Cut utility also illegal

1. We run on insurance now, so don't think this is still applicable.
2. It's up to you. But as few forumers have pointed out it was illegal. *I think you can cut electricity. Not with water*

I've responded earlier to confirm that Allianz kicks in upon tenant evict the premise.

As to landlord is losing question (@truelife too):

Losses in the form of delayed reimbursement, that's true. I never shy away admitting that, but please consider this too:

Losses in the form of real cash needed to repair the house when shit happens, you stand to be well protected with Speedrent/Allianz insurance(RM15000 damage / theft on house content) compared to traditional deposit.

I always like to compare the downside and the upside.
Downside: Delayed reimbursement (in our experience, most tenant moves out within 30 days)
Upside: When tenant wreck the house (in our experience, we have claimed RM8k for a specific case)

I have presented Speedrent's case, and it would be your decision to see what's best for you. But deep down of my heart, I sincerely, without a doubt think that landlords are better protected with our insurance arrangement.

That's true, for foreigners, we won't have their credit scoring. However, we are working with a 3rd party vetting system that scores user based on their social profiles. This solution is getting a lot of traction in the unbanked world. So we will be bringing this in, hopefully can launch in few months time.

But for now, the standard SOP is to get passport, and verify the purpose of staying in Malaysia (study / work, we call to verify)

For Nigerian (by far the biggest African population here), we actually worked with the Nigerian Embassy to sort this out together. We randomly verify the passport with Nigerian Embassy.

This post has been edited by wheimeng: Feb 21 2018, 07:11 AM

Padlocked is against law. See this http://www.themalaymailonline.com/malaysia...bang-jaya-condo

Charged by credit card right? Tenant can cancel credit card at any time...

hi,still the tenant refused to move out issue not address... pls advise

I think i just offer listing on mudah.my or other stuff this speedrent is good if you have property in Malaysia and you are living outside the country

What is the default rate for those unit rented out via speedrent? This ratio is important to see if the current screening done by speedrent is good.

I read all this reply and most of it is conjectures, what if this happens, what if that happens. Anything can happen if think like that.

I would like to hear from actual case experience from speedrent instead. What has been the experience from their users? What is the review of actual users on their service? Satisfaction level?

We are looking at single digit.

hi wheiming. I signed up to list my properties and started receiving requests from prospective tenants. the biggest problem is.... the App keeps crashing and this is very disappointing as I cant open up the requests n I cant reply to any of it. no matter how good the features of the App, if it's not stable and keeps on crashing, you will loose many potential landlords and tenants, especially for those who wana close the deals asap! If the App is so unstable, at least let the users able to log in on to the website and use the website instead of relying on the App solely.

please rectify it immediately. Tq..

This post has been edited by eljeha: Jun 19 2018, 10:39 PM

Could you please PM me your email & phone number? Need to relay this to engineering.

Hi, same here same problem. I cant even view my listing, click my name nothing happened

Also dont understand how no deposit works, especially when want to sign rental agreement with tenant

Hi. i have sorted out the technical issue by contacting the customer service.

however, upon reading the FAQ, I have noticed that Speedrent has changed its SOP.

Apparently, SPEEDRENT WILL TAKE THE 12TH MONTH RENTAL PAID IN ADVANCE BY THE TENANT AND TENANT WILL NO LONGER PAY EXTRA 10% EVERY MONTH.

IN ADDITION, IF THE TENANT FAILED TO PAY RENTAL 2 WEEKS AFTER THE DEADLINE, THE OWNER HAS TO MAKE POLICE REPORT N THEN ONLY SPEEDRENT WILL PROCESS THE CLAIM FOR MISSED PAYMENT FROM THE TENANT.

WITH THE NEW SOP, OWNERS WILL BE SEVERELY DISADVANTAGED.
1. speedrent took 1 month rental as payment from owner but owner still has to make appointment n show potential tenants the house her/himself.

2. owner must take time n make police report if tenant failed to pay n then there is no guarantee the owner will get paid on time.

3. if tenant didnt pay utilities n ran off, no deposit is held by owner. so if TNB, water bill n damages left by tenant is huge, how fast can the owner get the payment n compensation.

4. up to RM1000 only for cleaning n damages under the Allianz is peanut as compared to loss incurred for landed or luxury apartment. if the tenant didnt steal anythng but just damaged the house, we ll get max 1000 only. so 25k coverage for theft is only good on paper...

i m not sure what happened from the inception of speedrent to recent major change in SOP but as a owner i might as well go back to traditional Real estate agent. SERIOUSLY...


C & P FROM Speedrent App today (24 July 2018)
Q: What is Speedrent?

A: Speedrent is a rental platform where you can advertise your property. Speedrent will provide you with protection after the deal has been closed in the form of an insurance for your property by Allianz.

How to rent out my property?
Q: How do I list my property on Speedrent?

A: You can list your property on Speedrent by downloading the app. On the app go the menu in the top left corner. In the menu you can click on ‘create listing’ then, follow the step by step plan and your property will visible for tenants.

Q: How do I communicate with tenants?

