I would really advise against using speedhome as a landlord. No deposit means tenant can simply not pay utility bills and move out once their tenancy ended. Speedhome coverage is just not enough to cover this cost. As a result I lost 3k since speedhome insurance only can cover up to 1k. Tenant left without paying 4k electricity bill.

On the other hand, if you're a tenant looking for rental, I would recommend using speed home. You can rent without paying any utility bills, and simply move out once your tenancy has ended. Speedhome will not take any action on you, and you can just repeat this process as many times as you like.

Sibeh good to highlight this. Most important speed home got no deposit to fall back on. Easily can use your normal 2 month deposit to contra this.

4k?? What they do, bitcoin mining operation??

Speedhome got something to blacklist tenants like that hopefully? Otherwise the platform will be too easy to abuse.

Only 1 tenant is registered to speedhome, so if you're a couple or with a group of friends, you can reuse this abuse.

Legal estate agents are highly regulated by the Board of Estate Agents. So, if you deal with legal estate agents, your rights are protected.

I am not sure if this spid home are regulated by anyone. Let's say you want to complain, you complain back to them? And they will take action against themselves?

I am thinking to use speedhome but havent explore with them yet.
at least using the one that protect your rent for the entire year. the premium package.

if tenant leave without paying, speedhome will blacklist them and also put a record in CTOS.
they can run but not forever cause they will need to take a loan in the future, but this has nothing to do with landlord as it is with speedhome.

i think to protect the owner ourselves, we need to look at the deal with speedhome, not the tenant.
in terms of electricity there must be a way to overcome this issue.
for aircond use, can always do a sub meter, not expensive or difficult. (easy monitoring)

but is a good sharing, how do you even prevent huge losses on electricity.
did you ask speedhome what kind of protection they give?

Hi Bro, can figure out something to cover Landlord's interest on the outstanding utilities payment by Speedhome? Nowadays the electricity bill can be a killing figure if not paid by tenant... Understand no deposit is speedhome primary principle. But there shud be something to protect the Landlord mah.... Landlord's protection and experience will be Speedhome's ultimate reputation and growth.

Will you mean by using Speedhome, electric account cannot be under the tenant themself? This means owner must provide TNB account under their own name before they can engage Speedhome.

Landlords must be proactive in managing their tenants. If landlords think rental is a passive income, many have ended up disappointed.

This post has been edited by mini orchard: Apr 16 2021, 07:46 PM

You highlighted the good points.
But I checked through speedhome website, utility coverage up to 2k ?

This post has been edited by ryan@chua: Apr 16 2021, 09:59 PM

Utilities fall under inconvenience benefit, which also includes any minor property damage. For basic (which what I had) is up to 1k, for extended and extended+ its up to 2k. My tenant had 4k electricity bills, still way above 2k.

Now if I were to use the traditional way of getting deposit, I would be getting 2 months rental + 1 month/1k (depends on agreement) to cover utilities, which would probably be able to cover the 4k + damages.

Whatever it’s landlord need to be on top of everything especially utilities which can be managed through provider apps, so long outstanding closing in the deposit nor insurance coverage that the red flag, I first engaged SH for my rental which I managed to claim outstanding albeit it’s within the threshold and now managing my tenant directly which I collected 2+1 months deposit-outstanding to rental and utilities are still within the range of my safeguard deposits.

Again agreed to comment earlier landlord need actively monitor or chances to face unpleasant surprises

Just saw this, @arideyes - please reach out to our team, we have an internal policy to subsidize such incidents. The majority of the tenants do settle their bills by end of the tenancy.

If a tenant defaulted (not paying rental), most likely you can easily claim the same, if not more compared to deposit. And as mentioned, we do have an internal policy to help with rare cases such as yours.

I'll have a word with the team to update our SOP, I see areas of improvement to further mitigate such risks.

Feel free to reach out to me at ceo@speedhome.com if you have any other feedback, happy to discuss.

I’ve never had problems on this front for 2 reasons. I always change the electricity bill name to the tenant. That’s the easiest most hassle free way to deal with this. THis problem is exactly the same whether you do deposit of Speedhome. Your utility deposit is also only half month.

I also think you are wrong with building responsible tenants. Speedhome will blacklist tenants that are defaulters and I have had many people who were rejected either because SH had blacklisted them or they had bad credit records.

This is not true. If you read the Speedhome contract, Speedhome recommends changing the name. And I’ve done it online many times. I outright reject tenants who don’t want to change the name.

So far in using Speedhome, my only complaint is the chatting app. It sucks.

But their product is great value. I had a unit wrecked by a tenant. I followed speedhome’s claim process to a tee and one week later there was a payout. It happened to two of my units and it both, it was sorted. I’ve had units wrecked in the past and it never was the same when I had the deposit.

I also must say I like the tenant screening. It’s really good. Sometimes, its frustrating also because you think you secured a deal and then it gets rejected because the tenant profile is bad, but over time, I’ve had some really good fuss free tenants.

I do think there needs to be more competition in the space. Speedhome uses Allianz. Blue Duck uses Liberty. I’m going to give Blue Duck a try because their pricing is more competitive and if I find tenants in Mudah, I don’t have to direct them to SH app where they can see other tempting units away from mine.

This post has been edited by SureshG: Apr 17 2021, 09:54 PM

All in all just cos your luck better than others ,didn't face the real problematic tenant. You can see many bad reviews on speedhome..lol

Thanks for the reply @wheimeng. I have reached out to your team and this is their response:


Why aren't they adhering to the 'internal policy', if such exist?

@ryan@chua - I don't deny you can see lots of negative reviews over the years, but very rarely repeated negative reviews because we have been consistently improving our SOP to address it.

Property rental is a known hassle and problematic industry, yet we remained committed to offering solutions, one step at a time. You can choose to tunnel focused to the black spots, or you can look at the white space.

I provided my email publicly and received a lot of feedback from the public on improvements we can make. While we can't fulfill every request, if it's within our capability and control, certainly we will make it happen.

@arideyes - could you pls pm me your email / contact number so that I can check with the team?