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 Speedrent, Guarantee Deposit Scheme (ask opinion)

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honesty tan
post Jul 4 2017, 10:54 PM

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QUOTE(lucifal @ Apr 11 2017, 11:29 PM)
Just got a tenant through SpeedRent recently. Let's see how everything turns out.

1. Met up with Tenant face to face.
2. Speedrent has been helpful in arranging the meet-up using WhatsApp.

Correct me if I'm wrong. I'm not giving 50% discount on 1st month rental. Speedrent is taking the 12th month rental , however, they're providing guarantees using Allianz insurance to cover up to 2 months rental loss in case of no payment and also legal fees in eviction of bad tenants.

Eviction will NOT be handled by them, but Speedrent stated will assist on a case to case basis.

Speedrent basically invoice Tenant, tenant pay speedrent, speedrent pay Landlord. Let's see how this works out, as Speedrent becomes a collecting agent on my behalf as well.

Also for analysis purposes

I've engaged 4-5 property agents to rent out , but all like tidak apa attitude.

Posted in SpeedRent in January 2017. Met 1 potential tenant face to face recently, with around interested 2 people (1 of them is a property agent)
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The important aspects to consider is, how's the traffics Speedrent could bring in - if at least 5-10 prospects who are keen for viewing within a month, chance of closing would be higher, in lesser lead time and units could rent out within the same month. I like to concept of Owners still require some hands on to proceed for next steps. This allow us to learn the market and better controls to qualify the tenants. laugh.gif
godlikexioo
post Jul 5 2017, 11:59 AM

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I did tried one, my experience was not good. Appointment can be not shown, alot of seem kacau-kacau only.

Just my tot, if u got time than can use speed rent or else better let agent handle for u. Because Speed Rent not in helping on screening, arranging appointment, contract follow up. The main problem is after meet up and both are happy. The deal can close but eventually hav to stop cause donno what the following steps to do.

if speed rent is reading may explain here.

This post has been edited by godlikexioo: Jul 5 2017, 12:02 PM
propertybbb
post Jul 5 2017, 09:25 PM

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QUOTE(godlikexioo @ Jul 5 2017, 12:59 PM)
I did tried one, my experience was not good. Appointment can be not shown, alot of seem kacau-kacau only.

Just my tot, if u got time than can use speed rent or else better let agent handle for u. Because Speed Rent not in helping on screening, arranging appointment, contract follow up. The main problem is after meet up and both are happy. The deal can close but eventually hav to stop cause donno what the following steps to do.

if speed rent is reading may explain here.
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the problem for me is speedrent charging one month rent as fees n insurance. So in the end, for owner it is lppl ..n yet need to handle viewings n filtering.
godlikexioo
post Jul 6 2017, 08:37 AM

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QUOTE(propertybbb @ Jul 5 2017, 09:25 PM)
the problem for me is speedrent charging one month rent as fees n insurance. So in the end, for owner it is lppl ..n yet need to handle viewings n filtering.
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I tot is no charges from speed rent.
If there is charges than is unclear, unknown.
What i see is no difference u post in mudah, coz u do everything your own (filtering, viewing, contract) and
If still need pay them than is worse coz no help assistance from speedrent.

balistafear
post Jul 6 2017, 09:49 AM

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Anyone from SpeedRent around, kind to explain the above? Valid points, would be beneficial for all forumers and readers if someone clarifies the above

yapy05
post Jul 28 2017, 04:15 PM

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Pretty screwed up app and customer service. Really laggy phone app for starters and apparently, Speedrent ONLY allows landlords to list if they agree to their No Deposit Scheme, no 2 ways about it.

If you feel uncomfortable with this scheme and have valid questions about it which none of their customer support can properly answer, they will take down your listing. Poor poor poor!!




yapy05
post Jul 28 2017, 04:22 PM

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First customer service person told me that it's entirely up to me as the owner to agree to their No Deposit Scheme. A week later, their so called manager (Tanya) tells me that they will be taking down my listing as I have not yet agreed to their No Deposit Scheme.

These guys can't make up their minds! Bunch of unethical jokers. No point being held to ransom by some company who can't even train their staff properly.
yapy05
post Jul 28 2017, 04:28 PM

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QUOTE(propertybbb @ Jul 5 2017, 09:25 PM)
the problem for me is speedrent charging one month rent as fees n insurance. So in the end, for owner it is lppl ..n yet need to handle viewings n filtering.
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I looked at their premium paid to Allianz and it's about 1/2 of monthly rental. I'd rather get a few reliable agents who can properly filter tenants. Again, their phone app sucks big time and is of no use setting appointments and such.

This post has been edited by yapy05: Jul 28 2017, 04:30 PM
lucifal
post Jul 29 2017, 06:34 PM

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I finally rented out my unit through conventional Real estate agents, who actually screened through the tenants before introducing to me.

Speedrent had 1 prospect, nearly signed, but Tenant canceled last minute.
wheimeng
post Aug 7 2017, 11:05 AM

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QUOTE(godlikexioo @ Jul 5 2017, 11:59 AM)
I did tried one, my experience was not good. Appointment can be not shown, alot of seem kacau-kacau only.

Just my tot, if u got time than can use speed rent or else better let agent handle for u. Because Speed Rent not in helping on screening, arranging appointment, contract follow up. The main problem is after meet up and both are happy. The deal can close but eventually hav to stop cause donno what the following steps to do.

if speed rent is reading may explain here.
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We understand that there is still an education gap needed, hence we have customer service rep to help both landlord and tenant.

