THE INC. LIFE

Ohmyhome Wants to Help You Buy or Sell Your Dream Home

Home hunters can find the right home and do so in a timely manner.

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BY Ezra Ferraz - 17 Nov 2017

dream home

PHOTO CREDIT: Getty Images

Most property portals in Southeast Asia and around the world focus on search. With their critical mass of property listings and their refined search features, home hunters can find the right home and do so in a timely manner.

Singapore-based property tech company Ohmyhome that has over 10,000 listings tries to go beyond that. As soon as a user already has a buyer or seller and needs professional assistance with paperwork, Ohmyhome facilitates the transaction by completing documents and attending home direct buyer (HDB) appointments.

Ohmyhome prices its services at a fixed fee of S$1,688, contrary to real estate market’s commission-based full agent services.

Since its launch in September 2016, the company initially set out to serve 500 HDB transactions over the coming year. The company has since smashed that goal, processing over S$100 million in HDB flat deals, well-spread across more than 500 deals.

Rhonda Wong, CEO and co-founder, is pleased that their hybrid model has assisted so many homeowners and home searchers with their transactions.

“Knowing that they find Ohmyhome faster and more cost-friendly in transacting their homes has been amazing. The interest and demand for a more efficient method of buying, selling, and renting of homes is visibly on the rise.  We believe that the demand for our services will continue to surge as people familiarize themselves with new technology and pursue new ways of doing things,” she says.

On average, homes are on the market for about 3 months. On Ohmyhome, listings are only on for an average of 33 days, with some being sold to a buyer in as little as two days. Such speed is to be expected when their agent services are seeing over 300 inquiries per month.

Smart and savvy market

Race Wong, COO and co-founder, believes the platform has found the product-market fit with their Singaporean audience whom she calls smart and savvy.

“They know what they want and how to get there. Ohmyhome is here to be a fantastic aid to assist them through the process of home transactions. Technology revolution in the real estate industry will dramatically transform the way things are done and we’re excited to lead this change,” she says.

The company’s five-year goal is to serve at least half of all HDB transactions and be a one-stop portal for all real estate matters. To help them achieve this goal, the company is introducing a new mortgage loan feature, in its second year, which will help homebuyers determine their optimal loan rate.

The feature will even allow home searchers to review projected monthly repayments and to browse through a selection of housing loans all pre-assessed by Ohmyhome.