They said they check tenant’s ctos before introduce to landlord. But they didn’t. With no down deposit and they refuse to give any guarantees and warranty after all agreements signed. Better be careful on this speedrent company

We use either CTOS or RAMCI to credit screen tenant. Two situations arises:

1. Tenant failed the credit screen, there is NO penalty for landlord to abort a booking fee paid deal.
2. Tenant passed the credit screen and paid booking fee, landlord abruptly terminates the agreement. In this case, landlord faces RM1k penalty.  The RM1k is a form of compensation to the qualified tenant when a landlord refuses to honor paid and signed agreement.

In this case, RAMCI didn't capture the trade reference like CTOS did. We use both for redundancy purpose, and have found that both provide very similar data set.

Currently we are extracting data from CTOS to double confirm.

If the tenant does not pass our screening, we will advise to abort the deal.

Wheimeng,
Thanks for your clarification.

Personally I like Speedrent concept; easy for landlord and tenant:-
>> direct nego between landlord and tenant, CTOS checking, monthly rent auto collect, Tenancy Agreement & stamping preparation, insurance
>> the concept is safer and better than traditional concept

but you have to improve:-
>> u have to find a way to make it informative and easy to understand the process.
>> your website error are quite some time and haven't been fixed ("error loading avatar photo" & web chat box is unable to open).
>> honestly your website is quite dull.

I've spoke to the team to understand this case. There are few things that we communicated, and few actions that we will implement with immediate effect.

WHAT HAS COMMUNICATED:

As a SOP, this is the template we have used:
In this case, the key was handover without Speedrent consent. We have that specific statement in bold because there were multiple times landlord just handover the key even without any form of payment. Ever since implemented this, we have not had such incident until now. But given @johnsmith1175 statement, I believe he was under the impression that tenant has passed all due diligence process. (Improvement identified).

To further explain on the DD process:
Tenant can go through credit checking at any point of time in an opt in manner. But it is mandatory to be credit screened through before allowed to move in.

IMPROVEMENT IDENTIFIED
Our No Deposit is ONLY applicable to those who pass our screening process. Failing which, we won't allow the tenant to rent through SPEEDHOME.  It would be a private dealing between the landlord and tenant should they decide to proceed.

Nevertheless, I sincerely apologise for this matter. And I suggest that we discuss the next course of action - our Ops Manager will reach out to discuss possible alternatives to this matter.

But last month, Speedhome raised RM2.5m funding through crowdfunding. With that, we have scaled up our engineering team from a size of 2 to more than 15 headcount in 2 months time.

We expect the product will be enhanced significantly in 45-60 days. Stay tuned and apologise for the subpar experience.

I just signed the last stage as a landlord and I though the tenant already pass the CTOS checking but unfortunately not. Speedhome have not check it yet

I check the tenant CTOS record by my self and OMG.... the score is terrible.
tenant plan to move in next two days as stated in Tenancy Agreement but her CTOS record is terrible. To cancel, i have to pay denda RM1k.  Im stuck right now

how come speedhome didnt alert me? or speedrent didnt check at all?
Please state clearly at which stage speedhome will notify landlord about tenant CTOS status?

You’re lucky. I passed my key because the tenant has made the payment and all agreement signed. Even the speedrent agent chase me to confirm the meet up time to pass the key....

You’re lucky. I passed my key because the tenant has made the payment and all agreement signed. Even the speedrent agent chase me to confirm the meet up time to pass the key....

We always claim that tenant will go through credit screening, but never claimed "before introduce to landlord" because many tenants are reluctant to authorise us in assessing private financial information without finding the right home to rent.

Could you please email me wm@speedhome.com on where you saw this? If it is our staff who made that statement, I shall make sure it's corrected and the staff will be reprimanded.

why I am unable to post any ad for a vacancy. The site says got error and to contact speedhome?
I use chrome and out of curiosity, tried using IE. It was even worse, the website does not respond at all.

Hi wheimeng, I understand that now you have a new business model for landowners, which is tied up with Allianz? Can you explain more on this? And also can the landowners get the copy from your end confirming that you have checked the background and credibility?

You can check out here at https://blog.speedhome.com/blog/allianz-insurance-coverage

Thank you, my concern is the insurance claiming part. What do I need to have in order to ensure I am able to claim the insurance when something happens? For example, if the tenants rear animals in the house (dogs), and the house becomes infested with ticks everywhere, how to claim this then?

And is there anyway I can have a read into the insurance policy so that I know the details on the coverage?

Thanks.