Speedrent
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This is a mobile app where a property owners can communicate directly with potential tenant or buyer. How is this going to impact real estate agents?? Is this going to be like how UBER is impacting licensed taxi drivers?? Like to hear input from people in the industry...

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I tried it, no one reply me >.< i think it wont impact real estate agents so much, as people still need help REA to rent their houses

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even websites will also kena affected a bit

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As long as they are not collecting money from the prospective tenants and also just a normal property platform....

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Mudah also can let tenant or buyer contact owners directly long ago till now.
Market need agents. Uber is difference story.
Negotiation part is the key. If owners are too free to received 20++ inquiries and arrange for viewing then welcome and feel free to go ahead. But so far not many owner willing to do so.

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Agreed with Yunsyn

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Thanks for responding.

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Majority of the owners actually do not mind paying for agent services to save them time and hassle. I guess this app is good for owners who has all the time in the world to manage the entire selling process all by themselves including advertising, show house, paperwork, etc. Also, I think agent can use this app to sell properties on behalf of the owners too.

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The landlord will still need a good and responsive REN to help in handling the tenant issue within or after the contract. This middle man role is still important to make sure the whole thing going smooth and no headache for landlord side.

Agreed?

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Yes definitely agree, we as agents should take this as healthy competition, improve ourself and make our service worthy to gain more trust & credit from landlords. But I think the app would be great for landlords/tenant who wants to lease out the rooms instead of whole unit.

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It's free market can't avoid competitions, agreed with what was said above


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Mudah have done this long long long time ago which customer can deal with owner directly. But only charge advertisement fee, not like agent charge commission. So Speedrent if charge commission then its need register as agency but not advertisement company. 

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Speedrent also has something called Speedsign for rental tenancy agreement can even do e-stamping.

Has anyone tried Speedrent or Speedsign? please share with everyone their experiences.

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I would like to know as well, @domng, they seems like quiet for sometime

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Probably because of stiff competition. And for obvious reasons, property agents dislike Speedrent. 

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Speedrent is still alive and kicking :) 

We will be releasing a lot of exciting things this year, we hope to bring more innovation to the market... 

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Hopefully one of the innovation is allowing commercial properties to advertise in Speedrent! 

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no much traction after posting on speedrent, maybe not much user there also.

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Similarity of Airbnb or Grab Car is still too far away. Seriously, i do not spot any single benefit to landlord at all but i am not sure about tenant. Maybe someone enlighten me or correct my stupidity. 

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@duenlim 

Speedrent is no good to agents definitely. I have heard agents sending hate mail to Speedrent. IMHO, if you provide good services to owners, you will not easily be threatened by Speedrent. 

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I am not adverse any form of innovative idea or apps. I believe we all know what's contribution to the market where Uber or Grab car or Airbnb exist. But speed rent exist for what's purposes? Moving the whole residential rental market to the next level or just exist to provide something okay to have?




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@duenlim Speedrent exists solely for the purpose of making home renting easy, safe and transparent. We have to rethink how home renting is suppose to be like - and built it from ground up with that vision.

We are still at the very early stage of our vision but the market is already reaping benefits from our innovation - be it online agreement signing, automated rental collection, direct communication, credit checking, automated rental suggestion for both landlord and tenant... the list just goes on... 

Having said that, we have great respect to agents who provide tip top service. They deserve the professional fee and certainly here to stay. 

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Agree with the thoughts and the comments written. Have tried this to rent out a space, ended up waiting for half year without news posting up. Maybe the area is not many people would love/prefer.

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Well Speedrent is a platform for landlord and tenant to rent direct.

if you asked any agent whether they used it before, hahahahah if they ever tell you they did, then it is a bit weird to me, as if you are the agent and the property is owned by you, you would not need to even go thru the process of using third party of preparing a tenancy agreement. 

well it is a free world nowadays, for owner who do not want to engage an agent by not paying them 1 to 1.5 month commission fee of the rental, they can do it directly. 

nowadays on top of speedrent, they even launch speedsign

which is helping owner to draft tenancy agreement, and according to them their tenancy agreement is drafted by malaysia lawyer.

landlord only pay Rm9.90 and tenant pay RM 199 or RM 299 for stamp duty and service fee irregardless of the rental amount. 

http://startsign.speedrent.com

the only draw back is that if you are renting a fully furnished unit that you need to put in inventory list and photos, the system might not yet be able to cater to this type of service.

