Q3 2024 Ohmyhome Ltd Earnings Call
Speaker Change: Music You have joined the meeting as an attendee and will be muted throughout the meeting
Speaker Change: [inaudible]
Speaker Change: Hi, good evening everyone and good morning for our investors of Delling In From the US. Welcome to my home Q3 294 growth updates.
Speaker Change: Before we start, we would like to quickly go through the important notice in this claim, which is
Speaker Change: This presentation contains what we're looking for in statements that reflect our current expectations and view of future events, all of which are subject to risk and our sentences have used. The words believe may well estimate continue and to speak in ten expect.
Speaker Change: And some expressions are intended to identify called up in statements. Polo-con statements give our current expectations or focus on future events. You can identify these statements by the fact that they do not really strictly to historical or current facts.
Speaker Change: These statements are likely to address our growth strategy, financial results, and product and development programs. You must carefully consider any such statements and should understand that many factors could cause actual results to occur for our whole looking statements.
Speaker Change: These factors may include inaccurate assumptions or brought the rights to other risks in the sense of disease including some that are known and some that are not. No fall-looking statements can be guaranteed and actual future results may vary materially.
Speaker Change: Practice that could cause act of results to differ from those discussed in forward of constraints, including an ultimately limited tomb, assumptions about future financial and operating results.
Speaker Change: including revenue income expenditure, cash balances, and other financial items. Our ability to execute our growth strategies, including our ability to meet our goals, current and future economic, political conditions, our capital requirements, and our ability to raise additional capital, which we may require.
Speaker Change: Our ability to attract customers and further enhance our brand recognition. Our ability to hire and rethink what it's find management personnel and key employees in order to enable us to develop our business.
Speaker Change: Trans and competition, the brokerage and related industry and other assumptions, describing this presentation underlying or relating to any forward-looking statements.
Speaker Change: We just quite said that in material risk, consistency, and assumptions that could affect our business, including our financial conditions, results or operations, now trying to follow. We base our forward looking statements on our management belief, and assumptions based on our information, available to our management at the time, the statements are made.
Speaker Change: We question you the actual outcome and results me and are likely to differ materially from what is expressed implied or forecast by our fall of constituents. According to you should be careful about relying on any fall of constituents. Except as a requirement law we understand no obligation to update or revise publicly any fall of constituents.
Speaker Change: Where there are the results of new information, future events, or otherwise, after the date of which statements are made or to reflect the occurrence of an anticipated event. You should read our public feelings and the documents that we refer to in this presentation with understanding that our future results may be much more relevant from what we expect.
Speaker Change: Hi everyone, good day to you. I'm Ronda Wong, CEO and co-founder of OmyHome. Thank you very much for joining us today. We founded OmyHome in 2016, and that's race long in myself in the image. Our sister's Wong in Malaysia, race in Singapore.
Speaker Change: We started on my home with a background in proper teaching sections.
Speaker Change: And also trading. And we realized that there is a huge market gap where a lot of people who are selling and buying infrequently do not quite have the right knowledge or information when it comes to rare state transactions. And we are very much relying on various state agents to provide information.
Speaker Change: So we have seen the Camp Singapore's largest integrated property transactions and services platform. Many people call us the one-stop shop, which means that aside from buying, selling and renting with all my home, you can also secure a mortgage, legal services.
Speaker Change: as well as renovation and property management.
Speaker Change: Our vision is to be the most trusted and comprehensive property solution for everyone. And by everyone, we mean people including those who can't afford services or agencies, as well as the rest of the market from investors to your daily folks buying and selling for the first time.
Speaker Change: In order to achieve scalability and to be able to serve more consumers across the world, we then use technology to bring speed, ease and reliability to property related services.
Speaker Change: So we're very happy to share and present our results today and to make pronunciation we'll be led by our director of finance Lule.
Lule: Thank you, Ronda. So first off, just a quick overview of our latest capital. So our ticker symbol is OEMH and traded under the next exchange. Our IPO was last year, March 21st.
Lule: 24 cents USD. And our last 90-day average trading volume is 135,000 shares per day. And on its ratings by maximum, index, costing at $1.5. 3. Respectively.
Lule: I work on the 6th of September 24, the founders, which are namely raised and run the long-after actually exchange half of their monthly salaries from January to August, 24 for into on-in-reaches and those shares were issued on October 4, 24. And so this screen section here that you see all the additional shares that are being acquired by the two founders, this has shown that the founders believe in the business and is commenting basically it's commenting, commenting to the business and willing to come in more.
