What do u mean by landlord benefits? Such as?

Sorry...I think I has been talking too much. Maybe you explore a bit or compare them with SA.

I read this thread, from the first post until the end. It can be concluded that Speedrent was used to be attractive to owners, eg. Speedrent acted as collecting agent and deposited monthly rental directly to owners’ bank accounts on first day of the month regardless whether the tenants pay promptly to Speedrent or not. However, Speedrent now allows tenants to transfer money directly to owners’ accounts and Speedrent does not help to collect rental on behalf of owners. Therefore, a lot of cases like late payment or non-payment by tenants have been occurring. So, from owners’ perspective, it is a bad arrangement to owners. Moreover, owners cannot collect deposit upfront. Speedrent’s income is solely at owners’ expense.

Hope the staff of Speedrent can clarify this.

So sorry for the late response, I've not received any email notification on all these questions. I've now set my calendar to check LYN on a weekly basis.

Few questions here, and I will address them all:

Q: How much & Where is the fee structure? Is it 1 month as stated in this forum, but it is not stated in the apps. Will i get an invoice so that i can deduct my tax.

A: The simple answer is 1 month, but I encourage you to read the details at: https://speedrent.com/web/happy-landlord-guidebook/

Q: Normally landlord pay 1 month rental to agent for a 2 years contract. If we have to pay Speedrent 1 month for 1 year contract, means i have to pay double. Can we deal direct with tenant after the 1 year?

A: Certainly!

Q: hello, is that possible to filter out tenants based on their nationality? not to be racist but based on the experience i would prefer to rent out to locals or professionals. 
is there any maximum or minimum on tenancy terms? will u prepare a standardize tenancy agreement on behalf? Thanks.

A: We do not have filter tenant based on nationality. Min 6 and max 12 months. And yes, it's a standardised tenancy agreement, you can DIY it easily, check out the tutorial at https://www.youtube.com/watch?v=jJDfJRGuYS4

Q: Then again at the website it says tenant pays RM399 for the tenancy agreement. So now does the tenant only pay 10% of the rental or does he also have to pay one month rental to Speedrent for its services and RM399 for the tenancy agreement (tenant has to pay bcs the agreement actually protects the tenant)???

A: 10% is 2016 news. We have changed the model since March 2017, no 10% charge on tenant.

Q: 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. 

A: You can read https://speedrent.com/web/happy-landlord-guidebook/ for full landlord experience and benefits.

This post has been edited by wheimeng: Feb 18 2018, 07:42 AM

Hi truelife,

Speedrent transfers the payment directly to landlord upon tenant pays the rental within 3 working days.

We send SMS, email and calls to tenant when they do not pay on time. Our SOP is to call tenant it becomes overdue.

Last year, many landlords called Speedrent to ask for because there wasn't any visibility to our course of action for late payment. For that, we have built a system for landlords to check for all activities we do on landlord's behalf for full transparency. You can read more at https://speedrent.com/web/checking-tenants-payment-status/

This post has been edited by wheimeng: Feb 18 2018, 07:39 AM

So, it is now a totally different concept as compared with your initial plan. If the tenant fails to pay rental after the rental is overdue, what can Speedrent do besides reminding the tenant? Bear in mind that the owners do not collect any deposit at all. I don’t see any benefit to owners using Speedrent. Speedrent is to help tenants (pay lesser deposit directly to Speedrent) and the company Speedrent itself. In fact, using Speedrent will pose huge risk to owners. Isn’t it better for owners to engage real estate agents?

correct me if im wrong @wheiming,

if tenant dont pay after 14 days, thats the use of Allianz insurance. Landlord can claim from Allianz for the rent not paid and can evict the tenant out.

This post has been edited by zaFrOoNaLdO: Feb 19 2018, 01:44 PM

That's the whole point of Allianz insurance. In fact, Speedrent will help to process the claim from Allianz when the tenant has ran away.

@truelife, you can read more at https://speedrent.com/web/speedrent-allianz...ental-coverage/

@wheimeng
You have not given us the real answer yet. When will Allianz kick in?
>>>After landlord makes police report and 2 weeks after rental is overdue? And only after the tenant has left the property then landlord can make police report and claim from Allianz?


https://speedrent.com/web/owner-faq/amp/

Q: In the case of default payment, when will Speedrent pay landlord?
A: After 2 weeks where tenant still hasn’t pay the rental on the agreed date (specified in rental), and left the premise. Landlord file a police report of this incident and then Speedrent shall process the claim procedure on behalf.

This post has been edited by truelife: Feb 19 2018, 03:47 PM

Yes, that's after tenant has left the property.

