They actually have a decent video that explains the whole process. Perhaps you can download the app and try it out? Quite an impressive and intuitive app I would say. My only comment would be most of the prospective tenants that I search seems to be agents or 'not serious tenants'. Other than that, a pretty good app.

If I'm not mistaken, SpeedRent is a channel/marketplace for tenants and landlords to meet/greet, skipping the conventional property agent. By doing so, the 1 month commission can also be saved and the savings, divided equally between the tenant and also the landlord.

Landlord will still meet their prospective tenant face to face before the final decision on whether to rent or not is made.

Saw this comment of yours and thought I could share my experience with you on this.

I myself am a property investor with a couple of units. Have been using SpeedRent/SpeedHome for a couple of years and all in all, am quite happy about their value proposition, although there is certainly room for improvement under their Customer Service section (especially the auto reply chats).

This issue of tenants moving out within the contract period is something that bothers me too. Thus, what I did on my end is to add in an additional clause at the bottom of the Tenancy Agreement which clearly states that the clauses in this 'standard tenancy agreement by SpeedHome' regarding early termination of the contract is null and void. Instead, I added my own clauses that states that early termination is not allowed from either parties (both landlord and tenant). Whoever who breaks the contract when it comes to early termination, will have to pay the other party the remaining months rental as compensation.

So, its a win-win scenario, whereby tenant is secured, having a place to stay without having to worry that the landlord will chase him out when he/she gets a new tenant who can pay more or any other reasons. The landlord, on the other hand, will have a piece of mind that he/she does not need to bother about losing potential revenue once the contract is signed.

Personally, I've not experienced having a tenant cancel the contract under SpeedHome. But I've faced it once before that (when I was renting traditionally via real estate agents). This non-cancellation clause was in the contract back then too. Tenant decided to terminate half way into the tenancy. I decided to exercise my right and drag it to Small Claims Court (can self represent, but maximum claim only RM5k). All in all, managed to get the guy to pay, but quite some hassle and time consuming. That's another story altogether, dragging tenants to court for going against the contract.

Hope my sharing helps!

I think for drilling of holes, it can be disallowed and it is reasonable to claim for compensation/insurance from Allianz via SpeedHome. Of course, its still up to their discretion and seems pretty much border line. Just make sure its clearly stated inside your additional clauses that no drilling is allowed. But double sided tape seems really minor, think it'll be hard for that.

Yes, depending on the card, they will likely get some form of cash back/rebate, although the amount is really small. Common ranges are 0.1%-0.2%. Highest that I know is 5% but that is spending on weekends only and not all types of transactions. Of course, there is also a cap, ranging from RM50~RM80 which is very common. For those with small cash back/rebates (typically 0.1%~0.2%), there are no cap.

Thus, you can say its a bonus for tenants to use their credit card for such transactions (rental payment). I'm not too sure though on the part where tenant have to bear the credit card transaction cost. Most credit cards charged approx 1.25~1.5%% for each transaction (from my knowledge a few years back). Some go as high as 2.5% but those cards are not common in Malaysia.

I generally get mine within 1~2 weeks (this is until its secured and signed). But the first enquiry is much faster, within the first day itself. From there, its a bit of ding dong, a bit of me being picky in wanting to get the best of tenants and also to suit the tenants time to view and start the new agreement.

That's their estimate salary that they are keying in. I noticed almost all put that figure, even though they are earning much more. I guess as a piece of info, people don't see the need to mention it. To me as a landlord, as long as they don't look to shabby and more importantly, pass SpeedHome's stringent background check, should be fine to me.

That being said, SpeedHome should consider removing that info field. A stewardess once rented my unit. Salary stated as RM2k......hmphhhh.....

Not sure if its' a good or bad thing, but yes, have personally experienced it myself. Have used SpeedHome a few times and the tenant experience ranges, from those that are very good (landlord's dream tenant to those nightmare from hell).

Secured a foreign tenant from Central Asia 2 years back. Paid more than the normal rate but wasn't too comfortable with his character (based on first impression, six sense). Nevertheless, went ahead with him through SpeedHome (it was called SpeedRent back then). First 6 months were fine, thereafter, that's when the nightmare begin. Calls and rental not paid. After 1 month++ of no answer, decided to break into the unit only to find it in an absolute mess and shit hole condition. Tenant left the unit for quite some time already. Only good thing was that he had already evacuated the place, so there was no need for any confrontation.

Lodge police report, file for claims, engage cleaners, fix back the unit. All in all, managed to get back the unit into rent condition within 2 weeks and actually even rented it out within 1 week once it was on the market (also through SpeedHome again, but this time, a better tenant, who is still renting it up until today)!!!

So, here's the thing. All-in-all, if I were to look back and analyze the situation, I don't think the part of getting a tenant from hell can be avoided, be it renting it out on our own, through a property agent or through platforms such as SpeedHome. As bad an experience as it was, I was lucky that SpeedHome's insurance pay out managed to cover most of my damages, RM8k+- (it came out to be about 4x the monthly rental). That's how much I claimed through the insurance. Had I go for the normal tenancy agreement with the conventional deposit, I would probably had only be able to collect 2x or max 2.5x monthly deposit.

Of course, having the deposit collected up front would give one a feel good feeling, since its cash in hand. Insurance claim on the other hand will need documentation and time to process (got my money within a month, not too bad, but certainly hope it can be better and faster). But at the end of the day, it is obvious that the SpeedHome deposit would be better compared to a conventional deposit.

I only figured out the part where conventional deposit would be better. If its for scenario whereby landlords decide to keep the deposit regardless of how good the unit condition is after the end of the tenancy (bullying tenant) or if the landlord has plans for that money and is able to roll it or invest and get a significant return before finally giving it back to the tenant once the tenancy is over. This is particularly true if one has a significant amount of properties. (Example: 8 properties, each with monthly rental of RM2k). If each property he collects 2.5 months and the units are hot properties that are always rented out, he/she will have RM40k of deposit at any point in time. Good to roll and invest.

All in all, SpeedHome is a decent option if one wants to rent out his/her unit and have that piece of mind as far as protection is concerned. No guarantee that the tenant will not give issues (this will require further effort from the landlord end in order to ensure this. For example, I make it an effort to verify the place where the tenant is working, tenure of employment.....etc). Not sure if its' the best option in the market, but certainly better than many others out there (including real estate agents who take 1 month commission and give you nothing else in return once the unit is rented out).

Cheers.

This post has been edited by DrPitchard: Jun 5 2020, 10:42 AM