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Fully agreed on this " Well Speedrent is a platform for landlord and tenant to rent direct". I think no one has answer me what's the benefit as a landlord? Personally i dun spot any benefit of it!!!. 

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@duenlim - I'll take this question.

First of all, Speedrent created an alternative for landlord to advertise their property. Landlord has more choices now other than just relying on agent. When consumer gets more choices, consumer ultimately wins. 

Speedrent has automated system to suggest landlord and tenant to right rental pricing based on our huge database so that there is expectation set for both parties and transparency.

Speedrent has automated system to help landlord collect rent, just like Lazada, helping merchant for sales collection so that landlord can really sit back and enjoy.

Speedrent allows online tenancy agreement signing, which is far superior to paper signing. You can sign agreement anywhere in the world. Many landlords we dealt with were out of station and they were concerned how to sign agreement - we solved it. And yes, it's stamped by LHDN, so it's legal. 

Speedrent perform employment and credit check on tenant. You no longer filter a tenant based on skin colour, nationality and profession. We screen tenant like how bank utilises credit score to approve loan.

And the list goes on and on...

Do you think it's just so simple as direct landlord and tenant? 

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@duenlim benefit for the landlord is that they do not need to pay 1 - 1.5 month commission to the agent

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@wheimeng I do admire your innovation here, but question to you is that, in the event that there are defaulters in paying the rental. What would speedrent do from serving the letter of demand to eviction notice? 

This is something that some owner would be interested to know as well.

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@ Whei Wong

Do you think it's just so simple as direct landlord and tenant? That's why I asked from landlord prospective only. But you were like selling how good or how best is Speedrent and looped in Lazada some more (come on I think u trying to confuse yourself). As a little tiny small landlord of me I will still have to pay at least 1 month rental for agent fee because agent will eventually kautim all the stuffs that similar like Speedrent. If i got to use Speedrent I will still have to pay 1 month rental for insurance. correct me if am wrong. 


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About our No Deposit Scheme, Once both of the tenant and landlord agrees with our scheme, upon moving in, tenant has to pay 1st and 12th month rental in advance. Landlord shall receive the 1st month rental in full, while the 12th month rental is paid as insurance and platform fee.

We will do the agreement for you or you can do it thru our Speedsign apps. While for the stamping, the RM399 that has been payed by the tenant will be used for the fee.

For the insurance, Speedrent has compliance with Allianz General Insurance Company (Malaysia) Berhad that offers guarantee up to:

1. 2 months rental if the tenant default.

2. RM1000 for minor repair works, cleaning expenses and any outstanding utility bills incurred by tenant.

3. Up to RM15,000 Accidental damage and theft.

2 Demand Letter.

The claims will took only maximum 72 hours, while for the accidental damage will be at least 3 weeks as the amount are huge.

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@imronaldsoo not sure what's the charges if landlord using this service, do you know about it? 

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@imronaldsoo 

I would appreciated if u could remain silent if you are unsure. 

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We partnered with Allianz General Insurance to offer insurance protection for landlord. The benefit includes 2 months rental guarantee, RM1000 inconvenient benefits, RM15,000 accidental damages and 2 demand letter. 

In the event a tenant default, there will be law firm sending demand letter to the letter. Failure of doing so would result in eviction. 

As for duenlim, if you have found an agent that serve you well, then you are well taken care of. I have great respect for agents that provide awesome service and they deserve to stay in market and continue serving consumer.

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@wheimeng 

You dun get the point here. 

This is so called innovative? Hmmm

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@duenlim Yes, both charges one month, but we made a small tweak to the charging model, and to landlord's benefit.

Agent charges 1st month rent. Speedrent charges last month rent.