Right now there is somewhat handholding process for all of the steps mentioned.
wheimeng
post Aug 7 2017, 11:07 AM

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QUOTE(propertybbb @ Jul 5 2017, 09:25 PM)
the problem for me is speedrent charging one month rent as fees n insurance. So in the end, for owner it is lppl ..n yet need to handle viewings n filtering.
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It's true that Speedrent charges one month rent. However, we charge the 12th month rent.

So if a tenant fail to complete their 12 months agreement, you do not pay anything at all.
wheimeng
post Aug 7 2017, 11:09 AM

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QUOTE(yapy05 @ Jul 28 2017, 04:22 PM)
First customer service person told me that it's entirely up to me as the owner to agree to their No Deposit Scheme. A week later, their so called manager (Tanya) tells me that they will be taking down my listing as I have not yet agreed to their No Deposit Scheme.

These guys can't make up their minds! Bunch of unethical jokers. No point being held to ransom by some company who can't even train their staff properly.
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Point taken, would strengthen this process further.
godlikexioo
post Aug 7 2017, 12:52 PM

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QUOTE(wheimeng @ Aug 7 2017, 11:05 AM)
We understand that there is still an education gap needed, hence we have customer service rep to help both landlord and tenant.

Right now there is somewhat handholding process for all of the steps mentioned.
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Can I suggest that add in feature button to press once both side are agree after viewing. Than ur HQ arrange the following step for us. Since speed rent is doing everything on line it is just a simple step follow up by ur team.


wheimeng
post Aug 7 2017, 07:12 PM

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QUOTE(godlikexioo @ Aug 7 2017, 12:52 PM)
Can I suggest that add in feature button to press  once both side are agree after viewing. Than ur HQ arrange the following step for us. Since speed rent is doing everything on line it is just a simple step follow up by ur team.
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We have an appointment feature - just that most are unaware of it / just exchange phone number and make appointment externally.

We will need to do something about it, if you have any idea - would love to hear from you!
ckean_ng
post Aug 10 2017, 12:29 PM

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2nd month engaged with speedrent as landlord. last months I receive late rental payment & today 10th of the months I still not receive my rental and did not get any notice or update about my rental until I called speedrent only they give a text to the whatapps group chat asking rental payment.
Since speedrent already collected 1 month advance rental from tenant Can speedrent pay landlord beginning of every month & you all chase tenant payment on speedrent responsibility?

yapy05
post Aug 10 2017, 04:44 PM

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Isn't the tenant supposed to have a payment source on file with Speedrent in order to qualify for their no deposit scheme in the first place? If that's the case, why is there an issue of late payment by the tenant as this should be auto-debited from the tenant at the beginning of each month?

ckean_ng
post Aug 10 2017, 05:11 PM

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QUOTE(yapy05 @ Aug 10 2017, 04:44 PM)
Isn't the tenant supposed to have a payment source on file with Speedrent in order to qualify for their no deposit scheme in the first place? If that's the case, why is there an issue of late payment by the tenant as this should be auto-debited from the tenant at the beginning of each month?
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when speedrent customer service as told will auto debit every month by credit card. buy after sign off and handover my key to tenant. only tell me is payment by cash. so every month they need to chase the rental payment. and now affected my rental collection. shakehead.gif
until now I not see they have any solution for me yet.

nookie188
post Aug 10 2017, 05:35 PM

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QUOTE(ckean_ng @ Aug 10 2017, 12:29 PM)
2nd month engaged with speedrent as landlord. last months I receive late rental payment &  today 10th of the months I still not receive my rental and did not get any notice or update about my rental until I called speedrent only they give a text to the whatapps group chat asking rental payment.
Since speedrent already collected 1 month advance rental from tenant Can speedrent pay landlord beginning of every month & you all chase tenant payment on speedrent responsibility?
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Exactly why I am skeptical about using them..

Just when talking to their customer service people already made me uncomfortable so I decided not to use them.

Looks like they have to chase up for payment (cash) and then only pay you the owner.. I was advised its via credit card so now different story..thank goodness I bailed..
archonixm
post Aug 10 2017, 08:14 PM

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QUOTE(nookie188 @ Aug 10 2017, 05:35 PM)
Exactly why I am skeptical about using them..

Just when talking to their customer service people already made me uncomfortable so I decided not to use them.

Looks like they have to chase up for payment (cash) and then only pay you the owner.. I was advised its via credit card so now different story..thank goodness I bailed..
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THat is the use of Insurance, regardless of credit card or cash. even credit card, if they dont have money they can always cancel the card..if they have the money cash or credit is the same to me..

So what I think is, once we have sign agreement, i want to immediately get my policy number..or else, might as well use mudah...
yapy05
post Aug 11 2017, 10:14 AM

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QUOTE(nookie188 @ Aug 10 2017, 05:35 PM)
Exactly why I am skeptical about using them..

Just when talking to their customer service people already made me uncomfortable so I decided not to use them.

Looks like they have to chase up for payment (cash) and then only pay you the owner.. I was advised its via credit card so now different story..thank goodness I bailed..
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Totally agree about their customer service not even knowing their own product and in my case, actually lying to me.

Actually, I was led to believe that the 'beauty' of their no deposit scheme is that they (Speedrent) would act as a third party payment processor and would auto debit the tenant's credit or debit card or online bank transfer on a monthly basis. That was their justification for the fees they charge from the value that they create for owners.

From the looks of things, just a bunch of empty promises.

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