Published: 5 July 2019 in Vulcan Post
Ohmyhome, a proptech company founded by Singaporean sisters, Race and Rhonda Wong, announced Thursday (4 July) their expansion into Greater Kuala Lumpur, Malaysia.
This is the firm’s first overseas market and they are planning to expand into other parts of the country, including Johor.
Their cross-border service, described as a hybrid service model of DIY platform and agent service, helps buyers and sellers in Singapore simplify their Malaysia property transactions.
Malaysia users can also use Ohmyhome to manage their housing transactions on their own.
Users can carry out cross-border negotiations, deal-closing and more, through its mobile app.
Race, co-founder and COO of Ohmyhome, said, “We come across many home owners in Singapore who want to sell and buy properties in Malaysia, but don’t know where to begin, who to turn to and entrust with their property.”
“Trust is one of the main pain points in this type of cross-border transaction and this is where our customer service and agent team come in.”
Co-founder and CEO, Rhonda, told The Straits Times, “In the cross-border case, the payment will be made in the currency where the property is located. For example, if it is in Malaysia, the sale will be made in ringgit and if an Ohmyhome Malaysia agent is engaged, the fee will be paid in ringgit too.”
In September 2018, Ohmyhome raised US$4 million and were eyeing expansion to Malaysia and Thailand.
Ohmyhome aims to solve the problems faced by customers in overseas property transactions, such as lack of access to experienced sales professionals and potential buyers and sellers.
The company ensures licensed agents, who are employed full-time, adhere strictly to protocols.
Ohmyhome also assesses the customers’ needs before assigning them to the right team, and provides dedicated customer support.
They aim to have 1,000 listings and 100 transactions in Malaysia in the first quarter of its launch.
“In our pre-launch phase, we’ve accumulated healthy demand for our platform which is indicative of the market’s readiness for a new standard in transacting their properties,” Rhonda said in a statement.
Ohmyhome has secured major partnerships with banks and conveyancing firms that offers housing loans and conveyancing services respectively.
The proptech firm has also inked partnerships with Malaysian real estate developers Sime Darby Property, Mah Sing Group, and Tan & Tan Developments, and will feature their new property projects on their platform.
According to ST, Ohmyhome charges 3% commission for their Malaysian agents services, in line with the market rate.