Malaysia often sees racial discrimination in the rental market. In order to make a contribution in this month of Malaysia’s establishment, the company has launched Overstay Cash Defender (OCD) to encourage the landlord to rent out their unit to any race tenant.
According to SPEEDHOME chief executive officer Wong Whei Meng, many homeowners have their own ethnic preferences during the process of choosing tenants due to bad experiences in the past. Therefore, in order to promote harmony among all ethnic groups, Wong said SPEEDHOME has launched a cash guarantee package for overstay tenants for up to 12 months（terms and conditions apply).
“If a landlord encounters a bad tenant and still occupies their property without paying rent, the landlord bears the loss of rent and legal fees for court orders. But now with this Overtstay Cash Defender initiative, SPEEDHOME has them covered. As long as the landlord finds the tenant through SPEEDHOME and opts in for SPEEDHOME’s Extended + package, SPEEDHOME will pay the rent to the landlord during the tenant’s overstay period in the house and bear the legal fees for evicting out the bad tenant,” he added.
Furthermore, after successfully evicting the tenant, the landlord can also claim their loss for the theft and damage from the insurance company.
Wong also commented that “September is the month to celebrate the establishment of Malaysia. Such incidents as rent discrimination should not continue to occur in Malaysia. However, the current law in Malaysia is more biased towards tenants, thus causing homeowners to choose tenants. The process will inevitably be stricter. As a rental platform that advocates fairness and zero discrimination, we are willing to take the first step and share risks with homeowners to reduce the incidence of residential rental discrimination.”
In addition to overdue living cash protection, SPEEDHOME’s zero-deposit policy will also continue. After implementing these two measures, it is predicted that this will increase the willingness of homeowners to rent their houses to high-quality tenants from any background and ethnicity.
Wong Whei Meng urged that after the bank loan moratorium is over, it is predicted that the landlords who bought the house for investment and not for his own stay will face greater pressure. Therefore, it is best for homeowners to find a good long-term tenant as soon as possible so that their property can bring them more cash investment . If homeowners act late, they may face greater downward pressure on rents.