Which one better and why from ur experience?

What is "speedhome" ? Pls clarify.

Speedhome

I think he meant is this but I saw a few dissatisfied ppl who used this on another thread. Perhaps normal tenancy is better kut...

This post has been edited by seancl85: Feb 22 2020, 10:16 PM

There is no right or wrong in using SPEEDHOME or normal tenancy. Our tenancy agreement is improved based on thousands of tenancies we helped transacting. We consistently update TA on statistically important issues so that both landlord and tenant get fair treatment.

While I'm not endorsing dissatisfied customer as a benchmark of our service, it serves as a feedback for us to improve, and having positive and negative experience allows you to decide what could be the worst you can experience. Probably you won't experience it anymore too because we always improve based on feedback.

If u want full control of ur house, normal one more suitable. If u want less hassle and headache (under normal circumstances) then agency is an option.

No perfect solution

Own is always better, like cash

Having dealt with both concepts agent is MUCH better for me.

For instance one of my units just extended the tenancy for another year. As the landlord, I have absolutely 0 cost to pay as I still have all the deposits n checked that the place is well kept.

If I were to utilize speedhome, I'd have to pay another 1 month rental as insurance effectively reducing my nett rental SIGNIFICANTLY!

From my experience with both normal and speedhome. Tenant tend to damage your house with speedhome because they have no deposit placed with speedhome or the Landlord. They could not care less because there is no immediate penalty or loss of money to them.

If Tenant have 2 months deposit with landlord, Tenant want to get back as much as possible so Tenant will clean up and repair the things so that Landlord can deduct as less as possible from their deposit.

Of course, landlords should still screen their tenant and not just leave it to speedhome alone. Remember, speedhome is a tech company looking for high valuations. Tech companies could not care less if you die or not because you are just a small ikan bilis in the ocean. It's a dog eat dog world

This post has been edited by e-lite: Feb 23 2020, 09:59 PM

Looks like normal tenancy seemed to be in favor here..

May I ask all sifu here

If under normal tenancy agreement.

1. 1 month Earnest deposit..we need to give the tenant offer letter?
2.2 months security deposit and 1/2 half month Utility deposit with the tenancy agreement right?

The question is I saw a few tenancy agreement can be used online which is quite good but letter offer is there any samples?

And my last question the stamping we can do on our at LHDN or we can submit online if we gonna do tenancy agreement ourselves? Or any other ways?

Thanks in advance

This post has been edited by teridoz23: Feb 24 2020, 02:41 PM

I don’t have any letter offer samples. The last time I know of macam need to submit it online.

Anyone can give me a guide if I am renting this without an agent need more inputs.usually do we also ask our tenant to pay the internet bills?

Internet subscription will be tricky due to commitment from service provider i.e TM will bill remaining contract fee shall terminate prematurely.....thus important to agreed this with tenant else landlord will continue to pay for it shall tenancy fall short of contract period

To your question all utility include internet should be on tenant

Mind PM with me your account? I'd want to reprimand my team if 'could not care less'.

How true is this? Would the CEO care to clarify? Thanks

The comment of people tend to spoil furniture because of no deposit is a weak argument. Most damages were really careless or unintentional, so deposit doesn't play a controlling factor here.

Airbnb has no deposit as well, and for the record, our percentage of landlords seek for household content insurance claims is way less than 10%.

Is that high or low, I have stated a fact for you to make an informed opinion.

If number of insurance claim is anyway near 10%, premium would be prohibited. Number of claim could be low but sum claimed may be high.

It is human behaviour people are more careful if deposit is held. Most hotel, car rental, equipment hire, etc demand for certain deposit on check in.

This post has been edited by icemanfx: Mar 1 2020, 08:54 AM

What is the % of users' damage with deposit collection, do you know?

I stated the statistical facts, however you want to think about it, it's up to you to decide.

How many landlord claimed for damages and how many succeeded in claiming? How much was average landlord claimed and how much was average paid out? Statistical facts please.