A: Tenants will send you a message within the app or through an SMS. That they are interested in the property. All you should do is respond and make an appointment for viewing the property. Renting out your property has never been faster and that is because of this direct messaging system.

Q: What does the appointment mean, what is expected of me?

A: You and tenant meet at the address of the property. You show the tenant all the aspects of the property. If the tenant is willing to rent the property you can close the deal

Q: I have a deal, what do I do now?

A: Please contact Speedrent Customer Support team in the app or call us at 0187777650 or send an email to hello@speedrent.com.

Q: Speedrent is not involved in evicting the tenant on default, any benefits of using Speedrent?

A: Yes, there are benefits to using Speedrent, unlike other agents Speedrent will provide you with three major benefits:

An insurance of Allianz that will ensure your property for up to RM25,000.
Speedrent will take care of the operation side so you do not have to worry about rental collection.
When a default is imminent, Speedrent will provide aid and guidance in evicting the tenant.
Insurance
Q: The tenant pays no deposit so what safety does Speedrent provide to me?

A: You receive no deposit from the tenant, however, what you receive in return from Speedrent is an insurance from Allianz that covers up to RM25,000. This is more than the standard two or three months of deposit would ever be able to cover.

Q: How do I deal with damages or loss of goods & furniture?

A: Allianz General Insurance Company (Malaysia) Berhad (735426-V) will provide up to RM1000 to cover the damages or cleaning expenses as a result of the tenant. If there is theft element, you have protection with up to RM15,000 for the loss of home content.

Q: When would I get the copy for Allianz Insurance policy?

A: You will receive the insurance policy within 30 working days after the first transaction.

Rental
Q: How do I receive my rental income?

A: The rent is collected from the tenant by Speedrent. We will automatically transfer it to you within three working days.

Q: How does the no deposit policy affect me as a landlord?

A: It will change your form of property protection. You will receive a property insurance worth up to RM25,000 from Allianz through Speedrent. The insurance is included in the cost of using the platform to find a tenant and that cost is the last month’s rent.

Payment
Q: Is the Speedrent service free/How much does Speedrent cost?

A: The service of Speedrent is free to use until the point of payment of the rental. Speedrent takes the first and last month’s rent of the property from the tenant. The first month’s rent will be transferred to you while the last month’s rent will be taken by Speedrent as payment. So the cost of using Speedrent equals to one of your properties monthly rent.

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

Q: Would I be notified in case of non-payment?

A: Yes, we will notify you when we have not received payment on the 7th day from the due date.

Tenancy agreement
Q: How do I sign the tenancy agreement?

A: The tenancy agreement will be signed on the app under the section Speedsign

Q: Is there a tenancy agreement? Customisable? Who pays for it?

A: Speedrent has a tenancy agreement template prepared exclusively for the landlord. You can add supplement clauses but it should not change the main agreement. The tenancy agreement fee is paid by the tenant at RM399 for one year agreement. The fee is inclusive of stamp duty and stamping service.

Q: What if the tenant wants to terminate the tenancy agreement early?

A: If the tenant for any reason wants to terminate the tenancy agreement early. Then he/she must comply with the following terms:

Give you 2 months’ notice before the termination date.
Should he/she need to leave immediately, then he/she must pay two months rental as a penalty.
Arrange handover of keys upon moving out.
Please note that 12th-month rental paid by the tenant is NOT refundable to you or the tenant.

Q: Is a digital tenancy agreement legal in Malaysia?

A: A digitally signed tenancy agreement legal and the duty stamped copy will be admissible in court under Section 7 of Electronic Commerce Act 2006 and Section 62(2) of Digital Signature Act 1997.

Section 7 of Electronic Commerce Act 2006 basically states that an electronic message can be used to express any related communication when it comes to a contract formation.

As for Section 62(2) of Digital Signature Act 1997, a document signed with a digital signature is as legally binding as a document signed with a handwritten signature, an affixed thumbprint or any other mark.

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Thanks for your information. I have always wanted to consider SpeedRent given the support I always give to technology firm.
But the disadvantages and risk taken by Owner is far too extensive for me to consider. I wanted to see how it can improve but the more it move on the more disadvantages is pointing towards owner. We spent live saving to have a property to rent out and to even cover cost is no longer easy.

I think we should not further downgrade what the owner is getting.

You get the point, property nowadays no longer cheap to invest and not easy to get any position rental return. If the SppedRent remain certain term that not favor to landlord then your system really hard to convince owner to use it. Remember "no seller, no buyer".

One more thing to add, Speedrent have a function call search tenants and propose to them, which is a good thing.

The bad news is, most of the tenants(in search tenants function) looking for low cost apartment or single room only. Do not expect to get high quality tenant here. If your rental rate from 1000 to 1500, it might work here.

The last thing, their tenancy agreement and policy only transacted at minimum of RM800 per month. If anything below, you will have to transact it on your own.

Could you please elaborate on 'disadvantages' and 'risk taken' by owner in using Speedrent?

I respect entrepreneurs.

Great work there and all the best.

Terima kasih, means a lot to me and the team!