Blog

Three Deposit Replacement Schemes Dispelled for Property Agents

Posted on

Written by: Timothy Woon
BlueDuck Business Partnerships Executive

Rent your ideal property faster than before! Landlords, get protected! Tenant, no need forks up hefty deposit!
A “BlueWave” of Zero Deposit is entering the residential and commercial renting market and promising awesome advantages to landlords, agents and tenants.
In the world of renting, traditional deposit and zero deposit can seem confusing. We are here to dispel some common illusions about zero deposit.



Illusion 1: Zero Deposit is Unpopular

Reality: The zero deposit market is booming! Our BlueDuck Zero Deposit mean tenant do not have to pay a hefty of their savings upfront for their rental deposit. Meanwhile, landlords get enhanced protection and agents get a great alternative solution to help them stand out from competitors. We have over 2,000 property agents trained in BlueDuck product and system and that number’s growing all the time!

 
   

 Illusion 2: Damage is more likely to be created by tenant if no deposit collected
Reality: Some people worry about zero deposit tenants will leave the property in bad condition because they think the zero deposit provider will pay the bill. In reality, tenants are just as liable for damage and unpaid rent as they would be with a traditional deposit. We make sure our partner agent is well trained and brief tenant their responsibility when they buy their BlueDuck Zero Deposit package. In fact, the landlords we work with have greater protection because we give up to 6X higher coverage compare to traditional deposit.



 Illusion 3: I will enter into a mis-selling scandal if I sign up for Zero Deposit 

Reality: If you are worried that zero deposit could lead to financial claims further down the line, you do not need to be. Bear in mind with all business decisions: do your research! Make sure the providers have a good reputation. At BlueDuck Zero Deposit, we are collaborating with Liberty Insurance Malaysia, a license insurance provider regulated by the BNM, which means we are legally obliged to protect the rights of our landlords and treating tenant fairly as in verifying and qualifying based on their credit history or documents submitted. This authorisation gives our trained agents being transparency when explain to landlord.

In conclusion, Zero Deposit helps tenant to save their cash while still holding tenant responsible. Apart from that, as we have ongoing training for agents making sure that their zero deposit knowledge are updated to reduce on mis-selling. Because collaborating with an insurer does not guarantee that mis-selling will not happen. However, maintaining relationships with agents, being attentive to their problems, and committing to providing the necessary training to equip them with knowledge are all important. We hope this helps make clear about zero deposit easier. Still confused?


Book a slot via calendly.com/blueduck/zerodeposit for Zero Deposit training or call 016-6117154, we'd love to help clear up your queries!


Read More

BlueDuck in collaboration with Dreamvest Realty offers Rental Solution for Secondary Market

Posted on

In BlueDuck, we are pleased to announce on this collaboration with Dreamvest Realty. Our two companies share a passion for bring the real estate industry up to speed by offering landlord insurance to the market.


Led by a team of vibrant and energetic leaders. Dreamvest Realty is formed by three directors with combined over 20 years of experience with over 200 active real estate agents across Klang Valley. Dreamvest Realty is experienced in various fields including residential high-end condominiums, industrial and commercial properties.

“With so much potential for rental insurance to grow big in this country, we at Dreamvest Realty feel the time is ripe for us to get involved in it,” Charles, Executive Director of Dreamvest Realty.

 “We aim to commercialize zero deposit to the secondary market to do away the high initial rental deposit. Through this collaboration, and with the full support of these key stakeholders, it can leverage its strength on reaching out to the newly VP properties owners.” Earnest Wong, Founder of BlueDuck added.

Currently, Dreamvest Realty target area are in Setapak, Wangsa Maju, Old Klang Road, Bukit Jalil and Sri Petaling mainly on residential condominiums and focusing on the newly handover buildings like Citizen 2, Pinnacle, etc.

With that, Dreamvest Realty – the achiever in real estate is now extending its services on tenant management by providing end-to-end tenant management through technological systematic rental collection using FPX system that is aimed to be launched in June 2021 in having tech partnership with T+, the leading tenancy operating system in Malaysia, product of BlueDuck.

BlueDuck Truck has just ended its roving tour by having its last stop at Old Klang Road yesterday. Stay tune to announcement of the top 3 winners in the Snap, Share and Win contest tomorrow on BlueDuck Facebook page at www.facebook.com/blueduckmy.



BlueDuck, the Fintech in Malaysia is the exclusive distributor of Zero Deposit.  Aiming to make rental experience better and commercializing rental solution for the secondary market. Its next in line product is the Zero Deposit in commercial properties. We connect with agents to offer this Zero Deposit solution. Buzz us!