Lule: Let's tell them we were shared reason why and primarily is because of the growth of the business that we have seen.
Lule: So we are a one property one sub shot and this
Lule: diagram in cashlets all the businesses that we do.
Lule: So our customers can come in from every part of their life cycle with regards to property. So let's see if you go property.
Lule: Potential buyer or a seller usually will start with the research section where you will look at free blocks, valuation of their homes and look for guides and some of those who may be thinking about doing it by themselves with the time and energy to do so, they will do so via LDIW and platform with verified listings by homeowners.
Speaker Change: But majority of our customers actually prefer to have an agent to help them transactive property. And all of our agents are in-house and then they are also top 1% in Singapore in terms of number transactions across in-target Singapore.
Speaker Change: We usually charge around 1% to properties value in as a commission revenue for our brokerage business.
Speaker Change: To support our brokerage business and also to help our customers close faster, we also work with all the banks to provide mortgage to all of our customers. And also work with the panel of trusted law firms to provide legal, legal, conveysing services where we acquire and an advertisement revenue from them.
Speaker Change: And during the process, of course, in Singapore, it is very common for homeowners who just purchased their home to look for renovation.
Speaker Change: We are also the main contractor in relation to business that has an in-house interior designers as well as project managers to help design and build their dream homes for our clients.
Speaker Change: So for this segment, we typically serve as high-end condominium homeowners, land homeowners, as well as office renovation projects.
Speaker Change: Lastly, we have the set, um, um, this is units, which is also a prominent business units, is the property management, um, business.
Speaker Change: Where we are the managing agents for multiple condominium projects that basically we help them.
Speaker Change: I managed all of the common areas and allow the residents to book all of the facilities such as tennis court, such as sauna room, etc etc. And we collect property management by the new problem.
Speaker Change: A quick recap of our first half of the 23 results in case some of them investors here missed it. So in the first half we have seen this.
Speaker Change: I'm Stella Growth of 16% into the revenue. So, our revenue grew from 2.17% to $2.47 million.
Speaker Change: Our gross profit has almost doubled. And this is mainly due to a margin improvement across all of our businesses. So our brokerage has increased its gross margin from 46% to 49%. Our graduation business has also increased its margin from 23% to 28%.
Speaker Change: Now, property management visits are also increased, their gross margin from 31% to 33%.
Speaker Change: We are still incurring a loss, although the loss is narrowing, because we are continuing investing in the technology. The loss has been narrowing, so we have seen a net decrease of 220,000 compensated in pure loss here.
Speaker Change: All packs remain high in the short term, mainly due to a recent acquisition of the property management business. And we still need some time to optimize the cost and wealth.
Speaker Change: There's also an increase in amazitation experiences of 440,000 in the first time with 2024 versus only 180,000 as competitors in Pira last year.
Speaker Change: So the operating expenses expected to reduce and if we can leave from the third quarter onwards, may need you to a series of cost optimization plans that we have initiated in the queue second quarter of 2020-24. So we expect this number to narrow simply going forward.
Speaker Change: In terms of battleship, why we have also seen increased improvement in the battleship health. So we have seen increase in assets, decrease in liability, which lead to a net increase in agree.
Speaker Change: Caching Caching Curveland. We have also rebounded to a healthy number of 2.4 million $. And this is mainly due to a placement that we have done in the first quarter of the year to execute our strategy for federal growth and break even.
Speaker Change: So now come to the important part. We would like to summarize our work presentation to three main key points. One is that we are a high growth property company. Secondly is that we are a business model.
Speaker Change: That is how you puff the blast skill. And certainly, Purny, we are training at a low-vattery-shemort 4 has compared to what's happening in the industry.
Speaker Change: So with regards to the first point with this high growth.txt
Speaker Change: I'm going to the detailed numbers here.
Speaker Change: So for the third quarter of 244, what we are seeing is that for the first nine months or twenty four, what we are seeing is two hundred and twelve million in terms of the gross transaction value of the homes that we have broken. And this number has a 51% increase as compared to last year.
Speaker Change: We have also seen a significant increase in the renovation contract that signed for the first nine months of turning forward. So the contract we have signed so far is 2.4 million and this is essentially the post to 300% of what we see in the same period last year.
Speaker Change: In terms of the units on the management by Propto-Management Business, we have seen a significant growth compared to the 6,700 units that we managed at the end of the year. Now this number has increased to 9,283. And this represents a 30% DNA increase.
