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

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.

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

We are looking at single digit.

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

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

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

You can remove it by downloading our mobile app or let me know your listing and I can remove it on behalf.

I believe my team has reached out to you, please let me know if it's not.

Thanks Chris for the kind support and feedback over the call

Yup, we found that people respond faster through WhatsApp as it is frequently assessed app. This speeds up the process too.

1. The 12th month is used 100% for insurance.
2. Yes, you can, and file within 2 weeks upon tenancy lapse.

Looking to deploy the fix by end of this week. So sorry ya!

You can check out Cost of Using SPEEDHOME - there's no other charges for using our service apart from insurance cost.

We have ramped up our engineer team to speed up modernising our mobile app and website. We have under invested in our system, and we expect significant improvement in the next 30-45 days.

Extremely sorry about it, paiseh paiseh.

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.

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.

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.

I absolutely agree with you.

Over the course of 3 years, we survived on less than RM1m funding. We had to be very lean. For that we have under invested in tech.

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.

This post has been edited by wheimeng: May 24 2019, 12:41 PM

My team told me that it's all resolved. I'm relieved.

I sincerely apologise for not meeting your expectation. Thank you for your complaint, because of this feedback, we improved our SOP so that nobody would ever go through the same experience like you did.