Sharp Rise in Number of Agents offering Zero Deposit
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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. This insurance policy – BlueDuck Zero Deposit was introduced back in September 2020. 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 12-24months 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 Gets Protected
BlueDuck Zero Deposit underwritten by Liberty Malaysia Bhd which allow landlord to have their rental risk by covered by insurer up to 2 months rental, unpaid utility bills and malicious damage by tenants. This can address landlord’s concern of unlocking their cashflow yet being protected at the same time.
Our message is clear - If agents are offering Zero Deposit as replacement of deposits, it is vital that landlord gets protected by insurance which go up to extra 100% protection compared to collecting traditional 2.5months of security deposits. Also, agents remain at service for their landlords.
For more information, check out our website at www.blueduck.my.