Speaker Change: In terms of total property, transaction, GDP, we are looking at 334 million, which is similar to last year. But out of that, 63% has gone through our agents as compared to only 42% compared to the simpler last year.
Speaker Change: So lastly, of course, profitability and maintaining cash balance is always a focus for us.
Speaker Change: So as of the September 17th, I have to report our cash balance CTS-22.1 million. And this actually increased from the last reported figure, which is 1.8 million in June.
Speaker Change: For broken services, we have seen a setting increase. So this graph, the orange bar represents the number of transactions that we have done. Our agent team.
Speaker Change: and the blue line represents the post transaction value in USD millions.
Speaker Change: As you can see both have seen the healthy increase over time.
Speaker Change: And for the first nine months off, turn trying for what we are seeing is to put 2% increase in the cultural GTV.
Speaker Change: And in terms of the number of transactions we have seen at the SuperCent increased
Speaker Change: for the first nine months of turning away from work.
Speaker Change: We have also seen increased cross margins.
Speaker Change: This is primary due to improved brain awareness that we have in a market and also primary contributed to the homemade launch that we have done in the second hour, 283.
Speaker Change: So to recap for HomeAI, this is actually a one-up-a-kind homeowner focused platform that streamlines the home selling process.
Speaker Change: So this is available on both applications and mobile. So you can simply just search home or AI and this is available currently only for our customer and Singapore.
Speaker Change: So what you do is that you will actually be able to see a accurate valuation of a home that is life as updated by almost happening in the market.
Speaker Change: and also supported by tons of guides, data about recent transactions. And also, our service is always just one takeaway for using GHS. So this allows us to build a sales pipeline for mid to high-intensalice and provide us with first access to customers upon their intent itself.
Speaker Change: And because of the higher customer lifetime value that we have, versus the single customer acquisition, this allows us for a core focus of user acquisition strategy going forward.
Speaker Change: So in terms of the growth of the product on the zone, what we are seeing is in the third product 24, we have seen close to 10,000 homes connected. These are home owners with their registered address, with their registered home number that we had known exactly who they are and know how to contact them. And by studying their behavior on a platform and how they use the ability that we are able to know when to target them.
Speaker Change: When we talk it done exactly. So as you can see, this number has increased daily. And for the GTV that's transacted via homeowner uses this number has also increased study over the years.
Speaker Change: So this total homes transact, so total homes connected right now is around $33,000. With over $20 billion off, whilst machine-based value of the homes connected, that's waiting to be transacted.
Speaker Change: So the transaction that's contributed by homemade I use this now has growth of 0% in the start. When we first develop it to close to 20% of the total brokerage that we have done.
Speaker Change: We have also been developing new features and products that allow our users to do more. So one of which is that HomeAI users are able to post their listings directly on the app if they have the intention to do it themselves.
Speaker Change: And they are able to know the latest valuation, upload their homes, and then we are even able to pre-draft some other matches as for them. I, and also lastly, able to help them feel in the critical information, so it's just one click away.
Speaker Change: So why people love us? The amount of reasons and most importantly is that we are the future of public transactions.
Speaker Change: So because of the technology that we have that we show you just now, um, it does a whole way, I and one of which is another one that we are sharing in previous presentation which is the match technology that actively matches the buyers and sellers. We are able to transact 65% on deals in 70s on average.
Speaker Change: And 73% of our properties are sold above the average prices.
Speaker Change: And most importantly is that the experience that we give to clients
Speaker Change: Basically help us get the 4.9 start, our 5 star rating across all of the platforms that you can see out there including Google and Facebook. These are generating reviews by customers having used our services and way impressed by our services.
Speaker Change: Compat to some of the well-known names out there in the market as the traditional brokerage on the T.E.B. out there. So, we are much more efficient with the use of technology.
Speaker Change: So each one of our agents are able to transact 60-70 deals a year. So average number last year for us was 63 deals per agent per year. And comparing to all the big names out there, Prop Nanks, Yari, Arnjt and Atun Sasia, which they do have a launch army of agents.
Speaker Change: But in terms of how many deals one each agent do on average, their number offers around 3 to 4 to 5, which is typical number that an agent does in the market when they're operating as a freelance model. And for us, because we operate a very close knit.
Speaker Change: And also supported by technology, we enabled it to close a lot more. Each one of our agent, I able to close three or five deals even more a month. So what we do in the year usually is what we do in the year, in a month.
