Published: 25 Feb 2019 in The Star Online
Following its successful rollout across the straits, Singapore-based property technology (proptech) firm Ohmyhome will be making its way into Malaysia in the second quarter of the year.
Ohmyhome is a proptech marketplace for housing transactions and is also a licensed real estate agency which simplifies housing transactions for buying, selling and renting. The app uses a consolidated user-generated database to help users get details of homes that are for sale or rent.
This marks the first proptech marketplace to be able to sell across borders. For example, a Singaporean buyer wanting to buy a property above RM1mil in Malaysia will be able to search for local properties directly via Ohmyhome app. Similarly, Malaysian buyers wanting to invest in private properties in Singapore will be able to search for relevant real estate via the app.
Ohmyhome is founded by Malaysia-born sisters, Rhonda and Race Wong, who serve as chief executive officer and chief operating officer respectively. Since its launch in Singapore in 2016, more than 2,300 homes have transacted through the platform, representing a combined value of over S$1bil.
“It has become increasingly common for home sellers to be unaware of certain financial considerations that are necessary as part of the sale, which leads to a miscalculation of the net sale proceeds.
“Ohmyhome operates on a hybrid model, using both automated services together with agent services.
“What could be more important than one’s own home? Wouldn’t it be good to be able to make decisions by yourself, without relying on others?” says Rhonda.
With the current real estate market in Malaysia facing a glut, Ohmyhome will be introducing the first DIY platform in Malaysia to tackle this issue.
Rhonda says Ohmyhome wants to give Malaysians the power to take charge of their property transactions.
The reason why consumers are always getting the shorter end of the stick is because they do not have enough information and are not sure how to handle the transaction, she notes. This is the gap that Ohmyhome hopes to bridge.
Ohmyhome’s DIY platform gives home buyers and home sellers a choice to handle their own housing transactions. For those who still need help, Ohmyhome has its own team of agents that buyers and sellers can hire.
“It would be useful for landlords to identify their buyer profile, and if they wish to add value and rental income to the property before advertising it, they can renovate it with the buyer profile in mind. For example, a home located near several popular schools will have a better chance of attracting young families.
“Ultimately, whether or not you have plans for renovation or refurbishment, recognising your buyers will help you better strategise ways to market your property,” adds Race.