For Zero Deposit information, reach out to http://wa.link/a13qcw or check out www.blueduck.my.
For leasing of your VP properties, reach out to Dreamvest Realty at 03-9054 2525 or check out https://www.dreamvest.my/.

Read More

Sharp Rise in Number of Agents offering Zero Deposit

Posted on

Sharp Rise in Number Agents offering Zero Deposit

There has been a significant of increase in number of letting agents are offering Zero Deposit and many are benefited from it mainly for 2 reasons – faster enquiry, solving the concern of tenant and landlords.

BlueDuck Zero Deposit – designed to unlock deposits to increase cashflow for property industry. It was initially rejected by many due to lack of understanding from agents – mainly they were afraid that this is to disrupt their sales process. After rounds and rounds of educating the market, it is proven that BlueDuck Zero Deposit is here to enhance the property market.



Tenant Remain Accountable

Under the term of Zero Deposit, tenants remain accountable for any damages, unpaid rents, and outstanding utility bills. And many may ask how? This will be recorded in tenant’s CTOS report. Banks decline your loan application based on how you have behaved in the past – whether you paid your bills/loans on time, and that will affect your credit scores.

With this, irresponsible tenants will be filtered in this 12-24 months while a group of responsible tenants will be combat with people’s tenant’s bias. Creating a healthy rental market for all the players – landlord, property agent, and tenant.

Landlord Enjoys Cash Flow

BlueDuck Zero Deposit  allow landlord to have their property vacancy risk to be shorten with this attract offers to potential tenants especially in this competitive and volatile market. Cash flow is key in managing investment properties.

Our message is clear - If agents are offering Zero Deposit as replacement of deposits, it is vital that landlords gets to enjoy getting verified tenants through BlueDuck Zero Deposit.

For more information, check out our website at www.blueduck.my

Read More

Freedom of Deposits

Posted on


With the third wave of pandemic hitting in Malaysia, property market is now clouded with uncertainty with the job insecurity and business insecurity in the market. According to iProperty, there are shift of rental market demand from Selangor to suburb areas and rental asking rate are below RM2,500 per month. What is the future outlook for rental market? 



BD Zero Deposit 
BD Zero Deposit was first launched in July 2020. Just two months later, the first ever Room Rental Zero Deposit in exclusive collaboration with the largest sublet operator association – Malaysia Associationof Sublet Operator (MAS0)One protecting units rental while the other protects on room rental.

BD Zero Deposit was designed by bundling together with BD Pay – Direct Debit rental collection system to mitigate the risk. With this, the claim process can be more efficient with BD Pay record (proof of failed transaction), police report, tenancy agreement, photos, bill payment records for claimant to pay out in 14 working days. 

This insurance is underwritten by Liberty Insurance Bhd which has been around in Malaysia with 42 years of experience. 
How does BD Zero Deposit Benefits?
“Was it for tenants?”
“Was it for landlords?”
“Was it for agents?”

Well, we believe it benefited all parties. For tenants, paying hefty deposits upfront is no longer needed to get yourself a new home. Do not worry about transferring and sending payment receipt to landlord manually every month. Let BD Pay to debit your account every month like how you pay for your gym membership.

For landlords, get better protection. We have different insurance packages from RM10K, RM30K and RM50K coverage. For example, if your property is rented at RM5K per month, get yourself protected with up to
  • 2 months unpaid rental + 0.5 month unpaid utility when tenant runaway, malicious damage of house contents total up to RM30K
  • Householder insurance RM30K
  • Houseowner insurance RM30K
With the fast payout from insurance company, need not to worry about cash flow issues but move on with renovation and get ready for your next tenant. It also reduces your headache of reminding tenant of rental payment and checking if the payment is in. Let the system do the work.

Everybody wants to stand out in the market. As real estate negotiator, you can make your properties more appealing when you offer the latest product in the market to your clients, having the competitive edge.  

What’s Next
Zero Deposit is the new norm in the market. Let insurance company to protect you against potential losses by paying a fraction for your premium. If you would like to know about the application process, premium, or claim process, do email us at support@blueduck.my and remember to hit like & follow button in our Facebook Page.

We are featured in:
Read More

Renting Myth Debunked!

Posted on

Whether you are a landlord or a renter, there is a lot of information out there that you might here that will make you do a double-take. Understanding how the whole landlord, tenant system works will get you in a doozy sometimes but that doesn’t mean that you have to believe everything you here.

This is where we come in to help you debunk some of these myths about the renting industry as a whole. Are you ready to debunk some property and renting myths? Let’s do it!