Facts:

1. 60% of case approved within 5 business days from the moment documents fully submitted to claims approved
2. The remaining, 90% of case approved within 15 business days.
3. Only 2% of case takes more than 30 business days to approve
4. The longest claims day took to approve is 48 business days as of to-date
5. 50th percentile - all claims* taken care by Basic package.
6. ~85th percentile - all claims* can be taken care of with Extended package.
* means the submitted claim vs approved claim = 100% match.

Remaining 2% - Allianz approved less, we pay from our pocket to subsidize when we think it is reasonable for landlord to claim it.

Claims include unpaid utility bills and damage / stolen furniture.

Isn't the damages will be cover by insurance?

How to claims the furniture damages and how much the value?
Have to provide the before and after picture together with the furniture receipts?

https://claims.speedhome.com you can read there for more info.

Hi, I am owner of a unit that i rented out to my tenant. It ends next week but i now only found out that he have made another tenancy agreement with another tenant using my unit and tenancy ends another 2022... i want to use the unit... how can i kick the tenant out just like that?

Is this a SPEEDHOME unit or normal TA?

If it's SPEEDHOME, please email hello@speedhome.com and we will assist you.

If it's a non-SPEEDHOME TA, I cannot comment on it. But generally, you are not bound to honour any agreement that you are not a party to, you can still proceed to take back your unit and it is your tenant's responsibility to settle with the sublet tenant. You may want to consult a lawyer on this if both refuse to move out.

Between both, I'll prefer normal tenancy. One of the clause in speedhome is that tenant able to terminate the agreement by just giving 2 months notice despite not fulfilling the agreement tenure. In normal circumstances, tenant need to at least honour the agreement period or otherwise deposit will be forfeited. Imagine we need to pay them 1 month + miscellaneous fees despite not able to collecting full year rental. Do you think Speedhome will partially refund the fees they collected if tenant quit before the agreement expired?

Good question.

1. First of all, the 2 month notice is mutually exercisable for both parties. We have seen landlord requesting for it too to sell houses.
2. Suppose tenant exercises his right to cancel with 2 months notice, you can choose to cancel the insurance, of which you will be refunded in a prorated manner - so yes, we refund.
3. Alternatively, you can keep the insurance and SPEEDHOME will find a replacement tenant for you so that you can continue using the insurance for the remaining tenure for FREE.

It's like a headhunter model with 12 months warranty - so is that still a problem?

This post has been edited by wheimeng: May 20 2020, 09:07 AM

Would like to ask, for the room rental, does the Tenancy agreement cover the utilities clause? How it equally divide the bills among the tenants?

This will be listed in the tenancy agreement to split evenly.

Can a landlord choose not to allow some potential tenants to view via the app? Those fishy ones

How to know if fishy ?

If fact, letting an outsider to live in your property is oredi risky even with a TA.

Name in profile and chat is not consistent, not providing all info even requested by the app/chat, some info like no of pax does not match in profile/chat, full of spelling errors in english (while chatting), requesting to view only and move in ASAP.

If you have doubt, then reject.

Screen until your are satisfied to minimise future problems.

Yup, i agree, just wondering if speed home allows the landlord to reject upfront.

Yup, so long it's not racially discriminating.

Ok, how do i reject the tenant since it is in a group chat?

Can i just tell them the unit is taken and in a personal chat with Alicia i say that i am rejecting the tenant?

[quote=wheimeng,May 20 2020, 09:06 AM]
Good question.

1. First of all, the 2 month notice is mutually exercisable for both parties. We have seen landlord requesting for it too to sell houses.
2. Suppose tenant exercises his right to cancel with 2 months notice, you can choose to cancel the insurance, of which you will be refunded in a prorated manner - so yes, we refund.
3. Alternatively, you can keep the insurance and SPEEDHOME will find a replacement tenant for you so that you can continue using the insurance for the remaining tenure for FREE.

It's like a headhunter model with 12 months warranty - so is that still a problem?


Can you explain how number 3 works.

Assuming a tenancy starts on the 1st of January. If a tenant terminates on the 31st of August and we find another tenant in October, is the insurance free for that person from 1st October of this year to the 31st of September the subsequent year? That's how a headhunter warranty works.

