like that u take deposit 6 months oso cannot do anything liaoo...criminal case edi..report police kowtim edi

I face a problem before,

tenant always a good payee on time,
then suddenly got a month, until more then 15th still not pay,
I call to tenant and he said oversea and pay when come back on the end of the month,
then end up run already,

the most dulan is his TNB and syabas bill cost more 1K++ which almost 1 month rental

hope this apps will help

dunt have deposit ka bro? 2 month rental + 1/2 deposit. tenant wouldnt dare run. or sumthing like this that tie up to their credit card.

btw if they didnt pay can report to CTOS anot?

I am just looking out for the tenants also ma.

1 month 50% discount then 11 months +10% so its still 60% increase assuming tenancy agreement is 12 months.

No agreement stopping tenant from moving out? Tenancy agreement?

lol malaysian mindset mah... u see what is not rosak at road side one

the problem is no agreement or if there is one ?

nothing against this app, but i would avoid tenants that cannot afford to pay the deposit.

Read back post 5. Got tenancy agreement.

A big loophole..

Let say market rental RM 2k, I rent the first month, pay RM1k rental, then move out the second month, can? Need to pay fine? I cancel the credit card, can you sue me? Court case because the rental of RM 1K?

Tenancy agreement can tie someone from moving out?

This post has been edited by samkps: Apr 12 2016, 05:21 PM

Sorry cannot tie someone from moving out. My error.

So minimum requirement: Must rent out unit through Speedrent? Tenancy agreement is included inside?

Before I start, disclaimer I'm working for Speedrent, but I always been the negative/abuse guy in the company, finding loophole to exploit most of the time This will be my own fair share of opinion.

First, bad tenants are expected in some way or the other and we try our best to address this. This is bound to happen, so the 3 months guarantee is similar to you receiving your 2+1 deposit. We tackle this issue by volume, if we get let say 50 houses, and 2-3 bad cases, we still able to absorb(staying in green) while you as the landlord couldn't do so.

Second, it's a trade off, pay 10% extra or pay 2+1. I'm 24 and I'm able to pay for my deposit but some people prefer to have extra cash on hand to do business/for any emergency uses while paying an extra 10% fees for this flexibility. It depends on how you value your "stucked" cash. A 1.5k unit means you will have 4.5k stuck to your landlord and as a previous tenant myself, sometimes getting back the deposit from certain landlord isn't a pleasant experience.

Low entry cost is the key point here which means you might deal with more problems as per said. There is a credit card upfront, which means you will need to pass your credit score check upfront, so that saves us a hassle, as the bank already do the job for us.

Early proper warning is another key point to take note here. Some tenants can make up excuse like I'm overseas etc, but you can't lie when your credit card can't be swiped. But then, people like you and me, will say they can say it's issue with bank etc. Remember the 3 months guarantee? Speedrent will transfer you your monthly rent(1st day of the month) regardless if tenant already pay or not, so the stress is actually on Speedrent to get back the cash. Think about it, you don't care anyhow also, you still guaranteed 3 months on-time rent.

It's actually more stress on us to get this to work out and trust me, I been throwing a lot of loopholes/negative feedback for months before we finally come out with this. It's a risky business for us, not much on landlord/tenant side.

What's the worse abuse I can think of? To steal everything then cancel off their card(which already in red, so they need to clear before they can cancel it anyway). Then we turn 1 big round, come back to all the original problem you would face when you renting out your place normally with 2+1 deposit. If they don't cancel it, we still able to charge the card for extra damages they had done, so there is an extra way to get more from your tenant now, instead of just 2+1.

I see a few tenancy agreement questions so I try address it here. We have our own digital signing platform(http://startsign.speedrent.com/), its a normal tenancy agreement with extra clause on no deposit scheme. This is of course by the law, legit, all drafted by our lawyer.


As a point from business, you need to look at this, not as a conventional business way, it's more towards startup style, where we trial and error and pay for our losses as a fees for the experience and continue refining our service to meet the market demands. We probably looking at like 5-10% bad cases which led to the negative view on having bad tenants. Just to tackle this issue, the whole industry decide to implement such regulation, but indirectly it makes house harder to rent out, tenants not able to even rent place even tho they can get the cash flow to finance the monthly rental. We understand it's a huge change to how the industry works, which is why it probably going to be a rough ride and will take a lot of effort just to get this thing to work. It's a very sleepy industry isn't it, very old school way of doing stuff, so time to breathe some fresh air?

This post has been edited by sasaug: Apr 12 2016, 05:48 PM

ada macam full list of blacklisted tenant info macam airbnb tenant rating?
so owner and speedrent can ban kao them.

.

What's the advantage of speedrent for tenant compare to using the cash advance function in the credit card?

This post has been edited by samkps: Apr 12 2016, 07:04 PM

Hello,

Ok what if the tenant rent frist month and pay 50% next mth they move out ? Owner would have more hassle to handle this kind of situation. If tenant paid upfront, normally they will stay till finish the 2 month deposit and check that the utilities is fully setttled before returning the 1 month deposit. At least owner has 3 months in hand

I pressume they are betting that only a certain percentage will cause issues like run away etc. And they have taken that into consideration, calculated risk and went ahead anyway. In any case when bad cases happen too frequently, contingency plan needs to come into play when it reaches a certain level. Airbnb may have such issues too. Good luck speed rent.

Actually the business model is very simple:

1.) Speedrent convince the landlord to trust them by not imposing the upfront deposit on renting the property. In return, Speedrent will provide service to ensure the landlord to get the rental on time. If it is good tenant, then everybody happy. If in case of bad tenant, Speedrent will compensate the landlord with maximum 3 months rental. In terms of monetery, landlord does not earn anything extra by not having the upfront deposit. Landlord is only getting the service that rental will be bank in on time without the need to chase / follow up with the tenant.

2.) Speedrent will then engage with possible tenants that not willing/afford to pay the upfront deposits to rent the house, by tie up their credit card with the rental. As a result these tenants no afford/willing to pay the upfront deposits, they are being charged by Speedrent at 10% extra on the rental. This 10% rent is the operating gross profit of Speedrent for providing the service.

This post has been edited by samkps: Apr 12 2016, 08:22 PM

Ah I see. That's quite a bit ain't it at 60% per annum.
On the other hand, I would rather not rent to someone who can't fork out the deposits.

Hmm...property agents susah cari makan in future loh...

we still need agents. So as to save time and hassle. am sure there are good ones.