No more 50% discount.

It's true that you pay 1 month rental, but bear in mind this is on the 12th month rent.

Suppose your tenant terminate / run away on the 11th month - you technically did not pay us anything.

Sad but truth.

At the spectrum for who can afford to buy house, can only afford less and less of down payment

At the spectrum for who can only afford to rent house, can only afford less and less of deposit.

The initial upfront is the killer for both house buyer and tenant. And btw, do not penalise all genuine tenants just because of some bad apples.

Therefore we came up with solution to solve this problem. Allianz General Insurance is bridging this so that everyone can move forward with the future trend with ease.

We barely know the world we live in, things are changing so rapidly. We cannot use the lenses of the past to see the future. But we certainly can give the benefit of doubt for whatever innovation is in the market and give it a try, because end of the day, nothing really really bad can happen.

It is a good idea for doing a tech in renting market. Generally Speedrent should need to compete with existing agent who collect 1 month rental for commission & they settle everything including finding tenants, viewing, etc.

Speedrent is a DIY platform, hence landlord should be charged much more lesser (50%-80% cheaper) for listing a property there since landlord has to bring tenant to view which is the most hassle part.

However, from what I feel, I have some suggestions:

1) You should explain graphically/video to explain on how speedrent works for tenant & landlord
2) Landlord should required to sign up before posting a property, for further editing if required. (I didn't use mobile apps)
3) Insurance is free or require additional charges?

Tech company basically has to create disruptive force in current market, usually bringing cost saving & convenience mechanism for both parties. I dont think Speedrent is doing enough to create the force as what Uber/Airbnb did.. Probably Speedrent require more fund to fight the turf war

Can share what is the maximum coverage based on the one month charged by Allianz insurance?
Say example my one month rental is rm10k. If tenant left at 6th month with mountain of unpaid utilities or they totally wreck the house up and down when they leave at 12th month.

Good that u have credit check on local. Foreigners criminal check is good too. But foreigners credit check is still not covered.

Just wonder do you get the prior consent from the tenant before conduct the CCRIS/CTOS/RAMCI search?

If u guys really can check up to CCRIS level. I think is a good news to property landlords.

Is prior permission required?

Yes

Thank for the reply 👍

Yes, consent is required for the check.

Currently monthly rental that we do is between RM1 - 4k/mo. Not open for high rental yet.

If tenant run away before the contract end. Normal circumstances we will not return the deposit as landlord. And even after the full 12 months, in case they didn't service Aircon or clean the unit as per stated in tenancy agreement we will still be able to do so with the deposit on hand.

But now landlord pay the same as using agent and bear all the risks ... No deposit on hand to handle the Aircon service, cleaning, etc?

And it's not even a guarantees payment now... It's just invoicing the tenant and hope for payment. If they don't pay we will just get back the 2 months rental.

It's a stupid idea. I hope all landlord stop using this service as it will kill the landlord.

RM4k is high enough for the losses... Many are hard-earned money from landlord who barely can cover the loan.

Agreed. I must say Speedrent is a brilliant idea. However to tackle bad tenants, more resources and ideas need to kick in. For eg, banks do searches and name screening on customers but there are still NPLs. Bad times cannot be foresee. Someone rich can be broke at anytime.

Speedrent targeted customers are poor subprime tenants and desperate landlords; default rate should be higher than conventional tenants.

They actually have a decent video that explains the whole process. Perhaps you can download the app and try it out? Quite an impressive and intuitive app I would say. My only comment would be most of the prospective tenants that I search seems to be agents or 'not serious tenants'. Other than that, a pretty good app.

u

Yes. I have seen that as well. Airbnb is for short-term stay there are plenty of risks but it's a really fantastic apps as it help to boost up the rental yields. May I know what's the value added or booster for landlord's to use speed rent beside save half a month rental?

I prefer to see my tenant face to face and check tenant profile first before decide rent out..

If I'm not mistaken, SpeedRent is a channel/marketplace for tenants and landlords to meet/greet, skipping the conventional property agent. By doing so, the 1 month commission can also be saved and the savings, divided equally between the tenant and also the landlord.

Landlord will still meet their prospective tenant face to face before the final decision on whether to rent or not is made.