get an agent

Buy with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Browse New Launch Condos

Find new units for sale

Browse Resale Listings

Connect with sellers through our app

RESOURCES

Calculate Buyer’s Stamp Duty

Find the amount payable when buying

Affordability Calculator

Find the amount payable when buying

How to Buy an HDB

A step-by-step guide to buying HDB

How to Buy a Private Property

A step-by-step guide to buying condo/landed

get an agent

Sell with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Post a Listing for Free

Connect with buyers through our app

RESOURCES

Calculate Seller’s Stamp Duty

Find the amount payable when selling

How to Sell my HDB

A step-by-step guide to selling HDB

How to Sell my Private Property

A step-by-step guide to selling condo/landed

HOME E-VALUATION

For tenants

Rent with an Agent

Dedicated experts at your service

RESOURCES

How to Rent an HDB

A step-by-step guide to renting HDB

How to Rent a Private Property

A step-by-step guide to selling condo/landed

For landlords

Lease with an Agent

Dedicated experts at your service

Lease Documentation

Leave the paperwork to us

RESOURCES

How to Lease an HDB

A step-by-step guide to renting HDB

How to Lease a Private Property

A step-by-step guide to selling condo/landed

Do it yourself

ARTICLE CATEGORIES

HDB

All things about public housing

Private Property

All things about private property

Home Improvement

Guides for must-know reno tips

Financing

All about mortgage solutions

Towns

Singapore townships in focus

Client Stories

Success stories from customers

Founders’ Message

From the desks of Rhonda & Race Wong

Share on facebook
Share on twitter
Share on email
Share on whatsapp

Singapore Proptech: Challenging the Status Quo

Ohmyhome

Ohmyhome

Share on facebook
Share on email
Share on whatsapp

BY RHONDA WONG, CEO & Co-Founder of Ohmyhome, Published in Singapore Business Review

Real estate is the largest asset class in the world, worth over US$200 trillion. It is an industry that is traditionally conservative, old fashioned and largely dominated by wealthy corporations or individuals who are often older in age.

Those in this age group had, for many years, been comfortable with the ways that things have been done and hence, it is no wonder that the waves of disruption in the property industry is only taking shape now, even though it is an extremely important market – not just for providing shelter but also for investment purposes. The waves have now begun, and is here to stay.

Whilst worldwide financing into startups have declined, investments into proptech have been on the rise. Given the market size and the value of services spent surrounding a property – from sourcing to purchasing to management, the quantum of spending in this sector have become so enormous that in the past, it would have sounded silly if a company claimed that they could disrupt and dominate this segment.

Today however, it has become clear to investors that anyone who succeeds in this area could make extremely huge returns on their dollar.

Here in Singapore, we are home to one of the most expensive per square foot rate of real estate, which makes it a beautiful sample ground for proptech disruptions. It’s also a challenge in itself to get people to make major decisions on big-ticketed assets with minimal human interaction. Areas ripe for disruptions include sourcing, construction, valuation, sales, virtual viewing, crowdfunding, mortgage/ lending, conveyancing, facilities management and home services.

Highly energetic, bright-minded young entrepreneurs are looking for ways to change the world, by bootstrapping through, to provide more efficiency and transparency to the market whilst lowering costs at the same time. This is a new leap for consumers and real estate businesses, as they now have an alternative option that was not available before.

We’ve seen tech in 3D floor plans, which allows you to visualise a property beyond a 2D floor plan, and even drag and drop furniture to visualise how things would look like before making your purchase. Virtual viewing of a property saves time on browsing and is a bonus for customers based overseas.

Another innovation is having robots on construction sites to significantly reduce a firm’s manpower requirements. The robots are able to perform simple tasks such as taking photos and checking the ‘work in progress’ on site.

We’ve also seen DIY transaction portals, which allow homeowners and home searchers to connect directly, enhancing the experience of home search whilst saving time and costs. Once the world gets used to digitised contracts, printing documents and sending them via express mail would be a thing of the past. Right now, facilities bookings and management are just a few clicks away.

The amount of time saved has already amounted to hundreds of hours per day. It is extremely exciting to know that this is only the beginning of the proptech era.

In years to come, we can confidently say that the physical aspect of property transactions, such as face-to-face meetups with consultants, in-person viewing of properties, running from banks and law firms to enquire and sign documents or even walking into your MCST office to book a tennis court – would certainly be on the decline.

Proptech will transform how all of these activities can be done, within a few short taps on your mobile phone. Security will also be enhanced and will no longer be a factor for worry.

Whilst technology cannot ‘gift’ us more time, it can simplify processes, which will help time saving become a lot more effective.

Download Ohmyhome now.


Related posts:

Subscribe Now

Get a notification every time we upload a new blog post.

Featured Blogs

Your one-stop guide for must-know HDB tips

get an agent

Buy with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

Do it yourself

Browse New Launch Condos

Find new units for sale

Browse Resale Properties

Download the app and speak directly to sellers

RESOURCES

Affordability Calculator

Calculate required tax for selling

Calculate Buyer’s Stamp Duty

Find the amount payable when buying

How to Buy an HDB

A step-by-step guide to buying HDB

How to Buy a Private Property

A step-by-step guide to buying condo/landed

bUY OVERSEAS

get an agent

Sell with an Agent

Dedicated experts at your service

Documentation Services

Leave the paperwork to us

do it yourself

Post a Listing for Free

Download the app and connect with buyers

RESOURCES

Free Home E-Valuation

Know the value of your property in seconds!

Calculate Seller’s Stamp Duty

Find the amount payable when selling

How to Sell an HDB

A step-by-step guide to selling HDB

How to Sell my Private Property

A step-by-step guide to selling condo/landed

get an agent

Rent with an Agent

Dedicated experts at your service

do it yourself

Browse Rental Listings

Download the app and connect with landlords

RESOURCES

How to Rent an HDB

A step-by-step guide to renting HDB

How to Rent a Private Property

A step-by-step guide to renting condo/landed

get an agent

Lease with an Agent

Dedicated experts at your service

Lease Documentation

Leave the paperwork to us

do it yourself

Post a Listing for Free

Download the app and connect with tenants

RESOURCES

How to Lease my HDB

A step-by-step guide to renting out an HDB

How to Lease my Private Property

A step-by-step guide to renting out condo/landed

FEATURED ARTICLES

Condo Renting 101: Where to Look, Sizes and Cost

Looking for a condominium to rent ...

Ohmyhome Raises US$5M in Series A+ Funding

Ohmyhome, the leading Property 
One-Stop Shop Platform

ARTICLE CATEGORIES

HDB

All things about public housing

Private Property

All things about private property

Home Improvement

Guides for must-know reno tips

Financing

All about mortgage solutions

Towns

Singapore townships in focus

Client Stories

Success stories from customers

Founders’ Message

From the desks of Rhonda & Race Wong

Social media

Other