@heavenly91

1. We like to use credit scoring as a mean to predict a person's behaviour. Is that foolproof? No, but we are emulating the process of a bank approving a loan to property rental.

2. We advertise on Facebook, Google to attract tenant. Right now we perform credit screening and background check when both landlord and tenant decided to do a deal. In Nov, we will move the credit screening process upfront, in hope to filter a poor scoring tenant before they get to you. @ken12345 asked this question too.

3. Yes, by default, all rental will flow through Speedrent before going to landlord. So that when a tenant doesn't pay rental on time, we know it and can act on it. Part of the insurance coverage also have lawyers to send demand letter to tenant when they are overdue.

And for the 1 month fee, as mentioned to @david77 - you don't pay for the fee when tenant run away because you only pay when the tenant successfully completed the term of stay.

Interesting
Which means Speedrent will only collect the said commission at the end of the tenure.

Then who will be attending to the tenant?
It is Speedrent or the owner?

@david77

1. Fee - basically no different from using agent, just that benefit in timing (pay later rather than upon signing tenancy agreements)

Yes, that's true. But there is a big difference in later (last month vs agent first month)

Traditionally, you pay first month to agent upon finding a tenant. Speedrent you pay the last month upon tenant successfully completed the tenancy.

If a tenant, for whatever reason does not complete the agreed term, you have 1 month less. Where else at Speedrent, you don't pay for anything. Entire service is FOC to you.

2. Insurance - at landlord cost but Speedrent gets commission

Refer to 1. If a tenant doesn't complete the agreed term, insurance will be FOC for you.

3. Deposit - if tenant goes rogue, Speedrent pays using the deposit. If tenant is good, Speedrent gets to use the deposit for its investment. So it's opportunity cost to landlord.

Landlord tends to focus on the opportunity cost (losses) paying to a person who provide service. But what I wish to highlight, the real opportunity cost is leaving the house idle (1 month? 2 months or even 6 months rental losses?), not generating the cash flow (or rental yield) as a result of delayed rental.

IMO, that is where the real opportunity cost people are sacrificing.

As a property investor, rental yield / generating cash flow is the key focus. A person can potentially save a penny here and there, but losing a pound. Hope that answers your question.

What do you think?

Thanks for the answers.

For the statement "save a penny but losing a pound", it's subjective. You are making it under the assumption that using Speedrent will ensure the unit is rented out faster as compare to agent. Not sure if you can claim that.

Anyway, I have better clarify on your business model. Does not work for me but all the best to you 

Please invest more in your app development section.

1) if i click decline on tenant’s query, i can no longer contact him/her. This is very misleading.

2) that prompt asking for respond is not working properly. Even if i click no, it still appear “im still waiting for your respond”.

3) i cannot view my own tenancy agreement. Cant scroll the page down. So can only view half of the top page.

4) where is help/query button?

One more thing, that customer success team is available on what time? Been asking questions but no respond.

I saw some feedback here and mostly negative experience with Speedrent. I believe most of them were genuine feedback but some were very wrong.

First of all, I wish to explain what Speedrent is really about.

It started with a simple frustration. I needed to lease my house in 2014 ASAP, contacted 50 agents through SMS, 10 responded, and ONLY 2 came to take photo of my unit. 1 month later, it was rented out. Towards the 4th/5th month, I've had rental collection issue, agent didn't bother to help. Fortunately the tenant was oversea and therefore didn't pay on time.

But during the moment of frustration, I thought:

What if I only SMS 10 agents and none of them responded?
Why am I paying the fees to agent when there is zero after-sales service, especially when I needed them the most?

That got me started to think.

Is there any platform that is especially designed for landlord to manage their rental house easily and deal with all the hassle, I would pay for it because property rental is suppose to be a god damn passive income! And that became the vision guiding me in building Speedrent as the dream of all landlords.

There were a lot of outdated information in this thread. And I have myself to blame for not following up this thread closely. More importantly, there is limited information on our website and everyone took all opinions here as what Speedrent is. I started responding in Aug, and we are in the midst of creating a lot of articles to explain what Speedrent is. But since it's not fast enough, I'll write few simple answers for everyone to read. My response may be aggressive in certain answers, but I wish all landlord read it with an open mind.

Click on the below links for whichever topic that you are interested in:

Customer Service False Information / Delayed Rental Payment
Speedrent not working, no tenant at all!
Speedrent = Agent? Use Agent better?
The killer No Deposit, sounds like a scam
How does Speedrent Tenancy Agreement work, esp Termination

I can be reached at wm@speedrent.com or 0192679338.

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?

I was discussed few times with speedrent guys. They're only think about tenants side and whole processes are favorite to tenants. I am not sure speedrent guys got landlord experiences or not. All i can sense they have ton of tenants experiences.

If you've finished your bank loan better use your condo apartment as weekend home. Safer like that LOL. Do it up nicely if you can afford and use it yourself. I rather do like this.

I think we need to make sure the assets is (are) productive. Buy-to-let is the way to go either loan fully settle or not.

Thanks for the answers.

For the statement "save a penny but losing a pound", it's subjective. You are making it under the assumption that using Speedrent will ensure the unit is rented out faster as compare to agent. Not sure if you can claim that.

Anyway, I have better clarify on your business model. Does not work for me but all the best to you 

If you let it sit quietly you still no rugi if the property appreciates in value. Sometimes renting out is a headache also. Young adults today are very strange bcs they ask for Rm100-200 discount saying they have problem with their budget. If I hear like that I get scared bcs how would they pay the monthly rental. I always tell them to look for cheaper areas. They want better areas/furnishings but don't want to pay. The budget is just a trick. If you cannot pay 5 star price then look for 4 or 3 star,right? They are just trying their luck bcs they think a lot of landlords need to furnish the bank loan. If you're no longer repaying the bank just don't layan this type.

One more thing I discovered that the real estate negotiators have cornered the market so I don't know how speedrent with its terms that's so lop-sided will fare in this kind of market. Also they are in control of everything - our deposit/our monthly rental. We have no control over our property/tenant at all.

If you advertise on Mudah.my I bet you out of 10 inquiries 8 or 9 will come from those RE negotiators. Tenants these days go to them bcs it's easier. If you put your property up on Mudah these guys will look for you so it's easier no need to hunt them down. These people are exactly semacam vultures. They only bother if they could make a killing. They drop you at once when they find you won't layan their ridiculous requests. Neither would they reduce their commission by even RM1!!! They must make their profits while landlords are supposed to do charity LMAO.