Technically it's 1 month, but you don't -actually- pay Speedrent anything if the tenant default anytime between the first 11 months. 

e.g., If you rent a house RM1000. And tenant leave at the end of 6th month.

Agent: You net RM5000.

Speedrent: You net RM6000.

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@duenlim 

I've stated the innovation above. 

1. Full electronic signing vs paper signing 

2. Automated rental collection vs manual collection

3. Credit check on tenant vs *not sure how you filter your tenants*

4. Transparent pricing suggestion 

These are some of the innovation we have done. 

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how many users using the apps now? especially for tenant.

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We have exceeded 150k downloads in Google Play and Appstore. Landlord Tenant ratio is around 30:70. 

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@wheimeng 

This part very confusing. sorry ahhh i am very stupid because i only zoom in to landlord interest 1st. It will be good if you could do so as well. 

Agent charges 1st month rent. Speedrent charges last month rent.  --> Landlord will pay the last (12th) month rent to Speedrent? 

Technically it's 1 month, but you don't -actually- pay Speedrent anything if the tenant default anytime between the first 11 months.

e.g., If you rent a house RM1000. And tenant leave at the end of 6th month.

Agent: You net RM5000.

Speedrent: You net RM6000

Landlord collected 6th month rental which is RM6000 if tenant leave at the end of 6th month. sorry i still dun get it this statement????


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I saw some member mention about agents sending hate mail to speedrent. LOL. 

As a agent myself, i'm do understand why its that happen at the beginning. 

Online service for tenant/buyer direct deal with owner, speedrent is not the first in Malaysia. Everyone remember "mudah" ? Yes its allow both parties direct deal without agent. But why agent wont send any hate mail to Mudah for all these years ? Easy. Because Mudah never attack or stepping agent publicly like speedrent. 

You should promoting how good your service instead of stepping other people. Every fields have a bad guys include doctors , lawyers, etc...Its totally unfair for those keep their professional service. Well, lets pass its pass since speedrent did not attacking agent anymore now.

World changed. But something still not change. Selection of tenant. A lot of owner still selecting tenant base on nationality, skin, etc...even the tenant profile are good. 

Ofcause Speedrent is one more platform of choice for owners to use which is good. I do believed each type of service also have their own market. Just like some like to eat Durian some dont. Difference owner prefer difference style. Even some of the agents friend want to rent or sale their own properties also some still will choose to go for other agent with full 3% commission + 6% GST (even their ownself are agent too).

Everyone lets just do their best part. Its will have your own supporters each.

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@wheimeng 

Brother, a lot of things are not clear. 

I've stated the innovation above.

1. Full electronic signing vs paper signing ---> How about the stamping?

2. Automated rental collection vs manual collection -> Can you elaborate step by step. To me is it's sound like the tenant paid full in one shot. 

3. Credit check on tenant vs *not sure how you filter your tenants* -> CCRIS check or CTOS check? 

4. Transparent pricing suggestion -> Pricing base on what data??? 




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@duenlim I do believe you are getting too personal into this, and targeting speed rent. 

Please read my statement properly, and I am just saying based on the fact. I had quoted that 

  @duenlim benefit for the landlord is that they do not need to pay 1 - 1.5 month commission to the agent  

Which is true, I did not mentioned that you do not need to pay anything to speedrent nor I have no knowledge about it, but I do not black mouth my competition.

Which statement i mentioned above is wrong? Please correct me, by highlighting it in red.

This is an open forum and everything is open for discussion, you cant just ask someone to keep their mouth shut just because that is not the answer you are looking for!

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@imronaldsoo 

1st, i am politely requested him to be silent if he is unsure. But, you're taking that in negative way. Aren't you? 

2nd, i am just a little tiny small landlord why should I getting too personal to   Speedrent. Speedrent exist will kill me or help me or got nothing to do with me? 

3rd, do you think i care about the competitiveness of Speedrent and Agents?



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@duenlim Hi Yeen Duen,

if you are really a little land lord, would you even bothered to use speedrent and asking so many question in an open forum?

