Ohmyhome HomerAI Reached 14,300 Homes Connected with GMV of Approximately USD 10 billion
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The integration of HomerAI into the Singaporean real estate market represents a significant technological advancement with the potential to streamline the process of buying, selling and managing properties. The reported Gross Merchandise Value (GMV) of SGD 13.44 billion indicates a substantial market penetration in a relatively short period since the platform's launch. This figure suggests a high level of consumer trust and adoption, which could be indicative of the platform's effectiveness and user-friendliness.
Furthermore, the average value of home connected through the platform stands at SGD 940,000, which is reflective of Singapore's high property values. The ability of HomerAI to capture such a sizeable portion of the market could disrupt traditional real estate brokerage models by offering a lower commission rate of 1%, potentially squeezing the margins of conventional real estate agencies and prompting a shift towards more tech-driven property transactions.
Ohmyhome's financial performance, as suggested by the GMV, can be a critical indicator for investors assessing the company's growth trajectory and market share. The rapid adoption rate of HomerAI and its version updates signal a company that is responsive to user feedback and committed to continuous improvement. The scalability of the technology and the potential for international expansion could further enhance Ohmyhome's revenue streams and profitability in the long run.
Investors should consider the implications of technological advancements in the real estate sector, such as increased efficiency, reduced transaction costs and enhanced customer experience. These factors can contribute to competitive advantage and may be reflected in the company's stock performance over time. However, investors must also weigh potential risks, including market saturation, regulatory changes and competition from other tech-based real estate platforms.
HomerAI's suite of tools, including live valuation and various financial calculators, addresses a critical gap in the real estate market by empowering homeowners with actionable insights. The technology's capacity to provide accurate home valuations and cash flow estimates using trusted data sources is a game-changer for homeowners making financial decisions.
The platform's rapid iteration from its initial trial in Q3 2023 to version 1.9 by February 2024 demonstrates a commitment to leveraging artificial intelligence and data analytics to refine user experience. This could set a new industry standard for property technology platforms, pushing competitors to innovate similarly. As the real estate industry becomes increasingly data-driven, platforms like HomerAI that can provide accurate, real-time market insights will likely become indispensable tools for both homeowners and investors.
- Over 14,300 homes connected with a Gross Merchandise Value of SGD 13.44 billion (Approximately USD 10 billion) as of Feb 2024
- Homeowners now have direct access to Ohmyhome suite of services (sell, buy, rent, renovate, and home services) via one single platform
Singapore, March 07, 2024 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH, “Ohmyhome”), a one-stop-shop property technology platform providing end-to-end property solutions and services to buy, sell, rent, and renovate homes, as well as property management services for condominiums in Singapore, today announced the growth update and milestones achieved of its homeowner-focused product, HomerAI.
HomerAI was developed and first trial tested in the third quarter of 2023 and was then officially launched in November 2023 following the launch of its mobile application version 1.0. Currently, HomerAI has reached version 1.9.
As of the end of February 2024, just two months after its official launch, 14,300 homes were connected with verified addresses by homeowners to access free and quality tools such as live valuation, cash proceeds calculator, affordability calculator, mortgage calculator, as well as blog articles, HomerGPT, and be MATCHed against potential buyers in the database if homeowners look to sell.
The total Gross Merchandise Value, or the value of all homes connected, amounted to SGD 13.44 billion (approximately USD 10 billion) as of the end of February 2024, and the average value of home connected was SGD 940,000 (approximately USD 701,000).
With a few clicks, homeowners can engage Ohmyhome’s brokerage services at only
“We are thrilled to share with our stakeholders the impact we are making to the market by providing the power of knowledge equity to homeowners, through these valuable tools in one app that were previously not available in the market.” Rhonda Wong, CEO and Co-Founder of Ohmyhome, expressed her excitement of the product update, “We understand the frustrations and stress in home transaction processes, and how the lack of information could lead to bad decisions when planning for your home sale, your next home purchase, as well as leasing and renovation. With HomerAI, our customers are now able to have useful information at their fingertips to stay up to date with their home and engage our services with just a few clicks Ohmyhome will continue to build the best tech products for millions of homeowners in Singapore and beyond.”
Leverage the power of HomerAI
Homer AI gives an accurate estimation of your home value, based on key home features and latest transactions, using data from trusted sources to ensure reliable estimates.
HomerAI’s smart algorithm is powered by up-to-date market pricing, including the latest transaction prices of properties sold.
How much cash can homeowners keep after selling their homes?
With Homer AI, homeowners can also track and monitor their estimated cash flow with financial calculators to help them determine their budget for their next home purchase.
For more information and demo on how HomerAI works with its latest features, feel free to visit Ohmyhome blog post here:
About Ohmyhome
Ohmyhome is a one-stop-shop property technology platform in Singapore that provides end-to-end property solutions and services to buy, sell, rent, and renovate homes, as well as property management services for condominiums in Singapore. Since its launch in 2016, Ohmyhome has transacted over 14,500 properties as of June 30, 2023, and has approximately 6,800 units under management as of Dec 31, 2023. It is also the highest-rated property transaction platform, with more than 8,000 genuine reviews, and an average rating of 4.9 out of 5 stars.
Ohmyhome is dedicated to bringing speed, ease, and reliability to property-related services and to becoming the most trusted and comprehensive property solution for everyone.
For more information, visit: https://ohmyhome.com/en-sg/
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FAQ
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