Speaker Change: Even compared to some of the well-known to the US, this same matrix, we also are particularly higher. So Refin is the only closed comparable that we see with some of the leading names out there, including Compass.
Speaker Change: and the XP who are also hovering around 5 to 7 deals a year.
Speaker Change: So the next section coming to renovation our renovation is operating under the name 3 Mar. We offer premium renovation services as the main contractor to help customers realize the dream.
Speaker Change: So, customers usually follow false imposed steps to actualize different books.
Speaker Change: So, once that they can book a consultation with us to share with a vision and, of course, in the process, we translate their vision into ideas, into cohesive designs. We also have In-house team of project managers.
Speaker Change: I like many companies out there who operate on a freelance model where I one person acting both as that.
Speaker Change: Sales as an ID as well as the project manager. That model usually leads to a lot of cost-opener runs or a lot of inexperienced causing issues with design.
Speaker Change: So for us, we are a team of professionals that specializes in the field. That's why we're able to manage each other's projects so well. So we have to specialize team of project managers in sure timely, timely, timelyness of delivery. And yeah, Christy, what we are building for the customer. And lastly, we have a dedicated team to watch over every detail. So you will be handed the beautiful home on time.
Speaker Change: And we are particularly proud that we have been on time for the whole world for the past two years due to our strict control on design, policy, cost, and timeline.
Speaker Change: So for renovation sectors, specifically in terms of numbers, in the third quarter of 23, we have signed a...
Speaker Change: close to 1.5 million USD dollars worth of contract compared to the same period of last year we have 2400 percent growth.
Speaker Change: Come for the first nine months, combine together, come ahead to the same year last year. The number on the growth is...
Speaker Change: 286%. So this is mainly due to a focus on higher value customers and I was going to improve due for the high and residential and commercial projects that we have taken in.
Speaker Change: We have also built interesting tools and features for our customers to pre-generate their ideas and basically help them with mood, body, before they come for consultation. So one of which example is this, yeah, this is the original photo that's on our listing.
Speaker Change: We are able to use AI to regenerate in the style that we want in HD. So as you can see on the left side, this is what the home one takes, and this is what's generated as one of the styles.
Speaker Change: So on all of our listing page right now, you can actually click on this icon and try and out for yourself. And this is actually a feature for free for everyone to use.
Speaker Change: This is a two-dem. It's available if I run to use and try it out.
Speaker Change: So this is an example. This listening has been sold. The listenings tend to stay very sharp life on our shelf.
Speaker Change: Because we sell them by fast. So this is one listing, as you can see, you can select in multiple styles. And you can see it beautifully designed in different styles. So all of these are done by AI. And then you can reimagine your own in the way you want it.
Speaker Change: i
Speaker Change: So to the next segment, which is all my own property management, this is a seminar that is also actively growing. It is a technical property management company in Singapore with a recurring revenue stream from the facility management businesses, which means that the management is the management.
Speaker Change: Security, the cleaning, the repairs of all of the common facilities, the facade, as well as doing the counting as well as bilo-inforcement for the MCSTs.
Speaker Change: which are the equivalent of homeowner associations in Singapore, but they are for condominium projects. They are high-rise in high-density projects in Singapore.
Speaker Change: So currently, the managing of a 30 plus condominiums projects. And this amounts to more than 9,000 units there under the management.
Speaker Change: So this is an impressive growth just within three years of inception. And what it means to the bigger part of the business is that they provide variables.
Speaker Change: Let me just go back and we shall screen.
Speaker Change: i
Speaker Change: Okay, there you go. Now, let's post screen each of everyone to see.
Speaker Change: What it means to us is that it actually provides a higher end of custom-based velocity to target and market to which.
Speaker Change: Providing us with two to four times of what we have in a post in terms of bookish revenue process transaction. In terms of renovation revenue, it is also two times higher compared to what we have before. This is a huge customer-ma-vase-volased nurture and for us to provide our service to
Speaker Change: There are also a mobile based property management service, which with 100% people has worked for all of the task management that back-end contract management documentation or happen at a back-end. What's happening in the front-end for all the home users?
Speaker Change: is that there are able to book all kinds of facilities, there are able to submit all the forms, make payments for various service requests all of it on the phone. So this allows them to look at our advertisements and look at, you know, engage all of these services on a day-to-day basis, and allow us more transport conversion.