Just use your conventional way of renting your property out and reach out to speed rent privately to have all your clarification cleared.

I doubt an agent will be checking a tenant CCRIS and CTOS credit report in the first place.


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No big deal guys. Its just a miss understanding between conversation. 
Its a discussion and exchange opinion only. 

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@imronaldsoo

Don't take it personally. This is just a open forum. I did politely requested you to stop if u r unsure. 


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@duenlim 

1. Full electronic signing vs paper signing ---> I've stated above that it goes through LHDN as well. 

2. Automated rental collection vs manual collection -> We automate invoice for collection so that they can pay online OR auto debit credit card. 

3. Credit check on tenant vs *not sure how you filter your tenants* -> CCRIS check or CTOS check? Both. 

4. Transparent pricing suggestion -> Pricing base on what data??? Market data and our in-house data. 


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@wheimeng Hi WheiMeng,

Are you sure you have rights to access CCRIS Report of individuals?

I thought only Financial institutions’ credit officers are able to access the applicants’ CCRIS report from the comfort of their offices

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@imronaldsoo Yes, we have. We get consent from tenant. 

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@wheimeng Will the CTOS and CCRIS report made available to the Owner for their own assessment?

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@imronaldsoo no, we do not share that. Apart from using CCRIS data, we also have other checkpoints. 

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@imronaldsoo 

Why u so care about my questions. I am getting u to stop answering is because it's clearly showing that you're unclear about speedrent. Let the experts from speedrent answer. 


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Serious. I didn't know about all these until it is mentioned here. Guess location of renting a place do make a difference in getting the place out.. =(


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It is only unfortunate that Speedrent currently does not cater to owners of commercial units... the rest i can see plenty of potential...

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@domng I see. Thanks for telling me about this.

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posted two unit for rent and see got any good news or not.

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@6011_3531_5354 Good luck to you Nic. =)

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@Nic. Must actively promote our properties sometimes. We know best of our requirements. If need to be low profile, suggest to engage agents. 

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@wheimeng 

Good to know that downloaded rate has exceeded 150K via googleplay & appstore. May i know how was the transacted rate? 

@domng

Not sure what you mean about low profile. I reckoned we should get the highest net return on a rental property. That's why i am here to find out more. 

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@duenlim - our tenant profile are towards the younger professional, therefore studio, fully furnished and affordability are the key to rent.

Areas like Cyberjaya, Damansara Perdana / Kota Damansara, Puchong are our hotspot. Conversion rate there is between 3-10%. 

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@wheimeng thank for your insight. 

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@6011_3531_5354 

Nic, any news after posting your units in Speedrent?

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Speedrent, Can you guys stop advertising in facebook saying that agent not free to help landlord renting out their unit? Can stop telling lie and be honest atleast once? 


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@yunsyn Why do you think it is a lie? 

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@wheimeng 

Maybe have black sheep amongst Agents. Agents are useful generally, Speedrent I think are just filling the gaps left out by agent. Might not be suitable for everyone. 

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@yunsyn Is there a link to this? Wanna start exploring the option of using SpeedRent for my friend's unit as i'm not specialising in Cyberjaya. Guys if you do that area pls feel free to be in touch with me to get this listing. must close asap. =) 


@wheimeng Anyway, I have yet to list on SpeedRent successfully either through the app or browser platform. Dear Speedrent mind expediting this for me,? tqtq. 

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Why you think that's is not lie for not telling the true. Telling lie without blinking eyes, your speedrent really worst then those con man.

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@yunsyn 

Not telling the truth doesn't mean is lie. I would think it is similar to simply response a question. I can understand the SpeedRent because their targeted users or consumers is either tenants and landlords maybe certain type of investors. 

That's why i could not find much benefit of engaging Speerent rather than an agent as a landlord. That's a huge challenge for landlord to accept no deposit scheme and fork out one month rental to buy insurance to protect things may damage by tenants.   

