-invoice factoring payment service operate?+
Rello operates a range of card and account-based payment services on behalf of real estate agencies in Australia. Card payments are handled via Nuvei Australia Merchant Services Pty Ltd (AFSL 524044). Account-based payments are handled via Monoova Global Payments Pty Ltd (AFSL 421414).
