Kuala Lumpur 2nd Feb 2022 – Driven by high demands, Malaysia’s 1st unbiased online property rental platform, SPEEDHOME, expands to Johor Bahru with unique rental solutions catering to the needs of landlords and tenants.
SPEEDHOME is a data-driven rental platform that has revolutionized the rental process in Malaysia by making it secure and hassle-free.
Improved Offerings for Tenants and Landlords In Johor Bahru
Complimenting its arrival in Johor Bahru, SPEEDHOME has launched the “Great Johor Expansion Campaign,” which offers landlords on-time rental guarantees and insurance upgrades worth more than RM500 and a Tenancy Agreement fee waiver of RM399 to tenants when they rent a property in Johor Bahru through SPEEDHOME.”
SPEEDHOME CEO Wong Whei Meng said, “Our growth plan is to expand our reach to areas outside of the Klang Valley. We’ve always had traction with our property listings in Johor Bahru. Still, according to Napic research reports, Johor has the highest number of overhang property units in the last few months. Coupled with the overwhelming response to our Great Johor Expansion from landlords and tenants, we knew that Johoreans were ready to try new solutions.”
“We have also prepared webinar sessions on this 24th February (Mandarin Session) and 2nd March (English Session) to help give landlords an overview of how the campaign and SPEEDHOME help landlords overcome the rental market challenges more adeptly.”
Overcoming Rental Market Challenges In Johor Bahru With The Right Tool
Johor Bahru has around 1.3 million population, and the base on the Department of Statistics Malaysia shows our country’s housing ownership is about 76%. With the assumption that 24% of the population are not house owners, there are 310,000 potential tenants that landlords can access if given the right tools.
However, despite the strong demand in the Johor Bahru rental markets, tenants in JB still possess greater bargaining power due to the high supply of vacant units. With new properties flooding the market, passive landlords may drown by overwhelming competition.
“For Landlords, this situation worsened during the border closure, as those staying in Johor Bahru and working in Singapore were forced to stay in Singapore, causing an unbalanced demand and supply. Two years into life with COVID, we are still unsure whether there will be any more border closures in the near future, hence the urgency for landlords to try out new strategies to win tenants there,” he adds.
By encouraging landlords to leverage SPEEDHOME’s technology, SPEEDHOME hopes to help landlords focus on providing more value-added factors that go beyond discounts on monthly rentals to attract tenants. This includes zero deposit, packaging wifi, or cleaning services.
SPEEDHOME is Malaysia’s first online property platform that has changed the way landlords and tenants interact. It has raised RM7 million in a Series A funding exercise with the fund to be capitalized on the platform’s regional expansion and tech advancements with partners Allianz Malaysia. It is one of the first investments by Gobi Partners. As of July 2021, SPEEDHOME has clocked over 575,000 app downloads and over 700,000 tenant inquiries in total.