The Tenant backed out last minute. However, Speedrent got another few potentials lined up.

Let's see how things worked out from here. An update to those interested in SpeedRent services.

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.