Tune Protect partners with DAX Venture to Make Home Renting Safer with No Deposit Required
rentPROTECT covers 2-months of rental deposit, up to RM50,000 personal accident and other benefits
Kuala Lumpur, 2nd April 2019 – Tune Protect Group Berhad (Tune Protect) announced the availability of rentPROTECT exclusively on DAX Venture’s home rental platform, rentDAX. Breaking the convention of landlords collecting two-months deposit from tenants to mitigate any unforeseen losses, rentPROTECT negates the need to do this, and in fact reduces risks significantly beyond what the deposit can cover. Pre-screened (rentDAX-Certified) tenants no longer need to pay deposits up front, thus making desired properties listed on rentDAX more attractive and cost effective for prospective tenants.
“We are excited to introduce rentPROTECT as yet another unique property solution partnership which we secured, and is a first of its kind in Malaysia. This revolutionary product was a collaboration between our Malaysia subsidiary, Tune Insurance Malaysia Berhad and Dax Venture, and is aligned with our regulators’ aspiration to see more innovation and creativity in the Malaysian Insurance landscape, said Khoo Ai Lin, Chief Executive Officer of Tune Protect.
A Better Solution to the Conventional Rental Security Deposit
rentPROTECT offers a distinct alternative to renters’ security deposit, giving tenants new cost-effective options. While it is very attractive to tenants, rentPROTECT was created and designed specifically to provide landlords with total peace of mind when renting out their residential properties.
“When it comes to the usual rental security deposit, which serves as a form of insurance for the landlord, there is no guarantee that it will be enough to cover vandalism, theft, or the hassle of evicting a bad tenant. This is exactly what rentPROTECT is designed to protect!” shared Khoo.
rentPROTECT covers home rentals up to RM15,000. The coverage, which is automatically applied when listing on rentDAX, includes a guaranteed 2-month rental payment should there be a default, and up to RM30,000 benefits for unsettled utilities bills, cleaning services, repair and replacement of doors, locks, and keys as well as theft and burglary by tenants, amongst others. The landlord also enjoys a RM1,000 emergency coverage during the tenancy, and up to RM50,000 Personal Accident cover for each rented property.
Connecting Good Tenants with Good Landlords
“With rentPROTECT, together with the value-added services provided by rentDAX, our goal is to make renting easier and hassle-free for both landlords and tenants,” said Timothy Hor, Chief Executive Officer & Co-Founder of DAX Venture.
“In addition to the protection provided by rentProtect, rentDAX-Certified tenants are carefully screened using our proprietary rentDAX scoring algorithm, which is set-up according to the standard credit checks such as CTOS and CCRIS.
“Our goal is to ensure that we connect good tenants with good landlords. Anyone will be able to sign up on rentDAX, get certified and enjoy the NO DEPOSIT program” added Timothy.
Landlords, on the other hand, can sign up on rentDAX and easily list their properties with just a few taps on their mobile phones. Landlords who are on the rentDAX platform will also have direct digital access to rentDAX-Certified tenants who match their requirements and vice-versa.
Either the landlord or the tenant can initiate the transaction. All actions to connect, communicate, schedule appointments and viewings, negotiate, pay the two-month upfront rental, digitally capture the inventory list, and signing of the rental agreement can all be done seamlessly on mobile devices.
A Unique Hybrid Platform
In effort to cater to the needs of landlords, rentDAX offers a hybrid mobile rental platform which allows landlords to choose between the Premium or Basic service. The Basic service is a self-serve model or FOR RENT BY OWNER option, where the landlord can communicate and negotiate directly with the potential tenants using the rentDAX app, and meet them personally for viewings.
the Premium service, a licensed real-estate negotiator is assigned to the
landlord to act on his or her behalf and handle the viewings with prospective
tenants. The Premium package is currently available through rentDAX’s
real-estate agency partners, and covers selected areas in the Klang Valley,
namely, Mont Kiara, Sri Hartamas, Desa Sri Hartamas, Duta, Solaris, Dutamas,
Desa Park City, Bangsar, and Taman Desa.
rentDax is now available for download on the Apple App Store and Google Play Store.
— end of press release —
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