PROPERTY leasing platform Speedhome is looking to double the gross rental value (GRV) of homes transacted by the end of 2020.
Speedhome CEO Wong Whei Meng is looking to grow GRV to RM50 mil from RM25 mil by next year on the back of a demand for zero deposits and a preference for digital applications.
“This new concept makes it easier for tenants and landlords to transact their houses. We have over 2,000 properties successfully transacted for rental on a monthly basis, including rooms and properties that are being listed on our Speedhome application,” Wong told the press after the Allianz Malaysia-Speedhome X Digital Innovation in the Property and Insurance Market forum in Kuala Lumpur on Dec 4.
Speedhome aims to “garner an additional 600 properties to be successfully transacted (rentals) in the first-quarter of 2020,” he added.
Speedhome is an online platform where landlords can list their homes on its website or app. Once a transaction is completed between landlord and tenant with rentals ranging from RM800 to RM5,000 for homes and RM300 to RM1,500 for rooms, Speedhome automatically protects the rented unit up to RM24,000. Insurance charges kick in for landlords once they successfully rent out their units.
“With our newly launched homerunners service, we offer to take care of the rest of the rental process from arranging the viewing, signing the tenancy agreement online and providing insurance coverage,” said Wong.
Speedhome has partnered with Allianz General Insurance Company (Malaysia) Bhd since 2017, providing homeowners up to RM30 mil in protection. The sales pitch of the Speedhome-Allianz collaboration is that landlords need not worry about runaway tenants and tardy paymasters as well as damages to the units.
According to Allianz Malaysia head of digital partnership and innovation Michael Fong, around RM800,000 in claims have been reimbursed to 300 landlords. “Loss of rent is one of the most-claimed benefits,” he said.
He added that the online insurance market was evolving, giving opportunities for the company to explore innovation-led collaborations.
“We currently work with over 40 digital partners to leverage on their digital capabilities to innovate solutions and improve customer experience,” Fong said.