@wheumeng,
If that’s the case, it is a major disadvantage to landlords. Just imagine, if the tenant fails to pay rent and refuses to move out, the landlord is on losing end since the landlord does not collect any deposit. At the same time, Allianz insurance protection cannot kick in because the tenant has not moved out yet. Sorry to say that Speedrent’s structure is a very terrible arrangement for labdlords.

Due to the above, I (as a landlord) will now stop using Speedrent app, until your company really thinks of other ways to protect landlords. Sorry.

Thanks for the guidebook or Landlord's FAQs. A few puzzling in my head.

1. The 1st step of filter out the not so good tenant which is an affordable to pay full deposit e.g. 2+1+0.5 ? Please don't get me wrong renters as this is very normal.

2. I still can't figure out as a landlord to buy insurance to just protect renter wrongdoings. This adoption is rather more encouragement wrongdoing because renters known that insurance will kaotim.

3. Even an insurance can be kicked in. This process will going to take a lot of times from landlords. If point 1 were true, higher chances insurance will kick in.

There are more and more puzzles. I think is enough to post 3.

Note: Please don't show me the guidebook or FAQ links. I am absolutely pretty fine.

wow. awesome guarantee.

I'm fine with speedrent coming out with the concept of having insurance to protext the landlord.

However, with yearly tenancy renewal, one month rental losing out to Alliance Insurance & speedrent, it is very disadvantage to the landlord. In the end, landlord only collects 11 months of rental every year. Surely it benefited the tenant (without the need to fork out 2+1 and utilities deposits) and landlord will be losing out one month rental every year.

If you read the replies above, landlords can only claim Allianz insurance after their tenants have left the house. If tenants do not want to leave the premises, then the insurance cannot be claimed. As tenants do not pay deposit (or pay lesser deposit directly to Speedrent) and they also know that landlords cannot claim insurance if tenants do not leave the premises, this kind of structure will encourage default, and landlords are on the losing end.

Hopefully Speedrent can find something to protect landlords.

I would love to dispel the notion that Speedrent put landlord at disadvantage, and pro-tenant. First of all, we built Speedrent for the future.

There are 2 issues raised:

1. Insurance is a disadvantage to Landlord / We encourage defaulters with No Deposit.

First of all, Speedrent performs credit check (RAMCI / CTOS) on tenant. A tenant will be rejected when it failed to pass certain scoring. Bank uses this to approves loan, proven process, and we adopted it and applied to property rental. Currently most property rental is done on very basic screening process, we believe with credit scoring, we minimize any social prejudice and improve tenant quality for the landlords.

I'm a landlord myself, and I sometimes quietly hope that property developers offers 0% down payment buying a house like we had back in 2010. On landlord spectrum who is relatively more wealthy, yet sometimes couldn't afford to pay down payment to own another property. Tenant is on another side of economic spectrum, rental deposit is akin to landlord's down payment to own a property. So what's low to you, may be expensive for others to afford.

But on a more factual trend, the saving rates in Malaysia is extremely bad. They form the majority of your future renters, like it or not. Speedrent is bridging this gap by allowing landlord to lease houses safely in the form of insurance protection. The younger generation prioritises lifestyle to saving, so we need to acknowledge that trend is here to stay, and build solution to address the gap.

2. Speedrent takes 1 month rental, even on renewal, very disadvantageous to landlord.

Yes, on the basis that the tenant completes the entire agreement, which means to say that if the tenant terminates or default earlier than the agreed term, it's FOC for landlord, guaranteed!

I always ask landlords who asks this question:

Do you wish to rent your house quicker or keep your house idling longer? (p/s: both most probably involves cost to rent)

Speedrent vision has always been helping landlord and tenant to transact easily. It is extremely tough to get to where we are today, and a lot of determination put in by my team members.

Landlords want good tenant? We give you tenant with good credit score vs *which race/nationality are you?*
Landlords want protection? We give you awesome insurance protection vs *2.5 months deposit, which you know when shit happens, this is nothing*

We are bringing new concept to the market. I can't expect everyone to buy into this, but the future trend says that we, the landlord need to adapt to the new new e.g., bad saving trend and property glut in the market.

Often we are blindsided by the opportunity lies ahead of us because we focus too much on what we would lose.

Hi thanks for the comprehensive response. With my current tenants. I put these clauses in my tenancy:

1. After 2 weeks non-payment they will be asked to leave and deposited forfeited.

2. If refused I have to right cut utilities and padlock the grill.

All my tenants read this and initial on that page.

Can Speedrent insert these special clauses in the virtual tenancy agreement?

Great app btw.

Good one.

But, padlock the grill is illegal.

Well, you avoided the most important question. If you read back, everyone saying that Alliance insurance will only kick in if the tenant evict the premis. So landlord is at the losing end.

Tenant like african etc got record in RAMCI? I doubt so. How would u vet and score foreigners who have no cresit records in msia and ctos.