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.

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

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.

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.

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.

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

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.

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

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

Yup, so long it's not racially discriminating.

[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.

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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

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.

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.

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.

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

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

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

Certainly can explore that when we have years of data

Will look into this for improvement of SOP.

I believe your account is reinstated?