Ohmyhome Reports Strong Y-o-Y Business Growth in First Half of 2024
Ohmyhome (NASDAQ: OMH), a property technology platform, reported significant year-over-year growth in the first half of 2024 across its brokerage, renovation, and property management segments.
The brokerage segment saw a 53% Y-o-Y increase in Gross Transaction Value (GTV), now accounting for 60% of total property value transacted. The renovation segment experienced a 194% growth due to an increase in office and residential projects. The property management segment, newly acquired, also demonstrated promising growth with a 29% Y-o-Y increase in managed projects.
Anticipated revenue for H1 2024 is expected to exceed 110% growth compared to H1 2023. The company launched new features in its HomerAI product, enhancing user experience for homeowners and buyers through AI-driven tools and simplified processes.
CEO Rhonda Wong expressed excitement about these achievements and future tech-driven innovations.
- 53% Y-o-Y growth in brokerage segment GTV, now representing 60% of total property value transacted.
- 194% Y-o-Y growth in the renovation segment.
- 29% Y-o-Y increase in projects under property management segment.
- Anticipated revenue growth of over 110% for H1 2024 compared to H1 2023.
- None.
Insights
Ohmyhome Ltd. has reported substantial year-over-year growth across its brokerage, renovation and property management segments for the first half of 2024. This is particularly notable, given the competitive nature of the real estate market in Singapore. The brokerage segment saw a 53% growth in Gross Transaction Value (GTV), which indicates strong market penetration and user base expansion. This growth was bolstered by investments in technology such as HomerAI, which streamlined processes and connected over 21,500 homes valued at over
The renovation segment's 194% increase in business is also significant, driven by more office and residential projects. This diversification into various property types helps mitigate risks associated with market fluctuations. Furthermore, the property management segment has shown promising growth, with a
The anticipated revenue growth of over
The introduction of new integrated features surrounding HomerAI and generative AI integration into the listings represents a significant technological advancement for Ohmyhome. HomerAI streamlines the listing creation process for homeowners, which could reduce friction and make the platform more user-friendly. Simplifying the listing process to four steps could attract more users, boosting the number of listings and potentially increasing market share.
The generative AI feature allowing homebuyers to reimagine their dream homes in different styles such as modern, Scandinavian and traditional, provides an innovative edge. This could expedite decision-making processes and enhance user engagement, setting Ohmyhome apart from competitors. While these tech advancements are impressive, it’s important to monitor user adoption rates and the real impact on sales and customer satisfaction over time.
Ohmyhome’s strategic moves in expanding their service offerings and integrating advanced technologies demonstrate their commitment to becoming a comprehensive property solution provider. The brokerage segment's significant growth indicates strong brand presence and effective market strategies, likely due to enhanced brand awareness and technological adoption through HomerAI.
The renovation segment’s growth underlines a broader trend towards holistic property services, where companies offer end-to-end solutions. This could make Ohmyhome more attractive to customers looking for streamlined and comprehensive services. However, maintaining quality and customer satisfaction amidst rapid expansion is crucial.
The property management segment’s growth, driven by IoT solutions, shows potential for future scalability and recurring revenue streams. The company’s anticipated revenue growth of
- Strong Y-o-Y growth across brokerage, renovation, and property management segments.
- Expected improvement in gross margin primarily for brokerage due to improved brand awareness and HomerAI launch.
Singapore, July 05, 2024 (GLOBE NEWSWIRE) -- Ohmyhome Ltd. (NASDAQ: OMH , “ Ohmyhome ”, “the Company ”), a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore, is pleased to announce our latest updates on key business metrics for the first half of 2024 (H1 2024) compared to the previous year.
Key Highlights
- Brokerage segment: Saw a
53% Y-o-Y growth in Gross Transaction Value (GTV), benefiting from tech investments into HomerAI, connecting over 21,500 homes with a total value of over$14 billion . Brokerage GTV as a percentage of total property value transacted increased from37% to60% in H1 2024 compared to H1 2023. - Renovation segment: Witnessed a
194% increase with more office and residential projects, bolstering market share through creative and cost-effective solutions. - Property Management segment: New revenue contributions from this recently acquired segment, which also showed promising growth through successful IoT solutions. Projects under management increased by
29% Y-o-Y compared to H1 2023. - Anticipated Revenue: Anticipated revenue for H1 2024 is expected to be over
110% growth compared to H1 2023.
New Product Features to Help Homesellers
To continuously improve user experience and service customers at scale, the Company has launched new integrated features surrounding its latest product, HomerAI, to further empower homeowners. A new simplified listing creation process for verified homeowners via the HomerAI mobile app is now available, allowing homeowners to create a verified listing in just four simple steps.
Figure 1. HomeAI Verified Listing Creation Process
Generative AI Integration for Homebuyers to Re-imaging Their Dream Homes
To further improve the experience for our buyers, we have also integrated generative AI into all of our listings on the Ohmyhome platform. This allows home browsers to imagine their future dream home in different styles, such as modern, Scandinavian, traditional, and more. This greatly shortens the time for customers looking to make home purchase and renovation decisions. Simply click on ‘Try It Now’ on any Ohmyhome listing to reimagine what your next home will look like, and our professional renovation team will be able to deliver.
Figure 2. Generative AI Redesign for our Listing Pages
Rhonda Wong, CEO and Co-founder of Ohmyhome, commented, “We are excited about our achievements in 2024 so far, and the new features we have launched to improve user experience and help them sell their homes and purchase their next dream homes. We remain committed to our vision of becoming the most trusted and comprehensive property solution for everyone through the use of technology, and we have more exciting features to be launched in the future.”
A replay of the Webinar and the presentation materials can be accessed at https://ir.ohmyhome.com/financials-filings/ after 10:30 am Eastern Time/10:30 pm Singapore Time on the same day.
About Ohmyhome
Ohmyhome is a one-stop-shop property technology platform providing end-to-end property solutions and services including brokerage, renovation and condominium property management services in Singapore. Since its launch in 2016, Ohmyhome has transacted over 15,500 properties as of June 30, 2024, and has approximately 7,560 units under management as of June 30, 2024. 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/
Safe Harbor Statement
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement.
Forward-looking statements are only predictions. The reader is cautioned not to rely on these forward-looking statements. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
For more information
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FAQ
What is the expected revenue growth for Ohmyhome (OMH) in the first half of 2024?
How much did the brokerage segment of Ohmyhome (OMH) grow in H1 2024?
What was the Y-o-Y growth in the renovation segment of Ohmyhome (OMH) in H1 2024?
What percentage of total property value transacted was the brokerage GTV for Ohmyhome (OMH) in H1 2024?
What new features did Ohmyhome (OMH) introduce in H1 2024?
