Originally conceptualised as an app, which has gone live on Google Play and Apple App Store since launch, to address a prevailing issue that tenants and property owners face, the founder behind Speedrent, Whei Meng : having to go through the necessary steps of hunting down for locations, arranging appointments and setting the time, going for viewing, and repeating the process until the perfect place is found.“I, intially, tried to rent out my house and learnt, quickly, that I had to deal with agents if I want to find any potential customers. The websites I went to had agents available and are very agent focused. There are platforms that owners can use directly to rent their properties. It had been at that point in time that got me thinking, how can I create something that enable owners to rent houses on their own,” Whei shared.
The idea had been compelling enough and currently experiencing accelerated growths that it encouraged Steason Tee, a friend of Whei, to sign on as the business development aspect for Speedrent.
According to Tee, even before he subscribed to and signed up with Whei, he knew of the growth potential that Speedrent had. This belief, in short order, became reality when the response to the personalised property renting app grew to unprecedented proportions.
“Since the launch, we’ve seen over 8,000 downloads to-date and 100 discussion sessions occurring every day. Most of these ‘chats’ quickly led to fast-processing and signing of tenancy agreements. The whole idea we had for Speedrent, in wanting to make things more efficient for property rental, suddenly took shape and is now dictating how things should be like,” Tee revealed.
The app, in essence, connects prospective tenants, who are looking for houses or condominium units to rent, to owners who already have such locations available for all to see and consider. From arranging meeting times for property viewing to setting up the deal signing, it is all done within the app.
According to Whei, the Speedrent app – currently operating on RM500,000 in funds via his own means and with support from familial quarters – is designed and developed to provide the best rental solution in residential properties for both owners and tenants. The catch: none.
“Everything is done so they can engage the service for free!” Whei revealed.
Making an earning for Speedrent, AKA monitisation, comes in the second phase of the plan Whei has drawn up – the roll-out of Speedsign. This is the tenancy agreement aspect of the rental process. Basically, the upcoming platform is where the deal is drawn up and include the add-on functions like furniture delivery, utility upkeep and installation, as well as living enhancement installations like fibre-to-the-home broadband and video-on-demand.
“The concept of up-sell comes into place at this stage,” Whei said.
Offering an app that is free, has no advertising, and only made to provide a streamlined process of renting property, it does sound like the proposition Speedrent has is too good to be true. While it may seem so, the other things shared during the video interview – as attached below – speaks of a disruptive practice that will certainly revolutionise the way things are done with renting, managing, and maintaining rented properties within residential spaces.