Are you property agent?😆

seems like nothing but complain here

Sorry for the delayed response, as I did not set this thread for an alert. I'll PM you for your contact so that I can check what went wrong?

While it was a month ago, we want to find out what went wrong.

We started a weekly meeting dedicated to customer experience to discuss cases for improvement and implementation late last year. We have addressed a lot of major complaints, and there are still many issues to look at. There is major room for improvement and we will continue to focus on improving the service.

I believe this persistent effort will pay off in the long run. I apologise for your experience and thank you for your feedback.

SH no deposit but insurance concept will only attract all those low grade tenant, they will find SH becos no deposit and reject by agent.. abit risk for owner to accept those tenant which can’t afford to pay.. better find tenant by ur own or agent, collect deposit and go find Allianz agent buy home rental insurance

SH supports deposit since March. So landlord can get deposit and top up with insurance for double protection.

As such, customers have the flexibility to opt for whichever model that's suitable for them.

We think different property requires different strategy.

For example some less prime areas with lower demand - zero deposit has been a strong push factor for the tenant to rent there.

We also encourage landlord to take deposit especially for the more mature neighbourhood with low competition from new supply.

I am a proponent of local startups and despite being wary of Zero Deposit Scheme, I gave Speedhome a go with several listings and tenancies. My tenants were mixed of local and foreigners. My observations from A to Z below.

- Matching between landlord and tenant pretty straightforward. Alicia will try to engage in conversation but landlords need to take effort to ask questions. Do not be surprise, the profiles do not match with the viewers. Speedhome needs to improve this aspect and get real ID for any registrants to avoid waste of time.
- Speedhome has homerunner service but frankly do not waste time as the service probably has zero knowledge of the property. How they will pitch the property to prospect tenants unless the tenants are very familiar and just need to double check the actual unit is same as photos
- This is one of most important step as landlord cannot and shouldn't rely on Speedhome for filter/vetting. Yes they have insurance but if tenants thrash the house, it will take landlord a lot of efforts to refurbish the house. Ask the questions and if not comfortable with profile, just reject them.
- Speedhome has homerunners for check in/ out. I am neutral on this. this is definitely convenient for certain landlords but effectiveness is topic of another day.
- One of the major advantages of Speedhome platform,they will follow up with tenants on rental overdue, collection and pretty prompt with transfer rental to your bank account. All notifications are done promptly.
- Never dealt with tenant eviction so not sure how effective is the process by Speedhome
- One of the tenants gave early 2 months notice to move out despite just 4th month of the one year tenancy. As per term by Speedhome, tenant only need to pay penalty 25% for stay exceed 6months. The fee/insurance premium that landlord already paid to Speedhome is not reimbursable. Unlike conventional method where landlords can forfeit deposit to offset the cost. Apparently, it is very common practise for tenants under Speedhome sign under a year tenancy but leave after few months. It is way cheaper for them to secure rental rate for one year and pay the low penalty (if they pay) for short term stay. it will be interesting for Speedhome to share how many of their tenants have an early termination.
- The worst experience is during checkout where none of the tenants perform obligatory duty such as professional cleaning, aircon service, repairs, bulb replacement despite being reminded in so many emails, chatroom and whatapps. Landlords will need to spend chunk of time in between the tenancy to get this fixed up. Unlike my other conventional tenancies, Usually new tenants can be sourced two months prior tenancy ended as usually units in good condition as the tenants would like their deposit back. New tenants can move in almost back to back when existing tenants leave. that cannot be say with Zero Deposit under speedhome where vacate period so far ranging from 1-2 months.
- Claiming is quite hassle free and Speedhome is quite helpful. Thumb up to the team for being prompt. they can even help to lodge police report with authorization letter from landlords. They are also practical with furnishing claim where sample quotes are sufficient. However, do not expect to get full reimbursable.
- Some of the expenses are not claimable such as aircon service??! Two of my ex-tenants did not performing it and despite Speedhome promise to blacklist them in CTOS, what's good for landlords where they have to pay from own pocket?

In my opinion, Zero Deposit Scheme can be still appealing to certain segments aka properties in low rental demand. For in demand properties, I definitely will list it at least 20-30% premium vs conventional approach to take into account risks and tenant management.

Speedhome has started with deposit scheme but I think damage has done. Speedhome has built their reputation with their Zero Deposit Scheme, and it will be interesting to see how many tenants willing to pay deposit in Speedhome. Also options in the platform way way lower than Iproperty so why these tenants bother to explore Speedhome.

The platform is clearly pro-tenants and incentivise them to explore Speedhome. I believe Speedhome's argument is they are enlarging pool of tenants where otherwise they do no have cash to rent or cash can be deployed elsewhere. Will not dispute the objective but so far quality of these tenants are very questionable. In my opinion, at the moment whatever Speedhome is doing is not working and not sufficient.