[quote=SureshG,Jul 18 2020, 09:56 PM]
[quote=wheimeng,May 20 2020, 09:06 AM]
Good question.

1. First of all, the 2 month notice is mutually exercisable for both parties. We have seen landlord requesting for it too to sell houses.
2. Suppose tenant exercises his right to cancel with 2 months notice, you can choose to cancel the insurance, of which you will be refunded in a prorated manner - so yes, we refund.
3. Alternatively, you can keep the insurance and SPEEDHOME will find a replacement tenant for you so that you can continue using the insurance for the remaining tenure for FREE.

It's like a headhunter model with 12 months warranty - so is that still a problem?


Can you explain how number 3 works.

Assuming a tenancy starts on the 1st of January. If a tenant terminates on the 31st of August and we find another tenant in October, is the insurance free for that person from 1st October of this year to the 31st of September the subsequent year? That's how a headhunter warranty works.

[/quote]

I checked with the Speedhome team.

a) They have confirmed that the refund for insurance is only applicable if the tenancy is less than 6 months. This is still better than an agent's fee, but it's not correct you'll get a refund at all terms.

b) It is not correct that this works like a headhunter model. In a headhunter model, the headhunter will find for you a new candidate free of charge when there is non-performance. In speedhomes case, you just ride out the tenure of your insurance.

Still overall a better deal than the tradisional model, but the analogies used in incorrect.

[quote=SureshG,Jul 18 2020, 09:56 PM]
[quote=wheimeng,May 20 2020, 09:06 AM]
Good question.

1. First of all, the 2 month notice is mutually exercisable for both parties. We have seen landlord requesting for it too to sell houses.
2. Suppose tenant exercises his right to cancel with 2 months notice, you can choose to cancel the insurance, of which you will be refunded in a prorated manner - so yes, we refund.
3. Alternatively, you can keep the insurance and SPEEDHOME will find a replacement tenant for you so that you can continue using the insurance for the remaining tenure for FREE.

It's like a headhunter model with 12 months warranty - so is that still a problem?


Can you explain how number 3 works.

Assuming a tenancy starts on the 1st of January. If a tenant terminates on the 31st of August and we find another tenant in October, is the insurance free for that person from 1st October of this year to the 31st of September the subsequent year? That's how a headhunter warranty works.

[/quote]

The warranty period is 1st of Jan 2020 to 31st Dec 2020. Anything within the 12 month, the insurance can cover for free.

It won't be infinite extension as the insurance has a finite timeline. Hope this helps.

This post has been edited by wheimeng: Jul 20 2020, 09:49 AM

Can i use speedhome for Rumawip rental?

You should seek legal advice on this, it's more of the legality of it than anything. For us we do not limit the type of houses.

As in if I do rent it out regardless of the legality aspect. Does your landlord insurance still cover my damage?

Let me put it this way, any agreement is deemed invalid if it breaches any law, but that is only if someone catches you.

That's as far as I can put it on record.

Does tenant have to be responsible with any damage to the unit since there's insurance coverage?

Of course. The first step is to recover $ from tenant. Insurance is the last resort, just like car accident settling privately - if not file police report and claim insurance.

So what happens when the tenant accidentally damage the unit. like let's say smtg solid slipped from tenant's hand and landed on the tile and the tile chipped. what's the action that can be taken and what happens to the tenant?

Of course tenant has to pay for it to fix it. If not go for insurance claim.

What will happen to the tenant? Will the tenant be in trouble with the authorities?

We will send tenant records to credit reporting agency if there is claim.

Experian?

Once a claim is paid by the insurance co, how can the tenant be reported to credit reporting agency ? The landlord had been compensated ... not necessary by the tenant unless otherwise.

I dont think your reply is clear.

If there is a claim and landlord not compensated at all ... i agreed.

If there is a claim ... report ?

Hi, for the insurance if the owner didn't claim anything after one year and the tenant want to renew the tenancy your insurance got something similar to NCB? So the owner pay lesser insurance cover fee to your company?

