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The company achieved significant year-over-year growth in its brokerage, renovation and property management segments.
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Increased brand awareness and the adoption of HomerAI are expected to primarily improve brokerage gross margins.
SINGAPORE, July 05, 2024 (GLOBE NEWSWIRE) — Ohmyhome Co., Ltd. (Nasdaq: OMH ” Oh My Home “, ” company Singapore Renovation Solutions, a one-stop real estate technology platform providing end-to-end real estate solutions and services including brokerage, renovation and apartment management services in Singapore, is pleased to announce a year-on-year update on its key business indicators for the first half of 2024 (1H24).
Key highlights
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Intermediation segment: Gross transaction value (GTV) increased 53% year over year, benefiting from technology investments in HomerAI, connecting over 21,500 homes with a total value of over $14 billion. Agents' GTV, as a percentage of total property value transacted, increased from 37% to 60% in 1H24 compared to 1H23.
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Renovation segment: It recorded a 194% increase due to an increase in office and residential projects, strengthening its market share through creative and cost-effective solutions.
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Property Management: New revenue contribution from this recently acquired segment also shows promising growth through the success of IoT solutions: projects under management increased 29% YoY compared to 1H23.
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Projected Revenue: Projected revenues for the first half of 2024 are expected to grow by more than 110% compared to the first half of 2023.
New Product Features to Help Home Sellers
To continuously improve user experience and serve customers at scale, the company has launched new integration features related to its latest product, HomerAI, to better assist homeowners: A new simplified listing process for verified homeowners via the HomerAI mobile app is now available, allowing homeowners to create a verified listing in just four easy steps.
Figure 1. HomeAI Verified Listing Creation Process
Generative AI integration to help homebuyers reimagine their dream home
To further improve the buyer experience, we have also integrated generative AI into all listings on the Ohmyhome platform, allowing home browsers to imagine their future dream home in a variety of styles, including modern, Scandinavian, traditional, and more. This significantly reduces the time of customers considering home buying or remodeling decisions.[今すぐ試す]With just a click, you can reimagine what your next home could look like and let our professional remodeling team make it a reality.
Figure 2. Generative AI redesign of the list page
Rhonda Wong, CEO and co-founder of Ohmyhome, commented, “We are excited about our accomplishments so far in 2024 and the new features we have launched to enhance our user experience and assist them in selling their home or buying their next dream home. We remain committed to our vision of becoming the most trusted and comprehensive real estate solution for everyone through the leverage of technology, and we plan to release even more exciting features in the future.”
The webinar recording and presentation materials can be found below. https://ir.ohmyhome.com/financials-filings/ On the same day, from 10:30am ET/10:30pm Singapore time onwards.
About Ohmyhome
Ohmyhome is a one-stop real estate technology platform providing end-to-end real estate solutions and services, including brokerage, renovation and apartment management services in Singapore. Since its launch in 2016, Ohmyhome has transacted over 15,500 properties and managed approximately 7,560 units as of 30 June 2024. It is also the highest-rated real estate transaction platform with over 8,000 genuine reviews and an average rating of 4.9 out of 5 stars.
Ohmyhome aims to bring speed, ease and reliability to real estate related services and become the most trusted and comprehensive real estate solution for everyone.
For more information, please see below. https://ohmyhome.com/ja-jp/
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