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@yunsyn i've faced this as a landlord myself 4 years ago when dealing with agents. I asked my friends around me, and they experienced the same. In Nov 2014, I SMS 50 agents who advertise in Bandar Utama to help me lease my property in Kayu Ara (one street away), only 4 bothered to reply my SMS, and 2 came over to take photos. As a landlord, I was lost... why so few people wanna help me?! That was when I started to think of building Speedrent.

I always say that there are good agents, but there are also many lousy agents. My experience has always been dealing with not so good agents (maybe I'm not a property tycoon). Except one I dealt recently, Hugo Lim from Tech Real Estate, he has been very professional). 

Please allow me to state the truth. Agents = human, and human is not scaleable. The moment a human deal with 15-20 customers, the person is maxed out. The quality of service will drop if there is attempt to take in more. There are good agents who are smart to focus on a handful of good customers and keep focusing on that. That  result in great repeating customers, and also great service. 

But many agents just do the transaction, and then see you next year or next time. No service at all. 2 months ago, I dealt with a horrible, unethical agent, whose name is Adrian Gan from Wise Man Realty. I've filed a complain to MIEA about this ~1 month ago and to date, not a single reply. To put on record, I actually use an agent too, along with Speedrent - and I also recommend all landlords to use both, why go exclusive with just one? After all, as a landlord, I just want a tenant. Fee - is secondary. 

My vision for Speedrent is simple, landlord and tenant go direct because this is more scalable. And Speedrent offers all the tools and automation to make it simple for both parties to rent in a safe, easy and transparent manner. 

For those landlords who have found a good agent, keep it because I believe they do add value. But if you wish to try out what Speedrent is all about, no qualm about it. 

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Totally no confident on this

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@duenlim on paper, it sounds like a lot to lose as a landlord without deposit. But if you understand how it works in details, you will find it very different.

I'm happy to talk to you if you are open to just understand what we are trying to achieve here. No sugar coating. Guaranteed. Honest opinion. 

We don't claim to be everything, we know where we are weak and strong at. 

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@wheimeng 

I would like to know how it's actually work. Let me know how we proceed the discussion. 

Based on what u had explained does it mean that Puchong, CyberJaya or Kota Damansara got many unethical agents versus less ethically  :)

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Whei Wong,


See....every field have good and bad people. You advertise something like "agent not free to help landlord" sound like all agents like that and not fair to those good agents.

Why not highlight Your vision for speedrent in your latest comment (just my opinion, not to teach you how to advertise) instead of attacking whole field agents?

Long before speedrent already have something like "Mudah" for tenant and landlord directly deal. And Mudah never attacking the whole field of agents. We agent have no question for any other channel or wedsite for landlord/tenant have direct deal. 

Only dont attacking the whole filed agents. 

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@duenlim 

We have no issue at all for landlord choose to use agents service or any other service. Just when somebody focus on attacking other instead of highlight their own good. Think twice. 

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@duenlim there is no strong credible neutral party conducted a survey on that. We have conducted on our side when we started and it was landslide towards negativity over agents. I believe that data is skewed heavily because that was the exact reason the landlord and tenant flocked over to Speedrent. So we didn't publish the data. 

But based on a macro view of 'servicing' attitude, I dare generalise that Malaysians do not have a great servicing attitude when we compare that to Japan / Taiwan, when it comes to mass market, not high end market. 

You can drop me a WhatsApp at 0192679338, and I can call you to explain about it.

@yunsyn We have actually started moving to that direction because we have a strong offering now to talk about our offering. It didn't mean that we were attacking agents, but we were differentiating and stating the pain point of dealing with agents. Now, it may not be applicable to everyone's experience, but I suppose if we use the same logic, then:

We are all wrong when we say taxi drivers in Malaysia are bad.

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@wheimeng 

Yes, good to hear that your side started moving to that direction and have a good offer. 

Base on that logic, that's why now a day users more on  just emphasize the convenient or rate fare about Uber/grabcar. The good of uber/grabcar instead of attacking whole filed of taxi drivers. 

Would it be nice if something like  " If that is no good agents serving you right now? Why not try speedrent, and we provide xxx service and xxx benefit " ..see, an example of not attacking the whole field.