We report to Experian yes.

If there is a claim, of course tenant name would be submitted because he isn't paying for the damage or bills that he is responsible for; hence insurance need to cover for him.

There won't be a claim against insurance if tenant paid everything.

About NCD, it's on a case by case basis - yes.

We report to Experian yes.

If there is a claim, of course tenant name would be submitted because he isn't paying for the damage or bills that he is responsible for; hence insurance need to cover for him.

There won't be a claim against insurance if tenant paid everything.

There is no NCD just yet, but we can do something on renewal on a case by case basis. Like free upgrade of packages.

This post has been edited by wheimeng: Oct 21 2020, 02:25 PM

Should consider ncd, win win situation for owners and insurance company as your group growing bigger and bigger

Certainly can explore that when we have years of data

I was so committed to speedhome. Passed the key to homerunner 2nd day after I list in. Managing tenant viewing appointment and out of sudden my account being temporarily banned on the 3rd day. I was so innocent and abit frust with speedhome that they ban my account without giving me a call. reason of banning if i don't reply to their WhatsApp which I did !
I think Speedhome need to strengthen the communication to avoid losing excited first time user like me. There's calls received during key collection and confirmation of rental fees agreed with tenant; but ehy can't just give me a call before removing my account?
I was kicked without knowing what's wrong i did....

Can you discuss with the CS the issue or write in to their CEO?

Will look into this for improvement of SOP.

I believe your account is reinstated?

wheimeng how do speedhome experian-verify college student tenant?

We request for the offer letter to verify it.

would speedhome actually really call the school/college/U to verify the student?
i also heard speedhome also require bank statement? how does bank statement of a student passed the check?

On a random basis when we are suspicious of it.

We pay more attention to the foreign students bank statement.

so potentially the random not being checked (though he/she is malaysian) could not be a genuine student.. this will be worrying..

We still do credit checking on them.

how? student has no source of income..

I noticed in the past few posts that checking will be done on the tenant's background before any TA is signed. This concerns private and personal details of the individual in question, and to a certain extent, the landlord as well.

Can Speedhome guarantee that it adheres to the Personal Data Protection Act 2010 when handling this information?

Nobody wants to be a victim of identity/financial theft and doxxing. Both of which are getting more rampant in this day and age.

We have stated our PDPA policy and all background check requires tenant/landlord consent.

Their file should be clean if truly a student. If something comes up, that's something fishy.

means if student initiated the rent-interest.. speedhome would usually approve them.. since most of student has clean file i assume..

Not always but statistically, they are OK.

pls becareful then, if i would like to rent via speedhome, and i know my record is bad (surely disqualified by speedhome via credit check), i will then get my student's fren/niece/nephew to rent for me..

Let's say I engage your service
How do you deal with errant tenants who refused to move out and never pay rental?

On our Extended+ package, we will cover legal costs for evicting the tenant and pay you for the period of tenant overstayed in your house for up to 12 months.

For more info, https://speedhome.com/blog/ocd/

This is common, even for deposit model, isn't it? I can ask for a loan for the deposit from my friend, family?

The difference is we do further checking, we do not claim to be bulletproof but at the very least we go through screening and using AI to detect.

And if the tenant defaults, we will share this info to credit reporting agency. Check the image.

Ok thanks for your speedy reply

yes, is common even for deposit model.. but at least landlord has deposit on hand..

How is deposit different from insurance?

If tenant does run away, default, insurance will pay out too.

Been trying use the speedhome apps for a while now.

What i notice is the potential tenant from apeedhome is incredibly fickle minded.

You always get notification they are interested to view your home at certain date and time. And you reply by acknowledging that. Once the date come, a day or on the day itself. The prospect most of the time will go MIA without replying.

Some of the time. They message to inquire certain details on your property like can they as a foreigner rent for example. Once you reply yes they go MIA as well.

I would suggest to speedhome mgmt to do a scoring system and minus prospect mark if they spam appointment and MIA on most of them without at least notfying the owner to can el the appointment.

