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> Speedrent, Guarantee Deposit Scheme (ask opinion)

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samkps
post Apr 12 2016, 03:43 PM

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1.) How much Speedrent charge for this service?

2.) If the credit card of the tenant cannot be charged, how Speedrent guarantee the owner will get the payment for 3 consecutive months? Speedrent as the guarantor?

3.) How long speedrent is up and what's the capital paid-up of the company?

This post has been edited by samkps: Apr 12 2016, 03:44 PM
wheimeng
post Apr 12 2016, 03:45 PM

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QUOTE(OPT @ Apr 12 2016, 03:39 PM)
thumbsup.gif

So means extra paid by tenant? Would tenant be agreeable?  blush.gif
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Suppose you want to rent a house, RM2000/mo.

You can either pay RM8000 (2+1 deposit and 1st month rent) OR RM2200/mo.

They can choose, totally up to tenant financial preference.

wheimeng
post Apr 12 2016, 03:48 PM

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QUOTE(samkps @ Apr 12 2016, 03:43 PM)
1.) How much Speedrent charge for this service?

2.) If the credit card of the tenant cannot be charged, how Speedrent guarantee the owner will get the payment for 3 consecutive months? Speedrent as the guarantor?

3.) How long speedrent is up and what's the capital paid-up of the company?
*
1. FOC for landlord, 10% for tenant.
2. We hate to call ourselves as guarantor, but yes.
3. We have been in market since June 2015. I've personally pump in RM500k into the company.

Some background:

http://property.sinchew.com.my/node/3387
http://www.bloombergtv.my/video/australia-...radar-says-ceo/

mingyew
post Apr 12 2016, 03:56 PM

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how to start / use this services?
wheimeng
post Apr 12 2016, 04:00 PM

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You can download our app at http://get.speedrent.com.

max_cavalera
post Apr 12 2016, 04:11 PM

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QUOTE(wheimeng @ Apr 12 2016, 04:38 PM)
It's FOC for landlord for a foreseeable future. smile.gif

Tenant pays 10% extra to cover credit card processing fee etc...
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Lol thats simply too awesome for houseowner 😄

Can i buy share in ur company? Then we launch it to public listed....i can already envisioned wheres the cashflow flushing in this company at the same time benefit houseowner! 😁😄👍🏻
cybertechmkteo
post Apr 12 2016, 04:15 PM

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thanks for all the explanation and sounds good for owner, but for tenant will they fork out additional 10% just to fork out the processing fee?

so far do u have any successful tenancy that you've already done?

btw, what about the half price for the 1st month rental? mind to explain a bit?

thx.


natman
post Apr 12 2016, 04:20 PM

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QUOTE(wheimeng @ Apr 12 2016, 03:48 PM)
1. FOC for landlord, 10% for tenant.
2. We hate to call ourselves as guarantor, but yes.
3. We have been in market since June 2015. I've personally pump in RM500k into the company.

Some background:

http://property.sinchew.com.my/node/3387
http://www.bloombergtv.my/video/australia-...radar-says-ceo/
*
Wow sounds great, so u can guarantor for 3 months max ?
JianNinety
post Apr 12 2016, 04:23 PM

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QUOTE(cybertechmkteo @ Apr 12 2016, 04:15 PM)
thanks for all the explanation and sounds good for owner, but for tenant will they fork out additional 10% just to fork out the processing fee?

so far do u have any successful tenancy that you've already done?

btw, what about the half price for the 1st month rental? mind to explain a bit?

thx.
*
1. Tenants can't pay 3 months deposit.
2. Tenants pay 10% extra rental.
3. Tenants reduced savings because pay extra rental.
4. Reduced savings, tenants can't pay 3 months deposit.

Hmm, seems like a vicious cycle in the making. Kesian all the tenants. This arrangement like only benefit owners and Speedrent.

This post has been edited by JianNinety: Apr 12 2016, 04:23 PM
samkps
post Apr 12 2016, 04:26 PM

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My personal opinion on this system:


For landlord:

Advantage:
- It may make your unit easier for rental due to "easy entry cost" because potential tenant pay less initial cost for renting your unit

Risk/disadvantge:
- Instead of getting one lumpsum of deposits (2+1) at the start of tenancy, you only will get it at the end of tenancy, on monthly installment basis.

Example: Rent is RM 2k/month. Landlord instead can collect a big lumpsum RM 6k (2+1 month deposit) at the starting of tenancy, now need to wait till the end of tenancy only can collect the RM2k at last 3 months.

- If the guarantor (speedrent in this context) not being able to pay you the deposit at the end of tenancy due to some unforseen circumstance, then GG. Although it is unlikely, but landlord to bear this risk.



For Tenant:

Advantage:
- Easy entry to rent a house, no need to have high initial commitment to rent a house.

Example: Rent is RM 2k/month. Instead need to pay all the initial deposit cost RM 6k, now just need to pay RM 2.2k then already can rent the house.


Disadvantage/Risk:
- Tenant need to pay 10% extra for this service. I am not sure this 10% is for first month or for additional consecutive months. It just like someone borrow you cash to pay the deposit and charge you 10% of it.