I have unwound all my tenancies with Speedhome under Zero Deposit Scheme. Thankfully I did not have horrible experience but neither any of them are pleasant. Statistically, it is not exactly great vs conventional method. But I can imagine it is very easy to be entangled in the nightmare particularly tenants do not have incentive to take care the house (aka no deposit). Yes, Speedhome may blacklist them in CTOS but honestly, how many of them especially foreigners they do bother?

Wish Speedhome all the best hopefully they can come out better and stronger to serve a vibrant and fair rental market.

This post has been edited by gks: Apr 17 2023, 11:47 AM

Thanks gks for the thorough review. I agree with most of your assessment.

We acknowledge some of the shortcomings and amend/added services to address common concerns:

1. Early termination - no longer allowed, many used this loophole during COVID. It was a new trend that we observed, prior to COVID it wasn't that common.
2. We have started inspection service now and provide fixes services through SPEEDFIX.
3. Our default detection was not equipped to catch new trend introduced during COVID - where the past data were not suitable under the extreme scenario. Our newly updated default detection engine has just gone live. We hope that we can detect better moving forward. We made a backtest against old and new data - it should improve in detection.

WheiMeng, wish you all the best in your journey! I have given my support but I will need to see more evidence your tools can work.

At the moment, I will stick to tested and proven approach with specialist agents. Some of the businesses such as real estate... building long term relationship with agents is more important than building relationships with a bot.


Cheers!

That’s what I say their tenant all is low grade one,purposely spoil the house.. If can’t control the quality pls shut down the apps to avoid next victims kena ..pity those owner.. see the link below 👇

https://www.facebook.com/1046267681/posts/p...mibextid=cr9u03

This is my review for SH

https://forum.lowyat.net/topic/5378958

Btw, regarding vetting of tenants, its absolutely true about always taking charge of your own vetting and interview.

Story time!

End of 2022, I was given a potential tenant from speedhome who represents a company. I asked for and received the IDs for the 2 tenants that will be staying.
One ID was a a doctored passport with fake expiry numbers on it. (apparently their photoshop skill cacat)
So after some back and forth, I asked for proper documentation, and they later gave me a printed (IIRC) UNHCR registration request form. I said thats just a registration form to register as a refugee, not an actual ID. I eventually rejected this tenant due to insufficient tenant ID.


I was abit disappointment at Speedhome for that experience, but in the end I do believe landlords should always check themselves and dont hold it againts Speedhome.
But I did think it odd they asked if I wanted to continue with said company... I believe it was in a voice call I asked back if Speedhome is comfortable to be a party in rental transactions to house foreigners without legal identification (and presumably no stay/work permit).

TLDR
Absolutely scrutinize all documents and interview the tenants, local or otherwise.

currently im not paying tax in Malaysia but have intention to rent out a room in my unit.

If i get tenancy agreement stamped, how much tax i will be paying? Lets say the room rental is 800Rm

When I bought a furnished apartment in Iskandar Puteri during COVID I was concerned that I couldn't rent it out so I chance upon SpeedHome. I decided not to use their service because I'm not convinced with the terms that they offered

I eventually decided to change my strategy and spruce up my home a bit and put it up for rent in Airbnb. I set minimum 1 month stay instead of usual short daily stay. I set the month rate slightly higher than normal market rate (need to factor in electricity and water use). To my surprise there are still market for this and I secured my first tenant 2 weeks after I put up my ad there. Eventually that tenant, a foreign student decided to sign a long term TA directly with me (negotiated at lower rate of course) and have been good pay master until today

Airbnb is a better tool to filter out high quality tenant...tested and proven. You can see their previous reviews by other host that they ever stayed with

This post has been edited by knwong: Aug 18 2023, 09:28 AM

Anyone can share experiences of using Speedhome to rent out your unit? (whole unit rental, not room rental)

Is there any way to view past tenancy agreements? Ie my tenant moved out but i want to view the tenancy agreement?

I just rented out mine via speedhome and I would say only choose it as a last resort. The tenant quality based on the profile they set doesnt seem that great. And If you do decide to list on speedhome, set it to a higher price.

One clause I missed out on before I decided to list on speedhome was they will charge you monthly 1.88% + sst for "processing fee". That's about rm500 additional charge for that one year contract for a rental of 2000. I guess I missed out this because they always advertise about free monthly rental collection

A traditional agent will definitely cost you less



This post has been edited by pkh93: Mar 19 2024, 12:08 AM

Good advice only at last resort use SH. it is annoying when issue arises and the third-party does not take action.

Their credit screening cannot be trusted. Three out of my five tenants did not pay rent or ran away. You must filter tenants at the first step based on their job and company.

Their homerunner team was disorganized during viewings. The time and date kept changing, and when tenants arrived for viewing, they were told there was no appointment. As a result, the potential tenant eventually decided not to rent.

any tips on how to filter future tenants?