Last updated on March 17, 2019
When looking for a property in Singapore, it’s either you look for a real estate agent, or you log onto PropertyGuru to find your ideal place. But in recent years, another platform has been gradually gaining more prominence since it began its operations in 2016. We are referring to Ohmyhome.
Ohmyhome is positioned as a “One-Stop-Shop” platform that fulfils the needs of buyers, sellers, landlords and tenants by leveraging on technology.
In our interview with them, we skip the already much talked about entrepreneurship journey of their founders, Rhonda Wong and Race Wong, diving straight into what Ohmyhome can do for you.
So Ohmyhome is a property portal that use machine learning to read images and arrange it according to popularity. This is important because a good photo helps with the sale of the property. Correct?
Exploration of machine learning is just one of the ways Ohmyhome utilises technology to make housing transactions simple, fast and affordable. Thanks to technology, Ohmyhome is now the most efficient housing transaction platform in Singapore.
A good photo helps to market the attractiveness of a home smartly and dynamically which more tech-savvy home seekers will appreciate. We are even able to enhance our digital capabilities to reach new prospective buyers and utilise a suite of innovative features to create a more holistic and seamless purchasing process for home searchers.
An example will be the machine learning technology. With this technology, Ohmyhome is able to enhance the customer experience with our DIY platform through smart image classification and detection of fake images for home searchers.
Can property agent list their properties on the site or the site is developed to bypass property agent fee?
Ohmyhome’s listing portal is built for homeowners and home-seekers to connect directly. With that, our listings are unique and solely for them to quickly find what they are looking for and save time and effort when browsing through our thousands of listings. Ultimately, they will be able to save on property agent fee when they choose to DIY.
How does Ohmyhome earn its revenue? Through transaction fee? How much, if any?
Ohmyhome’s revenue comes from our extremely affordable in-house agent services priced at a fixed rate. For example, if a flat is transacted at S$400,000, the standard agent commission for the seller is two per cent including GST, which amounts to around S$9,000. At Ohmyhome, the agent fee will be $2888 net, saving each customer thousands of dollars.
If I am a home seller, what’s in it for me to sell my property with Ohmyhome? If I am a home buyer, what does it mean to me to buy my home through Ohmyhome?
For DIY Home Sellers
Ohmyhome is Simple – For home sellers who want to DIY and self-transact their properties, Ohmyhome simplifies the complex process for them. Our signature Journey feature provides users with a detailed yet easily understandable, professional guide on the entire transaction process.
Ohmyhome is Fast – Speed of transaction (DIY platform): DIY Listings have an average days-on-market duration of 33 days. The fastest time taken to find a buyer is 1 day. You can even gain access to a list of ready buyers on our platform.
Ohmyhome is Affordable – DIY home sellers who sell their homes on our platform will benefit from major cost savings as it is completely free of charge. As agent commission for sellers are around 2% of the selling price plus GST, this represents massive savings for the sellers.
For DIY Home Buyers
Ohmyhome has developed a range of free tools and services for buyers. To begin with, buyers may want to utilise our Journey feature in our mobile application to guide them through the entire process step-by-step. Before they start searching for a property, they may want to calculate their affordability and explore bank loans as well. To ensure all their numbers are right, they can consult our mortgage specialist.
Buyers spend less time scrolling on our platform as it features unique, non-duplicate listings only. This saves them precious time and effort. Apart from browsing listings, they may also post their requirements in our ShoutOut feature and have homeowners suggest their properties to them. In addition, they can negotiate with sellers directly and more candidly on asking price, resulting in faster deal closing. All the above features and services are free of charge. So download our app and start your buying journey.
Fixed-rate agent services for home sellers and buyers
Alternatively, Ohmyhome also offers dynamic fixed-rate agent services for home sellers and buyers who prefer professional assistance. Our services are highly-professional, tech-enabled and cost-friendly, defying the status quo of percentage-based agent commission structure. We even provide just documentation services for customers who have found their own buyer or property and require help to complete the rest of their transaction.
We are proud of our in-house agents who are the most efficient in Singapore. On average, an Ohmyhome agent can close up to 80 property transactions a year, which is over 60 times more efficient than the average agent, who closes 1.2 cases a year.
How is Ohmyhome able to provide simple, fast and affordable ways to transact properties, you may ask? It is because we use advanced technology capabilities to quickly find matches and have a team who is dedicated to providing exceptional service to customers.
We saw past transaction data under each property listing. It’s the transaction data of the area that the property is located or average transaction data of the property type?
Past transacted data shows all past transacted properties with similar square metres within the same area of 200 meters.
What’s so different about Ohmyhome as compared to other players? And some other players have a much bigger bank account so for them to adopt similar features could deal a blow to Ohmyhome. Hence, how does Ohmyhome intend to pivot in the next few years?
As a customer-centric brand, Ohmyhome stands out by building solutions around customers and their needs in their buying and selling journey, our team also goes the extra mile to take care of what comes after the transaction.
Being a hybrid model that offers a DIY platform and end-to-end services for the entire housing transaction process, we are uniquely positioned in the Property Tech industry to radically improve customer experience. Since day one, Ohmyhome puts customers’ needs at the core of our business, and continues to do so now and into the future.