To LYN forumers/property owners,

Any successful story of Speedrent from your end?

I read this thread, from the first post until the end. It can be concluded that Speedrent was used to be attractive to owners, eg. Speedrent acted as collecting agent and deposited monthly rental directly to owners’ bank accounts on first day of the month regardless whether the tenants pay promptly to Speedrent or not. However, Speedrent now allows tenants to transfer money directly to owners’ accounts and Speedrent does not help to collect rental on behalf of owners. Therefore, a lot of cases like late payment or non-payment by tenants have been occurring. So, from owners’ perspective, it is a bad arrangement to owners. Moreover, owners cannot collect deposit upfront. Speedrent’s income is solely at owners’ expense.

Hope the staff of Speedrent can clarify this.

So, it is now a totally different concept as compared with your initial plan. If the tenant fails to pay rental after the rental is overdue, what can Speedrent do besides reminding the tenant? Bear in mind that the owners do not collect any deposit at all. I don’t see any benefit to owners using Speedrent. Speedrent is to help tenants (pay lesser deposit directly to Speedrent) and the company Speedrent itself. In fact, using Speedrent will pose huge risk to owners. Isn’t it better for owners to engage real estate agents?

@wheimeng
You have not given us the real answer yet. When will Allianz kick in?
>>>After landlord makes police report and 2 weeks after rental is overdue? And only after the tenant has left the property then landlord can make police report and claim from Allianz?


https://speedrent.com/web/owner-faq/amp/

Q: In the case of default payment, when will Speedrent pay landlord?
A: After 2 weeks where tenant still hasn’t pay the rental on the agreed date (specified in rental), and left the premise. Landlord file a police report of this incident and then Speedrent shall process the claim procedure on behalf.

This post has been edited by truelife: Feb 19 2018, 03:47 PM

@wheumeng,
If that’s the case, it is a major disadvantage to landlords. Just imagine, if the tenant fails to pay rent and refuses to move out, the landlord is on losing end since the landlord does not collect any deposit. At the same time, Allianz insurance protection cannot kick in because the tenant has not moved out yet. Sorry to say that Speedrent’s structure is a very terrible arrangement for labdlords.

Due to the above, I (as a landlord) will now stop using Speedrent app, until your company really thinks of other ways to protect landlords. Sorry.

If you read the replies above, landlords can only claim Allianz insurance after their tenants have left the house. If tenants do not want to leave the premises, then the insurance cannot be claimed. As tenants do not pay deposit (or pay lesser deposit directly to Speedrent) and they also know that landlords cannot claim insurance if tenants do not leave the premises, this kind of structure will encourage default, and landlords are on the losing end.

Hopefully Speedrent can find something to protect landlords.