Minister hopes rental property platform will help B40 move to home ownership

Editor

June 6, 2019

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Rental property platform SPEEDHOME may enable the poor to move from rental to property ownership because of the app’s rental deposit-free feature, a minister said today.

Housing and Local Government Minister Zuraida Kamaruddin said the platform’s added accessibility to potential homeowners of the bottom 40 per cent income (B40 group) was a creative approach in assisting the federal government’s rent-to-own schemes under the government’s National Affordable Housing Policy.

“Their no-discrimination policy will definitely help because the B40 group consists of low-income earners and they will be able to match with properties that are insured.

“I hope SPEEDHOME will look to insuring lower-rent homes for the B40 so they can get used to this rental scheme before settling for home ownership in the long run,” she told reporters at SPEEDHOME’s launching ceremony at its head office here.

Under SPEEDHOME’s discrimination-free policy, individuals regardless of their colour and background will be accorded fair treatment when looking for properties to rent as landlords will not be able to include tenants’ criteria when posting their property.

Zuraida also pointed out that rent-to-own is something the ministry wanted to move forward with, saying the platform’s no-hassle, no-deposit trait will make housing ownership more accessible by allowing people to save up to eventually buy a home.

SPEEDHOME (formerly Speedrent) is an automated mobile platform connecting landlords directly to tenants while providing rental protection and house-purchasing services.

Among the unique selling points of SPEEDHOME is their No Deposit, No Commission policy combined with insurance for reassurance and direct communications with the homeowners.

SPEEDHOME also provides a simplified and transparent rental process for both landlord and tenants to make informed decisions by combining automation and interactivity for its users.

The platform’s insurance provides insurance and rental protection up to RM1,000 for minor damages and up to RM15,000 for theft, including loss of rental for up to two months.

During her speech, Zuraida said SPEEDHOME will therefore provide a kind of discipline for potential homeowners from the B40 group as it opened up more accessibility channels for home ownership and alternatives to stringent financial institution checks.

“There is a lot of disposable income from the B40 group and if they manage their financial situation properly, they can become asset owners and shareholders.

“I believe we can improve their quality of life and with SPEEDHOME’s effort we can see somewhere along the same wavelength,” she said.

When asked if SPEEDHOME and similar platforms should be regulated, Zuraida said she does not see a need for regulations as clear policies were already in place.

“The only thing that remains is get the Residential Tenancy Act to bind with both landlord and tenants together in the effort to reinforce the SPEEDHOME concept,” she said.

Also present during the event were SPEEDHOME founder and chief executive Wong Whei Meng, Real Estate and Housing Developers’ Association Malaysia chairman Datuk Soam Heng Choon.

Read more here.

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Miabannermay12

Editor

June 6, 2019

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Acerca de Lucas Vargas:

  • Empezó en Grupo ZAP como el VP de Sales y en 2016 cuando la empresa tenía 60 empleados. Fue nombrado COO de VivaReal tomando el mando de Brian Requarth el Co-Fundador. VivaReal lanzó en Colombia y se trasladó a Brasil. En 2017 se hizo CEO del Grupo ZAP.
  • Ha trabajado en Mexico en PWC y en el Banco Santander
  • Tiene un Master de Business Administration de Harvard
  • En noviembre este año después de la fusión de OLX Brasil y Grupo ZAP fue nombrado el CEO del OLX Business Unit. Lidera la empresa junto con Andries Oudshoorn y Marcos Leite
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Simon Baker is the Founder and Executive Chairman of Online Marketplaces and Property Portal Watch. Involved with property portals for 15 years, he’s a well-recognized expert and industry consultant.
As former CEO/MD of the REA Group for 8 years, Simon led the group to its current market-leading position. When he joined REA Group in 2001, it had $4m in revenues, $6m in losses and an $8m market cap.
By 2008, the company presided over $155m in revenues, $35m in EBITDA and enjoyed a peak market cap of $1b. Simon is currently Chairman of the Mitula Group and Real Estate Investar and a serial portal founder and, investor.