RENO NOW PAY LATER
FOUNDERS SERIES NO.3
The essence of a brand often lies in the trials and triumphs experienced by its founders. Here at Elepay, we take pride in honouring the untold tales of the remarkable individuals working behind the scenes.
In our “Founders Series,” we offer a brief but impactful glimpse into their inspiring stories.
The Founders of Renosell
What differentiates Renosell from other property styling businesses in the market?
"Our clients can
“renovate now, pay later”."
Renosell was established to fill a major gap in the renovate now, pay later market.
Renosell specialises in pre-sale preparation and allows property owners the possibility of getting more for their property come sale time, without paying for it upfront. We provide our clients with a hassle-free experience, support, seamless communication, and advice throughout the entire project process – without having to pay for it until generally after they sell their property.
Renosell leverages off decades of Real Estate and Construction knowledge. We work closely with clients to identify the key areas in their property to invest in, to get them the maximum sale price. We offer a complete end-to-end service and ensure we are with our clients every step of the way.
Our clients can “renovate now, pay later”.
"We knew that our business model was a game changer."
What challenges did you face in the early stages of Renosell and how did you overcome them?
Kick-starting any new business means there will be a few bumps in the road. First off, getting potential clients to trust Renosell’s business model was tough. We were asking them to let us renovate their homes, with the promise that they'd only pay once the property was sold. A lot of homeowners were sceptical, and who can blame them?
Another big challenge was cash flow. Since we weren't getting paid upfront, we had to dig into our own pockets to fund the renovations. It was a risky move, especially when we were just starting out and didn't have a lot of capital to play with.
Despite all these challenges, we remained determined. We knew that our business model was a game changer. To win over clients, we offered a clear, transparent process and provided solid contracts. We made sure they understood they were in safe hands.
To manage our cash flow issues, we operated lean. We only took on projects we were sure we could handle and used cost-effective, yet high-quality materials.
As the company grew, we partnered up with Gino and the Elepay team to help with our cash flow. This allowed us to expand our workforce, resulting in increased productivity and faster completion of projects.
And of course, we made sure every renovation we did was top-notch. We knew that every successful sale was a testament to our work, and the more we had, the more people would trust us. We kept adapting, learning from our mistakes, and just kept pushing forward.
"Our clients invested $150k with us to help complete the project, and it resulted in a massive increase in the property value - well over $500k! "
Can you share a client success story where the Reno Now, Pay Later option significantly impacted a property's sale price?
Our clients were managing a huge renovation of their family home themselves. Unfortunately, halfway through their renovation they separated, resulting in the property sitting unfinished for a couple of years.
The property had huge potential, however the owners didn’t have the funds to finish the renovation. They were about to put the property on the market when by chance, they saw our Renosell van working on a property across the road.
Our clients invested $150k with us to help complete the project, and it resulted in a massive increase in the property value - well over $500k!
This increase gave our clients the financial freedom and security they were after to move on to the next chapter of their lives comfortably.
How does the Reno Now, Pay Later product help alleviate financial pressure on your clients when they're preparing to sell their property?
The "renovate now, pay later" option allows clients to start renovation work immediately without upfront costs. This is especially beneficial for preparing a property for sale, as improvements can increase its market value.
Clients can pay for the renovations later, generally after selling the property at a higher price. This option relieves financial pressure and makes the selling process smoother and more profitable. It also allows clients to use their funds for other property-related expenses.
This approach provides financial freedom and control, allowing clients to prioritise their money based on their individual circumstances and goals.
What advice would you give to property owners in Australia looking to maximise the selling price of their homes?
Preparing a home for sale and presenting it in its best light is important to achieve the maximum sale price.
This can be done in a few simple ways including fresh paint, minor repairs, new fixtures, refreshing the kitchen/bathroom space, and ensuring a well-presented garden and curb appeal.
We would advise having a Renosell consultant visit the property to make a recommendation on what works need to be done and provide an investment appraisal.
"Renosell keeps a finger on the pulse of renovation trends by constantly researching and analysing the market."
How do you stay up to date with the latest renovation trends, and how do these trends influence your business?
Renosell keeps a finger on the pulse of renovation trends by constantly researching and analysing the market.
We collaborate and work closely with our trusted partners who are leaders in the real estate and construction industry – from real estate agents to interior designers. We listen to what our customers want and keep up a strong online presence.
This helps us stay ahead in the business, draw in more customers, and offer services that people are looking for, which could mean more profits and happier customers.
How has the current economic climate impacted your business, and how have you adapted to these changes?
The current economic climate has presented Renosell with many challenges, leading to a decrease in demand for renovation services. To adapt, we have focused on cost optimisation, offering competitive pricing without compromising quality.
We have diversified our services, offering more affordable options and flexible financing. We have also improved our online presence by revamping our website, launching social media campaigns, and investing in online advertising.
By prioritising customer satisfaction through prompt communication, transparent pricing, and efficient project management, we have been able to remain resilient and well-positioned in the current economic climate.
Finally, if you could go back to when you were just starting Renosell, what advice would you give yourselves?
If we could go back and give advice to our younger selves when starting Renosell, we would emphasise the importance of spending more time in the planning phase, creating a detailed strategy, and being flexible to adjust plans as needed.
Connecting with the right people is essential for accessing resources and advice.
Delegating tasks to team members is necessary for freeing up time and allowing for growth. Patience is key as success takes time and perseverance, and to stop, embrace and celebrate the little wins along the journey.