Since Ohmyhome’s entry into the Malaysian market in July 2019, it has facilitated over 200 transactions over the span of four months with more than 1,000 buyers and tenants posting their searches via Ohmyhome’s in-app ShoutOut feature. It has also received over 1,000 direct homeowners listing for their homes for sale and rent, surpassing the target they have set for themselves.
“Despite the market conditions in Malaysia, we have healthy activity on both our website and mobile app indicating continued demand for specific products,” said Rhonda Wong, co-founder and CEO of Singapore-based Ohmyhome Pte Ltd (OMH).
On whether there has been an increase in transactions from Hong Kong buyers, co-founder and sister Race said, “Yes, but not entirely as significant as to move the total transaction volume in Malaysia. However, we have a number of Hong Kong clients that are interested in migrating to Malaysa.”
Hong Kong is currently seeing political turmoil and Malaysia is the next best choice to purchase real estate, Race added. “The Malaysian property market continues to grow healthily, with affordable properties for foreign buyers bolstered by our lower exchange rate compared to countries like the United States, England, Australia and Singapore. We also expect foreign interest to increase in the near future with the lower foreign buyer threshold.”
Featuring a unique hybrid model of a DIY (do-it-yourself) platform and full-fledged agency services, the portal helps ease pain points for buying, selling and renting.
According to Rhonda, the platform features 100% genuine listings and zero duplicates which is made possible by their proprietary algorithms. For Ohmyhome customers who engage with their agents, technology aids approximately 70% of the agent processes (such as sourcing for new leads, matching of buyers, scheduling, advertising and more) allowing agents to provide more accurate and highly-professional services.
The DIY portion will remain free, and offers a host of tools to empower users to handle the transaction from end-to-end with minimal stress.
As part of the expansion strategy into Malaysia, Ohmyhome has secured major partnerships e.g. with major partner banks and conveyancing firms, as well as developers like Sime Darby, Mah Sing Group and Tan & Tan Developments.
Co-Founded by Malaysia-born sisters, Rhonda and Race Wong, Ohmyhome is currently serving the Greater Kuala Lumpur area, and Johor Bahru in stages.