Hi. i have sorted out the technical issue by contacting the customer service.
however, upon reading the FAQ, I have noticed that Speedrent has changed its SOP.
Apparently, SPEEDRENT WILL TAKE THE 12TH MONTH RENTAL PAID IN ADVANCE BY THE TENANT AND TENANT WILL NO LONGER PAY EXTRA 10% EVERY MONTH.
IN ADDITION, IF THE TENANT FAILED TO PAY RENTAL 2 WEEKS AFTER THE DEADLINE, THE OWNER HAS TO MAKE POLICE REPORT N THEN ONLY SPEEDRENT WILL PROCESS THE CLAIM FOR MISSED PAYMENT FROM THE TENANT.
WITH THE NEW SOP, OWNERS WILL BE SEVERELY DISADVANTAGED.
1. speedrent took 1 month rental as payment from owner but owner still has to make appointment n show potential tenants the house her/himself.
2. owner must take time n make police report if tenant failed to pay n then there is no guarantee the owner will get paid on time.
3. if tenant didnt pay utilities n ran off, no deposit is held by owner. so if TNB, water bill n damages left by tenant is huge, how fast can the owner get the payment n compensation.
4. up to RM1000 only for cleaning n damages under the Allianz is peanut as compared to loss incurred for landed or luxury apartment. if the tenant didnt steal anythng but just damaged the house, we ll get max 1000 only. so 25k coverage for theft is only good on paper...
i m not sure what happened from the inception of speedrent to recent major change in SOP but as a owner i might as well go back to traditional Real estate agent. SERIOUSLY...
C & P FROM Speedrent App today (24 July 2018)
Q: What is Speedrent?
A: Speedrent is a rental platform where you can advertise your property. Speedrent will provide you with protection after the deal has been closed in the form of an insurance for your property by Allianz.
How to rent out my property?
Q: How do I list my property on Speedrent?
A: You can list your property on Speedrent by downloading the app. On the app go the menu in the top left corner. In the menu you can click on ‘create listing’ then, follow the step by step plan and your property will visible for tenants.
Q: How do I communicate with tenants?
A: Tenants will send you a message within the app or through an SMS. That they are interested in the property. All you should do is respond and make an appointment for viewing the property. Renting out your property has never been faster and that is because of this direct messaging system.
Q: What does the appointment mean, what is expected of me?
A: You and tenant meet at the address of the property. You show the tenant all the aspects of the property. If the tenant is willing to rent the property you can close the deal
Q: I have a deal, what do I do now?
A: Please contact Speedrent Customer Support team in the app or call us at 0187777650 or send an email to hello@speedrent.com.
Q: Speedrent is not involved in evicting the tenant on default, any benefits of using Speedrent?
A: Yes, there are benefits to using Speedrent, unlike other agents Speedrent will provide you with three major benefits:
An insurance of Allianz that will ensure your property for up to RM25,000.
Speedrent will take care of the operation side so you do not have to worry about rental collection.
When a default is imminent, Speedrent will provide aid and guidance in evicting the tenant.
Insurance
Q: The tenant pays no deposit so what safety does Speedrent provide to me?
A: You receive no deposit from the tenant, however, what you receive in return from Speedrent is an insurance from Allianz that covers up to RM25,000. This is more than the standard two or three months of deposit would ever be able to cover.
Q: How do I deal with damages or loss of goods & furniture?
A: Allianz General Insurance Company (Malaysia) Berhad (735426-V) will provide up to RM1000 to cover the damages or cleaning expenses as a result of the tenant. If there is theft element, you have protection with up to RM15,000 for the loss of home content.
Q: When would I get the copy for Allianz Insurance policy?
A: You will receive the insurance policy within 30 working days after the first transaction.
Rental
Q: How do I receive my rental income?
A: The rent is collected from the tenant by Speedrent. We will automatically transfer it to you within three working days.
Q: How does the no deposit policy affect me as a landlord?
A: It will change your form of property protection. You will receive a property insurance worth up to RM25,000 from Allianz through Speedrent. The insurance is included in the cost of using the platform to find a tenant and that cost is the last month’s rent.
Payment
Q: Is the Speedrent service free/How much does Speedrent cost?
A: The service of Speedrent is free to use until the point of payment of the rental. Speedrent takes the first and last month’s rent of the property from the tenant. The first month’s rent will be transferred to you while the last month’s rent will be taken by Speedrent as payment. So the cost of using Speedrent equals to one of your properties monthly rent.
Q: In the case of default payment, when will Speedrent pay landlord?
A: After two weeks when the tenant still hasn’t paid the rental on the agreed date (specified in tenancy agreement) and has left the premise. The landlord must file a police report of this incident and then Speedrent shall process the claim procedure on behalf of the landlord.
Q: Would I be notified in case of non-payment?
A: Yes, we will notify you when we have not received payment on the 7th day from the due date.
Tenancy agreement
Q: How do I sign the tenancy agreement?
A: The tenancy agreement will be signed on the app under the section Speedsign
Q: Is there a tenancy agreement? Customisable? Who pays for it?
A: Speedrent has a tenancy agreement template prepared exclusively for the landlord. You can add supplement clauses but it should not change the main agreement. The tenancy agreement fee is paid by the tenant at RM399 for one year agreement. The fee is inclusive of stamp duty and stamping service.
Q: What if the tenant wants to terminate the tenancy agreement early?
A: If the tenant for any reason wants to terminate the tenancy agreement early. Then he/she must comply with the following terms:
Give you 2 months’ notice before the termination date.
Should he/she need to leave immediately, then he/she must pay two months rental as a penalty.
Arrange handover of keys upon moving out.
Please note that 12th-month rental paid by the tenant is NOT refundable to you or the tenant.
Q: Is a digital tenancy agreement legal in Malaysia?
A: A digitally signed tenancy agreement legal and the duty stamped copy will be admissible in court under Section 7 of Electronic Commerce Act 2006 and Section 62(2) of Digital Signature Act 1997.
Section 7 of Electronic Commerce Act 2006 basically states that an electronic message can be used to express any related communication when it comes to a contract formation.
As for Section 62(2) of Digital Signature Act 1997, a document signed with a digital signature is as legally binding as a document signed with a handwritten signature, an affixed thumbprint or any other mark.
© Speedrent 2017. All images are the property of their respective owners.
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Thanks for your information. I have always wanted to consider SpeedRent given the support I always give to technology firm.
But the disadvantages and risk taken by Owner is far too extensive for me to consider. I wanted to see how it can improve but the more it move on the more disadvantages is pointing towards owner. We spent live saving to have a property to rent out and to even cover cost is no longer easy.
I think we should not further downgrade what the owner is getting.
Mar 25 2017, 06:12 PM
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