Just wonder do you get the prior consent from the tenant before conduct the CCRIS/CTOS/RAMCI search?

Yes

Just got a tenant through SpeedRent recently. Let's see how everything turns out.

1. Met up with Tenant face to face.
2. Speedrent has been helpful in arranging the meet-up using WhatsApp.

Correct me if I'm wrong. I'm not giving 50% discount on 1st month rental. Speedrent is taking the 12th month rental , however, they're providing guarantees using Allianz insurance to cover up to 2 months rental loss in case of no payment and also legal fees in eviction of bad tenants.

Eviction will NOT be handled by them, but Speedrent stated will assist on a case to case basis.

Speedrent basically invoice Tenant, tenant pay speedrent, speedrent pay Landlord. Let's see how this works out, as Speedrent becomes a collecting agent on my behalf as well.

Also for analysis purposes

I've engaged 4-5 property agents to rent out , but all like tidak apa attitude.

Posted in SpeedRent in January 2017. Met 1 potential tenant face to face recently, with around interested 2 people (1 of them is a property agent)

@david77

1. Fee - basically no different from using agent, just that benefit in timing (pay later rather than upon signing tenancy agreements)

Yes, that's true. But there is a big difference in later (last month vs agent first month)

Traditionally, you pay first month to agent upon finding a tenant. Speedrent you pay the last month upon tenant successfully completed the tenancy.

If a tenant, for whatever reason does not complete the agreed term, you have 1 month less. Where else at Speedrent, you don't pay for anything. Entire service is FOC to you.

2. Insurance - at landlord cost but Speedrent gets commission

Refer to 1. If a tenant doesn't complete the agreed term, insurance will be FOC for you.

3. Deposit - if tenant goes rogue, Speedrent pays using the deposit. If tenant is good, Speedrent gets to use the deposit for its investment. So it's opportunity cost to landlord.

Landlord tends to focus on the opportunity cost (losses) paying to a person who provide service. But what I wish to highlight, the real opportunity cost is leaving the house idle (1 month? 2 months or even 6 months rental losses?), not generating the cash flow (or rental yield) as a result of delayed rental.

IMO, that is where the real opportunity cost people are sacrificing.

As a property investor, rental yield / generating cash flow is the key focus. A person can potentially save a penny here and there, but losing a pound. Hope that answers your question.

What do you think?

Do you claim insurance when your car has got minor scratches?
Do you claim insurance when a/c is not cold?

You pay from your pocket (and this is wear and tear)

But if someone threw a gigantic rock on your car, it suffers major scratches and also damaged the A/C - then you probably don't want to pay yourself, and that's where insurance excels. Or if tenant stole your A/C, TV, Sofa - that itself deposit is insufficiently covering you, and that's where insurance excels. 

Insurance is not about 100% risk-free. If it is risk-free - even tiny weeny issues also cover, then premium charged would be significantly higher due to the expectation of it. Insurance is there to ensure that mid-major incident is properly covered. Would you want to pay extra 3-4x of car insurance if even tiny scratches is covered by insurance?

Often, people are always comparing deposit vs insurance. Nothing is perfect, we have quite many cases suffered large damage that is in excess of RM8k, would your deposit cover that? Do take note that the rental loss is up to 2 months, which is equivalent to the 2 months security deposit. So the rest of it, which insurance portion is RM15k.

Property rental is a 'passive income' and it's also a business. Anything that you do involves risk (driving a car for that matter), and when you magnify on some cons without taking the pros it gives you - it's not doing proper risk analysis on what's acceptable losses and what's not.

So yes, deposit - you can deduct all the small small expenses. But when it comes to mid-major issue, it will burn a hole in your pocket. So do not compare deposit vs insurance. Compare whether you can tolerate small or big risk better.

I'm pretty sure everyone wants risk-free, so again - 3-4x more expensive insurance - worth it?

Well, I did not say that and certainly no way implying that. I was saying that we all are looking out for what's the best value vs cost.

Everyone wants the best, and we are only willing to pay for what we can afford vs the risk that we can tolerate. We are the victim of our expectation and there is nothing wrong about this.

Umobile has unlimited data, while I can't say that they are fantastic, they ain't bad. Maxis is the most expensive, and while I can't say that they are fantastic, they are better.

All it comes down to, our own expectation vs reality is very different, and we just need to acknowledge that.

I beg to differ. Really. There is a lot of misconception about no deposit.

Yes, we do attract 'financially' bad tenants, but we also attract financially stable tenants. And we perform credit checking on every transaction, which means if tenants that are financially bad, they won't be accepted to rent through SPEEDHOME.

Put yourself in the shoe of tenant - even if you were able to pay deposit, would you like NOT to pay deposit if there is an option?
Put yourself in the shoe of tenant - you have just graduated, your saving in bank is low, unable to pay deposit, but does that mean you are financially bad?
Put yourself in the shoe of a property buyer - is downpayment hard? And if the prop developers gives 0 downpayment - would it suddenly become super easy to own a house? (that happened in 2009-ish, and that's why a lot of people 'got rich' with it). Same logic for 0 deposit for renting a house.

I presume you would understand the pain the tenant goes through. And understand that there tons of upside for owners to gain through enlarged tenant pool of choices, speedier because your neighbours want deposit, and you get insurance protection.

We should objectively analyse the situation, not just looking at one aspect of the situation without looking at other opportunities that arise from that.