Speaker Change: They are also a company with smart integration capability. They have integrated multiple IoT solutions including this is a management assistance and license plate recognition systems.
Speaker Change: And this is also because of the introduction of technology, they are also allowing their customers to recharge the MCSTs, the homeowner associations to reduce costs and improve their staff productivity on sites.
Speaker Change: So it does not in numbers. The units on the management is a indoor indicator of their revenue growth. Because usually each and every single of unit that we manage represents a monthly recurring feed that we are able to collect from individual uses.
Speaker Change: So as you can see over the past few years, they have been going steadily from...
Speaker Change: 123,000 21 to right now the latest number is hovering over 9,000. This represents a 34% increase compared to the last reported figure in San between the three, which is 66,000, 6,700 units.
Speaker Change: This provides us with additional recurring revenue and customer base for our brokerage and renovation services. Around 15, under our 1.5,000 units square, nearly added in October and will come to
Speaker Change: In the second quarter, this is a Finnish answerangung, which is a huge project that's sitting in the heart and of Singapore, we also have pop-man drains, sterling, what's in residences and residences.
Speaker Change: As we grow further we will start to acquire more and more all of these condominium projects. And as a matter of fact we start to encounter many partners and many customers who are happy to be reciting condominiums in the condominiums that we manage as well.
Speaker Change: So as we grow, this will provide additional recurring revenue and customer-based for our businesses.
Speaker Change: I will treat key drivers for our short term, short term term growth are firstly to aggressive heat grow and talk to a aggressively grow on top one else.
Speaker Change: By increasing our condo acquisition and unit on the measurement of our optimal measurement basis, secondly, increase in B2B partnerships to grow new fundals for customer acquisition.
Speaker Change: Secondly, we have all of our tools, including Home AI, as well as a match to be able to nurture our clients 24-7.
Speaker Change: So I'm sorry questions probably without increasing account and lastly and also in engaging customers from earlier stages of life cycle so we are able to convert them to become out the customers.
Speaker Change: And that's the way we are also working to increase the conversion and market, kind of market, by better nurturing via AI to result in higher conversions while customers.
Speaker Change: And also to increase our market and the kind of market, this also means that our revenue that comes from the market will be two to four times. Of what we have in the past, when we were focusing on the HTTP market.
Speaker Change: So the second point of our three key highlights for our investment is that our business is actually highly profitable and skill. And this is actually setting times of customer lifetime value.
Speaker Change: So, allow me to explain further what I mean by that.
Speaker Change: To compare to traditional books, it's all a little tech enable brokerages out there. We are very different, fundamentally, in terms of our business model.
Speaker Change: So most of the agencies out there here in Singapore in Southeast Asia
Speaker Change: What we do is that when one commission comes in, let's say it's $10,000 worth of commission. Typically what happened is that 90 to even 95% of commission will be paid to agents, because each and each and each are essentially freelancers and they manage their own expenses and the customer engagement.
Speaker Change: We are able to retain much higher in terms of cross profit that we have. So our gross margin usually offers around 50%. And then the 50% that we pay out are usually inclusive of our all of our agents.
Speaker Change: Saturday, our Corporal Agent Commission, our Intensives, as well as Popterialist and Experiences.
Speaker Change: So this is an equipment as compared to the typical model where we will grasp of the modules five times of what the typical transaction has.
Speaker Change: And then in other words, a chief terminal in Brokerich-Bros profit, usually for this kind of cases, they will require 10,000 deals, before we unify 2,000 deals.
Speaker Change: So, we are able to achieve probability with much lower amount, much lower number of deals.
Speaker Change: And then for traditional model, usually it's hard to get into it's hard to reach from the down to funnel, to be able to engage in gig customer's databases because usually it conflicts with agent site increase.
Speaker Change: For us, because we work as a single team, and we also actually provide services to the customers directly. We are able to earn typically 40,000 off.
Speaker Change: 40,000 worth of gross profit coming from renovation deals.
Speaker Change: So our renovation deals, however, is around $22,000 to sometimes even as high as a million dollar contract. And in terms of the revenue that's coming from property management business, it's usually at $400 per year per unit.
Speaker Change: So
Speaker Change: Adding all of these together, in terms of gross profit, we are seeing around close to 13,000 in-gross profit for one single customer that's coming to us as compared to only 1,000 to 1,000,000,000 for one customer that's being transactive by traditional model.