Myth 1: Landlords Are Responsible for All Repairs and Replacements of Issues

In Malaysia, landlords are responsible for repairs and replacements of things in the house up to a certain time. One thing you should also look at in the lease is that they will be responsible for certain things for 3-6 months and after that, it is considered normal wear and tear. Landlords are supposed to ensure that the house is in a livable and comfortable place.


 

But always check with your agent what is included in this clause because things like airconditioning maintenance are something that usually isn’t covered. So the myth that the landlord is responsible for all repairs and replacements of things in the house is definitely a myth. Always read the contract!

Myth 2: Rental Prices and Terms of The Contract Are Not Negotiable

Until both landlord and tenant sign the contract, everything is negotiable. Most of the time rental prices can be negotiated. Sometimes, the rental can be reduced if you do not have a car and you would not require a parking space.


 

Always check the terms first and see if it is something that you want to invest in. This applies to both the landlord and the tenant. As a landlord, you need to trust that the tenant is someone that you can trust to take care of your home. And as a tenant, you need to make sure that the contract protects you when needed and that the pricing and requirements is legal and is in your range of what you want to spend and commit to.

Myth 3: You Are Stuck With The Contract Until It Ends

All contracts are legally required to have an end date and grounds for termination. This is to ensure that everyone gets the chance to get out of a contract if they need to. This clause in the contract is put in there to protect both parties, the landlord and the tenant.

Most of the time in Malaysia you can break the contract and get out of the lease as a tenant but you will need to forfeit your deposit. And as a landlord, if you want to get out of the lease, you will either need to give the tenant time to find a new house and pass them the full deposit as soon as possible.

These are the 3 biggest myths we have heard from multiple people that surround the renting industry. Do you have any myths that you want debunked? Or have you been part of a myth that came true?

We would love to hear your stories. 


Written by: Tashya Viknesh

Read More

Become an Awesome Landlord by Doing These Today!

Posted on

Being a landlord can be stressful. You’re worried about if your tenants are maintaining your house, if they are having parties every night or even if they have destroyed your plumbing. Trust us, we’ve heard some horror stories in our time.

But, there have also been horror stories about landlords who weren’t as nice either. At the end of the day, the only way to have a win-win situation is if both landlord and tenant mutually respect each other and understand that it is a legal contract that you are bound by and that everyone deserves to live in a beautiful home and that space deserves to be respected.


So as a property owner, how do you ensure that you are awesome and making sure that your tenants not only respect you but love you too?

Here are some tips on how you can be an awesome landlord:

  1. Being Professional

This is extremely important and that you should be professional from the start. When meeting with your potential tenants or when you drop by for anything, always show up looking professional and that you always maintain professional communications as well.

You need to understand that it is a legal contract that you are signed into and that you should stay professional all the time. Communication is extremely important so that you can keep up with the condition of your home and allowing you to always be in the loop of what is going on.

  1. Being Trustworthy & Someone Who is Reliable


Can you imagine being a landlord that never answers their phone? Your tenant could be calling you because a pipe burst and if you don’t answer, the damage done would be so much worse. If you are a landlord, be prepared to have to tend to emergencies at any time.

We are obviously not expecting you to pick up the phone at 4 am but always strive to get back to your tenant in a reasonable amount of time. Always acknowledge their messages so that they are able to trust you and become more willing to open up about the issues they face.

If you seem like you don’t care about them, the understanding might be that they would not care about your property either. So it’s much better to always strive to be reliable and trustworthy no matter what.

  1. Being Quick and Reliable with Maintenance

Things break all the time and you can’t help it. You are supposed to be responsible to help your tenants fix issues and you should not hold onto it for too long because it might cause some uncomfortable in their home.

It might not be urgent but it’s something that you need to keep up with because you are responsible for it. Also always ensure that you have a budget that is ready for issues like these that crop up.

  1. Compassion

Bad things, mistakes and accidents happen all the time. Unless the tenant has done it on purpose, sometimes you need to be compassionate to understand that something bad had happened.

Especially with the issue with the world and the pandemic that is happening, if they need some time to pay for rent or if they require a lowered rent and you are able to allow that, please be a bit more compassionate and allow that to happen.

Being a property owner is a responsibility, but it’s a great investment and you are able to meet some cool people and give people a home.

Start being an awesome landlord today! Also, by being that you may also subscribe to our services like auto debit on rental collections.

It saves up your time and tenant's time in reminding and checking payment. Do all that with a click.

Book a demo with us to find out more. It's easy!!

Share with us your thoughts!

Written by: Tashya Viknesh

Read More