Technology is poised to transform property transactions in the country as proptech startup Ohmyhome, which was launched in Singapore in 2016 and expanded into Malaysia in 2019, kicks off its Philippine operations in 2020.
Ohmyhome is Singapore’s first one-stop-shop online platform that makes use of technology and innovation to make buying, selling, and renting homes seamless and more efficient.
Chief Executive Officer Rhonda Wong, who co-founded Ohmyhome with sister and Chief Product Officer Race Wong, shares their vision for Ohmyhome: “Moving forward, we will continue our journey towards making Ohmyhome a global player in taking care of everyone’s housing journey starting with the buy, sell, and rent of homes to every step after including the renovation and maintenance of their homes. Today, Ohmyhome is an agent of change and innovation, but our methods and speed of transacting will be the norm in the future and we are excited for Filipinos to experience the difference in what Ohmyhome provides”
Rhonda and Race Wong established the proptech startup to streamline property transactions through a unique hybrid model, combining agent services with a Do-It-Yourself (DIY) platform. Chief Product Officer Race Wong explains that “With the DIY platform, our objective is simple. By enabling property owners to take control of their own homes, they save time and money. And once a property is posted, our algorithm will match them with the buyers, so the more popular our platform, the more magic it does.”
Ohmyhome, after all, takes care of the customers’ entire transaction journey—from search and deal-closing all the way through to legal documentation and mortgage advisory. “And as a DIY platform,” Rhonda points out, “it is absolutely free to use. Ohmyhome does not charge customers for listing and for connecting them to buyers or sellers. It does not even charge a fee for successful transactions.”
Race Wong agrees, explaining that the DIY platform comes free because Ohmyhome wants speedy transactions to be affordable for everyone.
Spurred by its success in Singapore and Malaysia, Ohmyhome expects to achieve the same feat as it brings advanced technological capabilities to the Philippine real estate industry.
“Proprietary technology will definitely help make real estate transactions simpler, faster, and hassle-free for our clients in the Philippines,” Rhonda and Race say. “One way is by eliminating dummy and duplicate listings from Ohmyhome’s platform, accelerating the search process for Filipino customers.”
However, both hasten to point out that agents are still relevant in the property market. This is especially true in the Philippines where people have deep sentimental attachments to their homes and ultimately seek a warm human touch when negotiating the sale of long-held properties.
Fortunately, the expertise of Ohmyhome’s highly professional Filipino agents will be complemented by proptech. As Rhonda and Race Wong explain it, technology enables the company to handle 90% of agents’ work such as sourcing for new leads, scheduling, and advertising, etc. “This helps them focus on the most crucial element of the job and what they love most–our customers.”
As it happens, too, time is a precious commodity for Filipino customers who may have too many things on their plate. For them, nothing will trump Ohmyhome’s offering of a DIY platform and exceptional end-to-end services.
With an eye on issues that define the Philippine real estate industry, Rhonda and Race Wong expect proptech start-up Ohmyhome to make great strides as they venture into the Philippine property market.