- This system is leveraging the future credit card repayment capability of the tenant. If tenant already committed to the rental due to low entry package but not able to service it in the upcoming period, then GG.



maraippo
post Apr 12 2016, 04:26 PM

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nice. good solution. its a great solution for all house owner.

but still, having deposit kinda one of the filter to see if tenant is stable financially.

if they cant manage to have deposit then most likely they will be a bad paymaster.

anyhow, all the best with your service. imo is a very good service.
aaron1717
post Apr 12 2016, 04:26 PM

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QUOTE(JianNinety @ Apr 12 2016, 04:23 PM)
1. Tenants can't pay 3 months deposit.
2. Tenants pay 10% extra rental.
3. Tenants reduced savings because pay extra rental.
4. Reduced savings, tenants can't pay 3 months deposit.

Hmm, seems like a vicious cycle in the making. Kesian all the tenants. This arrangement like only benefit owners and Speedrent.
*
maybe when you are an property owner who wanted to rent out your house... you will be looking for things like this as well?
natman
post Apr 12 2016, 04:28 PM

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QUOTE(JianNinety @ Apr 12 2016, 04:23 PM)
1. Tenants can't pay 3 months deposit.
2. Tenants pay 10% extra rental.
3. Tenants reduced savings because pay extra rental.
4. Reduced savings, tenants can't pay 3 months deposit.

Hmm, seems like a vicious cycle in the making. Kesian all the tenants. This arrangement like only benefit owners and Speedrent.
*
What u say if tenants stay 1 mth with 50% off and no deposit but paying extra 10% for service ?

there is no agreement and nothing so tenant may move out from 1 unit to another unit or place ?
psyduck89
post Apr 12 2016, 04:29 PM

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brilliant..

Is speedrent only apply to commercial lot?

or residential unit too?
natman
post Apr 12 2016, 04:31 PM

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QUOTE(samkps @ Apr 12 2016, 04:26 PM)
My personal opinion on this system:
For landlord:

Advantage:
- It may make your unit easier for rental due to "easy entry cost" because potential tenant pay less initial cost for renting your unit
 
Risk/disadvantge:
- Instead of getting one lumpsum of deposits (2+1) at the start of tenancy, you only will get it at the end of tenancy, on monthly installment basis.

Example: Rent is RM 2k/month. Landlord instead can collect a big lumpsum RM 6k (2+1 month deposit) at the starting of tenancy, now need to wait till the end of tenancy only can collect the RM2k at last 3 months.   

- If the guarantor (speedrent in this context) not being able to pay you the deposit at the end of tenancy due to some unforseen circumstance, then GG. Although it is unlikely, but landlord to bear this risk.       
For Tenant:

Advantage:
- Easy entry to rent a house, no need to have high initial commitment to rent a house. 

Example: Rent is RM 2k/month. Instead need to pay all the initial deposit cost RM 6k, now just need to pay RM 2.2k then already can rent the house.
Disadvantage/Risk:
- Tenant need to pay 10% extra for this service. I am not sure this 10% is for first month or for additional consecutive months. It just like someone borrow you cash to pay the deposit and charge you 10% of it. 

- This system is leveraging the future credit card repayment capability of the tenant. If tenant already committed to the rental due to low entry package but not able to service it in the upcoming period, then GG.
*
I think landlord also have risk, say if the tenant just rent for 1 month with 50%off without deposit but paying extra 10% for service charge

samkps
post Apr 12 2016, 04:34 PM

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QUOTE(natman @ Apr 12 2016, 04:31 PM)
I think landlord also have risk, say if the tenant just rent for 1 month with 50%off without deposit but paying extra 10% for service charge
*
I suppose the guarantor (speedrent) in this context shall pay the landlord the deposit in three months time, even they fail to charge the tenant credit card, no?

This post has been edited by samkps: Apr 12 2016, 04:36 PM
natman
post Apr 12 2016, 04:37 PM

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QUOTE(samkps @ Apr 12 2016, 04:34 PM)
I suppose the guarantor (speedrent) in this context shall pay the landlord the deposit in three months time, no?
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like that die lo
samkps
post Apr 12 2016, 04:40 PM

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QUOTE(natman @ Apr 12 2016, 04:37 PM)
like that die lo
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Erm, no die lah, if speedrent still can pay you. But all this hassle can be mitigated if the deposits are collected upfront.
natman
post Apr 12 2016, 04:42 PM

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QUOTE(samkps @ Apr 12 2016, 04:40 PM)
Erm, no die lah, if speedrent still can pay you. But all this hassle can be mitigated if the deposits are collected upfront.
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"IF" worst is tenants move house plus move out the fittings as well, like acond and furniture wah jialat lo.
samkps
post Apr 12 2016, 04:49 PM

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QUOTE(natman @ Apr 12 2016, 04:42 PM)
"IF" worst is tenants move house plus move out the fittings as well, like acond and furniture wah jialat lo.
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Lol... I think the question here is simple, regardless how nasty the tenants, landlord will only get the 2+1 months deposits, either you collect it directly from the tenant upfront or from the guarantor speedrent.



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