DAX Venture announces the raising of RM5.0 million seed funding for the company’s first subsidiary rentDAX. Co-founded by Chang Chew Soon, founder and ex-Group CEO of Soft Space, and Timothy Hor, ex-GM of iProperty Malaysia, starproperty.my and JobsDB Malaysia, DAX Venture’s purpose is to make it easier for all Malaysians to rent, buy, and sell their homes.
rentDAX is the first of four platforms in the DAX Property Ecosystem to go live last week.
The other three platforms, loanDAX, propDAX, and r2oDAX (rent-to-own) are scheduled to be launched in the 3rd and 4th quarter of 2019.
Connecting Good Tenants with Good Landlords
“With rentDAX, our goal is to make renting easier, safer, and hassle-free for both landlords and tenants.
“In addition to the protection provided by rentProtect, a unique rental protection program from Tune Insurance Malaysia Berhad, rentDAX-Certified tenants are carefully screened using our proprietary rentDAX scoring algorithm, which is built upon the standard credit checks such as CTOS and CCRIS.”
Meanwhile, Chew Soon explained,
“Our goal is to ensure that we connect good tenants with good landlords. Everyone, regardless of race, nationality, or religion, can sign up on rentDAX, get certified, and enjoy the NO DEPOSIT program.
“Landlords, on the other hand, can sign up on rentDAX and easily upload their properties for rent using their mobile phones.
“Landlords on the platform can also connect directly with rentDAX-Certified tenants who match their requirements.
“Either the landlord or the tenant can initiate to connect, communicate, schedule appointments and viewings, negotiate, pay the 2-month upfront rental (not deposit), capture the inventory list, and sign the rental agreement – all digitally using the rentDAX app on their mobile phones.”
A Unique Hybrid Platform
Timothy also commented,
“rentDAX is a hybrid mobile rental platform which allows landlords to choose either the Premium or Basic service.
“The Basic service is a self-serve model or FOR RENT BY OWNER option, where the landlord will communicate and negotiate directly with the potential tenants using the rentDAX app and meet them personally for viewings.”
For the Premium service, a licensed real-estate negotiator will be assigned to the landlord to act on his or her behalf and to handle the viewings and meetings with prospective tenants.
The Premium package is only currently available through our real-estate agency partner, CornerstoneX and will only cover Mont Kiara, Desa Park City, Bangsar, Bangsar South, MidValley and Taman Desa in Kuala Lumpur.
“Unlike most other proptech platforms in the market, rentDAX is open to real-estate agents and negotiators who would like to be part of the DAX ecosystem.
“By working with certified and professional real-estate agents and negotiators, our goal is to Simplifying Home Renting, Buying, and Selling better serve the consumers.
“We also hope that through this collaboration, we can work with the real-estate professionals in Malaysia to ensure that the industry will progress and benefit from the innovative use of technology to deliver compelling solutions to all Malaysians.
“We have already reached out to the Malaysian Institute of Estate Agents, MIEA, to discuss and explore how best we can work with the professional body.”
rentDAX+rentPROTECT – A Better Solution to the Conventional Rental Security Deposit
Khoo Ai Lin, CEO of Tune Protect Group Berhad, said,
“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!
“We are excited to introduce rentPROTECT as yet another unique property solution partnership with DAX Venture’s rentDAX.
“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.”
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.