Hi hungryJack,

I'm founder of Speedrent, thank you for your interest. I shall first explain the reason why we launched this scheme:

Younger generation and coming generations face difficulties in saving due to high cost of living; therefore, it is unbelievably hard for them to pay 2.5 - 3x of rental for deposit (security and utility).

We did not think it was fair to judge the younger generation as bad tenants, just because they can't afford to pay deposit? No, it's just tough life now and an unstoppable trend!

But at the same time, it is important for you as a property owner to take deposit as a way to protect yourself from non-payment.

Speedrent acknowledges the problem and wants to solve this big hurdle for deals to happen!

Speedrent Guarantee Scheme makes it easy for you to make deals with Gen X/Y:
1. Renter doesn't pay deposit at all, and move in.
2. Speedrent auto debits renter's credit card on time - every month.
3. Speedrent pays to your account on time - every month.
4. In the event the renter's credit card is declined, we will inform you of the issue, BUT will still pay you on time.
5. Speedrent will attempt to charge again within 5 days. If declined again, it's a big red flag and eviction process must start now. BUT we still pay you on time for the following 2 months.
(This is equivalent to 3 months deposit)

This is a summary to what we do, feel free to ask any question you may have - happy to address it for you. Hope you understand the rationale and the benefits of this scheme.

In the meantime, if you wish to speak with me, you can reach me at 0192679338.

We built this with Gen X/Y in mind. But ever since we launched 4 weeks ago, the requests came from various groups because it also address the need of managing cash flow or conserving emergency savings.

If tenant's credit card has exceeded its credit limit, and unable to pay that down - it is the first indicator to a highly probable financial distress. With cash payment, it's hard to know anything.

Another benefit to this - totally seamless and automated solution. No more bank checking on rent payment or to call up to chase for rental.

It's FOC for landlord for a foreseeable future.

Tenant pays 10% extra to cover credit card processing fee etc...

Thanks for all the feedback, I try to respond to every query possible because this helps us to strengthen our business case.

@max_cavalera – we are raising money now ☺

@cybertechmkteo – we are very transparent. We launched 3-4 weeks ago, and on a very low profile manner. So far we closed a few deals. On ½ month rent – by using Speedrent, landlord and tenant deal direct without hiring agent. The 1-month commission is saved. We encourage landlord to incentivize tenant to rent direct. From tenant POV, rent through agent or direct? I think it’s an easy choice.

@natman – yes, it’s 3 months, just like your cash deposit buffer period.  There is tenancy agreement. And if they move out in a month, our guarantee kicks in. there is no charges to owner.

@jianninety – it’s a trend that younger generation prefer lifestyle. Just because they pay less 10% does not necessary equate to 10% savings in bank, but I don’t deny your logic. We are currently thinking of NCD sort of discount, if good payment record, following years will get reduced rates. The vision is to build a safe, transparent and automated rental platform where everyone be a good actor.

@samkps – you rightly pointed – regardless how nasty tenant, whether you get cash or speedrent scheme, your risk exposure is the same. And we are raising $ from investors to make sure we have great credibility. Speedrent pays on time regardless if we successfully charge credit card or not. I personally put in RM500k into it to get this running, so hopefully it’s sufficient. We will have ways to deal with defaults later on.

@maraippo @satrianeo-x – I’m not sure if you have kids, but I suspect my kids will have problem saving money because it’s just hard to save now. But do I think my kids would be bad tenants? I don’t think so. It’s just an unstoppable trend. I do know many people voice the same opinion and I respect that. Point taken. 

@psyduck89 – just residential only.

@shadow_walker – why not? ☺

@kira90 well, even if it’s not through speedrent, we still can do it somewhat.

@hello hello -

@ycs – 3 consecutives failure = termination, and can start to evict.  We don’t perform verification at the moment; everything is between landlord and tenant. We are try to keep as a payment platform.

@mthc – yes, we play a role of payment processing only. The actual is still between you and tenant.

@max_cavalera – thanks for your support, and we need more!!!

@takuro82 – yup, that’s why we need to get more support, and raise $$ to fuel the growth. We are mainly focusing in Klang Valley at the moment.

Check out our launch video last year: https://www.youtube.com/watch?v=4uKO0AQRuyQ

You got to give win win solution to both parties, how the hell landlord want to list if u take away 1.5 months rental...