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 . |
“ 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 . |
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 . |