Race Wong, COO and Co-Founder of Ohmyhome tells us why Proptech is here to stay.
Proptech is the jargon for Property Technology or more accurately, technology revolving around bringing efficiency to the real estate market. While some jargon may arrive like a loud trending word and fade off quickly and quietly, that wouldn’t be the case for Proptech, because Proptech is here to improve our lives and is here to stay. Proptech involves the entire value chain of the real estate industry — an industry worth well over US$200 trillion.
Proptech involves the entire value chain of the real estate industry, that’s an industry worth well over US$200 trillion.
We’re talking about the marketing of a property, the methods of sourcing for one, the development and maintenance processes, the facilitators in between such as surveyors and bankers, the actual transaction process and the whole works inclusive of the dreadful mountains of paperwork. If you have recently transacted or searched for a property, you would have likely experienced the first wave of Proptech – searching for a property online. Think back on the olden days; to get information on a property, you would have had to call a real estate agent, walk into a showflat, receive a brochure or walk into HDB Hub. Today, you would just Google.
I am obsessed with the transaction process category within the realm of Proptech because of my work in Ohmyhome. I spend all my time thinking about how much time we would save if transactions could be digital and direct.
Why must middlemen be the sole option to property choices? Why must we wait 3 to 6 months to get our new homes?
Why must middlemen be the sole option to property choices? Why must we wait 3 to 6 months to get our new homes? Why do we still have to walk into banks to consult on mortgage loans? And worse, Fedex documents around because the signatory is not around.
I’m thinking of a world where property transactions can be done directly or with the option of a highly knowledgeable agent — where secure digitized contracts that allows digital signing from anywhere around the world with wifi access, and online payments where transaction fees are low and monies will only be released to the other parties when they have completed their side of the deal.
Total time spent: hours. Not days, not months. And all that time saved, can be spent on what is actually meaningful to do.
Whilst the property industry has always been regarded as conservative and slow moving, fortunately for the new generation of homeowners, the future ahead will see a simpler and faster process. I look forward to transforming the real estate sector through my work in Ohmyhome and leading the change in the industry.
This article was contributed by Race Wong, COO and Co-Founder of Ohmyhome.