Property360Digest E-MAGAZINE Issue #8 | Page 40

NEWS

BlueDuck Looks To Help Tenants & Landlords Alike

By Sarah Rae

39

Kuala
Lumpur ,
17
March
2021
-
The
Malaysian
property rental industry has
taken a large hit as a result
of
COVID-19 .
However ,
it
must be noted that there has
been a lack of technological
innovation
in
past
years ,
causing it to stagnate despite
the advancement in cashless
payments
and
contactless
methods . To add , there is an
estimated RM 3 billion in
locked funds as a result of
security
deposits
and
additional
initial
rental
payments required prior to
moving in , according to a
study by BlueDuck . Realizing
this
gap ,
BlueDuck
was
launched with the aim to
make the rental experience
more seamless and efficient ,
doing
away
with
old
and
archaic
methods
through
technology .
BlueDuck
achieves
this
through
its
Insurtech and Zero Deposit
solutions , ensuring safety for
landlords
while
saving
thousands for tenants .
One of the long-standing issues that come with renting a new unit include the exorbitant initial fee . Traditionally , two and a half months worth of rental along with a deposit are required in order to move into a newly rented property . If for example , monthly rental costs RM 2,000 , the amount of initial payment needed would be RM 7,000 . Through BlueDuck ’ s Zero Deposit policy , a tenant would only need to pay RM 2,000 in advanced rental to move into the same unit . This is particularly important in today ’ s climate with the pandemic severely impacting the expendable income available to prospective tenants . Through BlueDuck , tenants will enjoy huge savings , unlocking funds for other purchases and in turn , spurring Malaysia ’ s economy . Not to mention , auto debit is also available to make automatic deduction an option for tenants should they go for the seamless payment option .
“ The
story
of
founding
BlueDuck was inspired by my
personal experience when I
attempted to rent my first
unit a while ago . While I
managed to find a place for a
reasonable price , it was not
until later that I was aware
of
the
additional
costs
incurred just to move in . On
top of that , the process itself
was
very
traditional ,
requiring ample paperwork .
Fast forward to today and
the
process
is
largely
unchanged ,
which
sparked
my
interest
in
finding
a
solution , hence the birth of
BlueDuck .
Through
our
Insurtech and Zero Deposit
solutions ,
we
are
truly
hoping to make the lives of
tenants and landlords much
easier as we work with them
and
property
agents
to
ensure
faster
and
easier
access
of
our
solution ,
reaching a win-win solution
for
all
parties ,”
added
Earnest
Wong ,
CEO
of
BlueDuck .
Property360Digest e-magazine Issue # 8 - 2021
Besides tenants struggling to
afford
the
initial
fees
associated with renting , the
competition
has
undoubtedly
heated
up
among
landlords
as
the
supply of units far outweighs
the demand at the moment .
Thus , a lower entry cost for
property rental is one of the
solutions
that
could
encourage more tenants to
commit to renting a unit .
However ,
this
may
cause
landlords
to
be
more
cautious as security deposits
are
waived ,
eliminating
collateral in case a tenant
defaults .