It makes your apps prospect feel much less credible as if they are just playing around with the apps.

We have received some feedback like this and will be implementing a scoring to address that.

Sorry for the inconveniences.

i listed a property on speedhome and i highlighted that the rent is non-negotiable but i keep getting request for lower rent

whats the point of putting my price as non-negotiable

i'm a first time user and i quite disappointed that i am getting lowballed and speedhome tend to favor the tenant more than the owner

True. I have another suggestion, that good tenants with good track record with Speedrent be given a Star/Thumbs Up Rating like Airbnb has in their Superhosts. Then maybe Landlords will be more keen to give those with good record a discount. But caveat is past history does not guarantee of future behavior

I'd understand giving bad ratings to members who don't honour appointments and/or commitments or behave badly towards the unit/house owner, but why penalise those that ask questions but didn't commit to anything?

I'm sure the latter scenario happens a lot on Lazada and Shopee when you need to enquire with vendors before committing to purchasing a product. I have also communicated with vendors selling the same products to enquire on the warranty, product details, etc. and so far none of them ever gave me negative ratings just because I didn't purchase in the end.

I sure wouldn't appreciate negative reviews thrown at me if all I did was make enquiries in a courteous manner and will surely lodge a complaint if this happens.

This post has been edited by DesRed: Nov 26 2020, 12:06 PM

The non-negotiable is for our system to strictly not show your property when the latter doesn't match the price filter.

We cannot police and stop human nature to negotiate. And some people like to negotiate for the sake of negotiating.

If your objective for non-negotiable is mainly because it's the price floor, then I suggest you increase RM100 and change it to negotiable just to show room for negotiation (a very common tactic)

If your objective for it simply hated to communicate with the tenant, then you can tell Alicia everything about the house and let help to answer some questions. You could ignore everything (at your own risk). After all, we are a platform for you to deal directly with the tenant, and we do send tenants who are interested in your property.

End of the day, a property investor is also a business owner of your property, communicating with a prospective tenant is critical. The expectation of all of the tenants behave exactly the way you want them to be is quite impossible.

This post has been edited by wheimeng: Nov 26 2020, 09:17 AM

As a tenant , need to pay 75% of rental as admin fee and 400 as signing contact fee

The convention deposit is refundable

75% + 400 , I would prefer pay deposit

What is 75%? Oh, are you renting short term? Yea, we are more focused on 12 months tenure.

Gotta say wheimeng is something awesome.

His like a star customer service agent, except his the founder.

Also would like to ask, do we need to pay speedhome every year as the tenancy renews?

i have the same question too, since my tenant is bound to renew soon....

my overall experience with speedhome is quite pleasant, although they are alot of ppl trying to low ball, but atleast a lead is a lead. Afterall, we can ignore the message till something is confirm

anw, kudos to the team

How the potential tenant being filtered in speeedhome? Any can do?

it's up to you to renew or not. but for renewal, we will include OTR (on time rental) FOC as an upgrade.

yes, it's common nature for people to low ball, you don't see it because agent filtered it. but like you correctly pointed out - you can ignore them and a lead is a lead.

we do income (bank statement vs payslip), employment check, Experian check, and internal data point.

This post has been edited by wheimeng: Jan 11 2021, 07:24 PM

u ask them to provide latest bank statement and payslip?

So I am going through the benefits of the 3 insurance packages that Speedhome + Allianz is offering, and I found out that Allianz actually have another product called "Smart Home Cover".

https://www.allianz.com.my/smart-home-cover...pRoCeIQQAvD_BwE

The benefits that the Smart Home Cover provides versus what Speedhome is quite similar, but at the fraction of the price?

Am I missing something here?

wheimeng are u going to do another equity raise?

Yup.

@flight don't think we will do crowdfunding moving forward.

Smarthome cover has significantly less coverage limit, like the damage is limited to RM2k, whereas we are up to RM15k. Or rental sum is limited to RM1500, whereas we can do up to RM5000.

would they provide such kind of personal info just for house rental?