I think landlord also have risk, say if the tenant just rent for 1 month with 50%off without deposit but paying extra 10% for service charge

like that die lo

"IF" worst is tenants move house plus move out the fittings as well, like acond and furniture wah jialat lo.

I am just looking out for the tenants also ma.
1 month 50% discount then 11 months +10% so its still 60% increase assuming tenancy agreement is 12 months.

No agreement stopping tenant from moving out? Tenancy agreement?

Before I start, disclaimer I'm working for Speedrent, but I always been the negative/abuse guy in the company, finding loophole to exploit most of the time This will be my own fair share of opinion.

First, bad tenants are expected in some way or the other and we try our best to address this. This is bound to happen, so the 3 months guarantee is similar to you receiving your 2+1 deposit. We tackle this issue by volume, if we get let say 50 houses, and 2-3 bad cases, we still able to absorb(staying in green) while you as the landlord couldn't do so.

Second, it's a trade off, pay 10% extra or pay 2+1. I'm 24 and I'm able to pay for my deposit but some people prefer to have extra cash on hand to do business/for any emergency uses while paying an extra 10% fees for this flexibility. It depends on how you value your "stucked" cash. A 1.5k unit means you will have 4.5k stuck to your landlord and as a previous tenant myself, sometimes getting back the deposit from certain landlord isn't a pleasant experience.

Low entry cost is the key point here which means you might deal with more problems as per said. There is a credit card upfront, which means you will need to pass your credit score check upfront, so that saves us a hassle, as the bank already do the job for us.

Early proper warning is another key point to take note here. Some tenants can make up excuse like I'm overseas etc, but you can't lie when your credit card can't be swiped. But then, people like you and me, will say they can say it's issue with bank etc. Remember the 3 months guarantee? Speedrent will transfer you your monthly rent(1st day of the month) regardless if tenant already pay or not, so the stress is actually on Speedrent to get back the cash. Think about it, you don't care anyhow also, you still guaranteed 3 months on-time rent.

It's actually more stress on us to get this to work out and trust me, I been throwing a lot of loopholes/negative feedback for months before we finally come out with this. It's a risky business for us, not much on landlord/tenant side.

What's the worse abuse I can think of? To steal everything then cancel off their card(which already in red, so they need to clear before they can cancel it anyway). Then we turn 1 big round, come back to all the original problem you would face when you renting out your place normally with 2+1 deposit. If they don't cancel it, we still able to charge the card for extra damages they had done, so there is an extra way to get more from your tenant now, instead of just 2+1.

I see a few tenancy agreement questions so I try address it here. We have our own digital signing platform(http://startsign.speedrent.com/), its a normal tenancy agreement with extra clause on no deposit scheme. This is of course by the law, legit, all drafted by our lawyer.
As a point from business, you need to look at this, not as a conventional business way, it's more towards startup style, where we trial and error and pay for our losses as a fees for the experience and continue refining our service to meet the market demands. We probably looking at like 5-10% bad cases which led to the negative view on having bad tenants. Just to tackle this issue, the whole industry decide to implement such regulation, but indirectly it makes house harder to rent out, tenants not able to even rent place even tho they can get the cash flow to finance the monthly rental. We understand it's a huge change to how the industry works, which is why it probably going to be a rough ride and will take a lot of effort just to get this thing to work. It's a very sleepy industry isn't it, very old school way of doing stuff, so time to breathe some fresh air?

I pressume they are betting that only a certain percentage will cause issues like run away etc. And they have taken that into consideration, calculated risk and went ahead anyway. In any case when bad cases happen too frequently, contingency plan needs to come into play when it reaches a certain level. Airbnb may have such issues too. Good luck speed rent.

Ah I see. That's quite a bit ain't it at 60% per annum.
On the other hand, I would rather not rent to someone who can't fork out the deposits.

I think the success of this will depend on the number of tenants who are willing to use this platform, as landlord will go where the tenants are. So from tenant's perspective, what are the benefits for using this platform?
Tenants are actually paying 10% extra just so they can avoid the deposit upfront (correct me if I'm wrong), so for those who can afford the deposit, I don't see any benefits for using this platform. Even if I were to put the deposit saved in a fixed deposit, the interest generated will be far lower than the extra 10% I have to pay every month.

If speedrent concept is try to eliminate or exclude agents to be part of the system, it will eventually not growing but ended up just surviving or to be ceased.

I can't see that rental price is fixed like selling items in alibaba or taobao. It is still need a negotiation that agent needed to be third party to provide the services to connect the parties. 

At this stage, speedrent chance to succeed, i guess is 20/80

Save half month rental but to get landlord himself to do the filtering & negotiation and also the preparation of tenancy agreement? personally would rather give agent to do it if rental price is not high..

I have advertised my condo in speedrent some months ago, the response is quite lukewarm.

only owners can advertise, agents cannot.

If you advertise more than 2 properties at a time, you will get a call from Speedrent, as they may suspect you are the agents.
Similarly, if any prospect tenant sends in any enquiries for properties in the different areas, say Semenyih, Klang, Rawang at one time, then it is suspicious...Speedrent will also filter them out.

I think Speedrent is doing the good jobs in filtering.

only owners can advertise, agents cannot.

If you advertise more than 2 properties at a time, you will get a call from Speedrent, as they may suspect you are the agents.
Similarly, if any prospect tenant sends in any enquiries for properties in the different areas, say Semenyih, Klang, Rawang at one time, then it is suspicious...Speedrent will also filter them out.

I think Speedrent is doing the good jobs in filtering.