Ohmyhome transacts over US$74mil in HDB flat deals in first year

By Digital News Asia September 27, 2017

Surpasses the first-year target of 500 HDB transactions
Offers special rate of US$658 for buyer’s or seller’s documentation services

Ohmyhome transacts over US$74mil in HDB flat deals in first year

SINCE its launch a year ago, Ohmyhome has transacted over S$100 million (US$74 million) in HDB flat deals and surpassed their first-year target of serving over 500 successful HDB transactions.

The proptech company has emerged as a leading HDB DIY portal by providing an enhanced home search experience while saving time and money.

It has had more than 10,000 unique HDB listings posted onto Ohmyhome’s peer-to-peer portal.

Ohmyhome CEO and co-founder Rhonda Wong, says: “We are extremely pleased that our unique hybrid model has assisted many home owners and home searchers with their housing transactions. In fact, 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 in 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.”

The agent services see equally strong demand, with more than 300 enquiries received every month.

On average, listings are on the market for 33 days, which is three times shorter than market average. Some homes take as quick as two days to secure a buyer.

Ohmyhome launched its peer-to-peer property portal and innovative agent services in September 2016, to provide smarter ways for people to buy, sell and rent HDB flats, allowing people to be in complete control of their housing decisions.

With demand continuing to rise, the proptech company aims to double that number in the next six months to achieve a significant milestone of 1,000 transactions.

Ohmyhome’s five-year goal is to serve more than 50% of all HDB transactions, and to be the one-stop portal for all housing matters.

Ohmyhome COO and co-founder Race Wong says, “Singaporeans are extremely savvy and smart. 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.”

To mark their first-year anniversary, Ohmyhome is offering a special rate of S$888 (US$658) for the first 100 buyer’s or seller’s documentation services engaged in October 2017.

Ohmyhome is the first in the industry to introduce fixed fee documentation and agent services.

When it launched last September, it was a game-changing move because the market had been offering full agent services only, regardless of customer needs and preferences, and it was commission-based.

Originally priced at a fixed fee of S$1,688 (US$1,251), documentation services caters to customers who have secured a seller or buyer, and require professional assistance for paperwork only; Ohmyhome facilitates the completion of Option to Purchase document, attends HDB appointments and more, so that customers can enjoy a hassle-free experience.

Launch of mortgage loan feature

Moving into the second year, Ohmyhome will embark on the next stage of their plans to be the ultimate housing solution provider by introducing their mortgage loan feature.

Determining the optimal loan rate that suits one’s needs will now be a breeze.

Home searchers can now review their projected monthly repayment amount with ease, and browse through a selection of housing loans from Singapore’s leading banks.