OfficeBlocks Director Yusuf Jafry talks to Jumpstart about its property technology (proptech) and the problem it is trying to solve. Proptech is a relatively new field that came into being around the late 1990s. But it was in 2004 that the industry really began to take off. Within a short duration, [...]
Following its successful launch in the Philippines, the unique one-stop proptech solution to property needs in Southeast Asia, Ohmyhome, today announced the expansion of its cross-border property transaction capabilities to the archipelago, allowing buyers and investors from Singapore, Malaysia, and the Philippines to easily conduct property deals in these three countries. Solving perennial challenges in cross-border real estate deals, Ohmyhome’s exclusive solution helps overcome language barriers, multiple currencies and financing nuances, coordinating between agents in multiple countries, and differing legal frameworks in foreign jurisdictions.
Even as real estate secures its place as the world’s largest asset class and as the volume of cross-border property investment in Asia Pacific continues its upward trajectory, the well-established challenges that attend cross-border real estate transactions have persisted. Within Southeast Asia, navigating differences in language, local bureaucratic red tape, financing, taxes, and finding trustworthy estate agents that will look out for your best interests, can be prohibitive to all but the most well-connected investors.
Bridging the real estate literacy gap, Ohmyhome offers an exclusive solution for Southeast Asian investors and homebuyers by arranging for listing presentations with in-house agents present from both the local and foreign office in cross-border deals. This arrangement ensures that prospective buyers and investors will have agents versed in the intricacies of real estate law and financing on both locations to give them the best advice.
Rhonda Wong, CEO of Ohmyhome, said “The problems in cross-border real estate transactions have been around for a long time. We saw an opportunity to bring value to our customers in this overlooked area of the market by leveraging on our unique strengths as a regional proptech company. Having knowledgeable agents on both sides present at the same time and working together in the customer’s best interest provides a reliable and hassle-free experience for our cross-border customers’ real estate journey.”
The typical commissions-based agency model disincentivises close cooperation across borders and clouds the interactions between agents and client. In most cross-border deals, prospective buyers must source for an agent in the foreign country themselves and worry about fending for their own interests. Ohmyhome has revolutionized the cross-border property transaction experience by arranging for in-house agents in both locations to work closely together for a seamless purchase journey.
Rhonda added, “With Ohmyhome’s unique agency model where every agent works as a full time professional and not as a freelancer, customers can be assured that no effort is spared in getting the best investment for their cross-border property deals. Singaporeans are actively enquiring about Philippines investment opportunities and within a month since the launch, Ohmyhome has successfully sold new launch condos to Singapore investors. One Singaporean buyer commented that even though they had the option to purchase directly from the real estate developer without using Ohmyhome, they still decided to buy through Ohmyhome because of its seamless end-to-end cross-border transaction experience that extends post transaction service. They found the reliability and service offerings valuable, and furthermore, these services are provided at no extra cost to the buyer”.
Since its launch last month, Ohmyhome has added 50,000 new listings in the Philippines. Along with existing listings in Malaysia and Singapore, Ohmyhome is Southeast Asia’s leading PropTech solution for cross-border property transactions.