Speaker Change: So throughout this whole cycle, one customer is worth 13 times more compared to the Tritidious Tradition Program for this model. And that's why we have a very highly profitable business when we are reaching each scale.
Speaker Change: And lovely, um...
Speaker Change: We also trade currently trading at the Rensubi Lowell Valuation Multiple and what we are trading at currently is at a revenue multiple 1.3 times.
Speaker Change: So what happened recently in the industry is very interesting, probably grew, which is another listed company as well, coming from Singapore. And then they were recently acquired by EQT, which is a primary category fund, with a valuation of $1.1 million USD. So this is actually close to nine times off their training for a project to revenue.
Speaker Change: So this multiple is actually significant higher than what we are training at, but partly could be due to the fact that
Speaker Change: To the fact that we don't have for a lot of people know us. Yes, so as we market ourselves more and more to more investors. Hopefully this will be spread out to more investors out there to know that we are currently have a low valuation multiple competitive what's happening in the market.
Speaker Change: So these are the three key highlights I would like to just read to everyone again. One is that we are high growth property company. Secondly, we have a high high high property business model at scale. And lastly, we are to carry under value as compared to what we are, what we are seeing in a industry.
Speaker Change: So in terms of our long-term growth strategy, our core focus is still on increasing market share in the existing market and expand our geographies. Secondly, it's to acquire partner with companies who are offering a salary of growth and lastly, increase our service of range so we can become a property super app.
Speaker Change: Our company is also managed with a very experienced board management team. So Ronda and Rays are our CEO and CEO, the Spectre pleats.
Speaker Change: Sitting on board of independent directors, we have our chairman who is a Mr. DeVelo, who is also a chairman of Centering Co-Priotian, which is a well-known student Colombian developer and manager for student accommodations around the world. And it's also a company in Singapore.
Speaker Change: He's also there to grab holding another well-known tech company in Singapore.
Speaker Change: And then we have Mr. Lee Ways-Loon, who is our audit check, who was the CEO of Watchbox Asia, which is a luxury market watch market place. And he's also the former director of investment banking division and Morgan Stanley Asia.
Speaker Change: We have Mr. Limkun who is the chairman of nominating committee.
Speaker Change: with a partner at the Elden Law. And lastly, we have Mr. Galvin Tang.
Speaker Change: Who is our composition committee member? I'm sorry, our composition committee chair. Who is currently the CEO of Night Frank Singapore and at a well-known pop-to-master company in Singapore? And he was also the former deputy managing director at subuse.
Speaker Change: So now we have come to the end of our presentation and now we would like to open a floor for any questions that you may have.
Speaker Change: I'm going to be a little bit more nervous than I thought.
Alan: Hi Alan.
Alan: So together with us we have one of our analysts on the call.
Speaker Change: Mr. Allen-Cleef from Maxim.
Mr. Allen-Cleef: Hi, can you hear me?
Mr. Allen-Cleef: Yes, yes we can do. Oh hello.
Mr. Allen-Cleef: A couple things stood out one.
Mr. Allen-Cleef: I heard you say that you increased your cash levels. How I was curious how you were able to do that.
Speaker Change: Well, as we have mentioned in the presentation earlier that we are very...
Speaker Change: Focus on, of course, operating efficiency. So what happened is essentially we have, you know.
Speaker Change: We have closed a lot more deals and we also have closed a lot more renovation contracts.
Speaker Change: That allow us to build our cash flow in the short period of time. And also our losses has been reduced and significantly due to some of the, due to some of the initiatives that are taken in the second half of the year.
Speaker Change: So that is the beginning of the song.
Speaker Change: Sorry, Ellen, yes or no, go ahead.
Speaker Change: I also saw Derek asking you know some elaboration on the cost observation.
Speaker Change: So this is not rocket science. Essentially is that we have looked at all of our internal heck count. We have looked at all of the resources and spending that we have. We have optimized them to make sure that every single dollar and cents are being optimized and achieved all I want them to achieve.
Speaker Change: And we have direct to some of the resources into marketing so that we are focusing on gender, gender revenue and growth as well.
Speaker Change: So this is the results of both an increase in sales in revenue that we've seen in the third quarter, as well as the reduction in the cost that we have been spending.
Speaker Change: So, acquisition into property management is assisted as well. So, with the thousands of units on the management, we're able to better offer our services you know, without engaging into every single customer acquisition cost for each of these conversions. We have also increased our partnerships.
Speaker Change: So we're partners with various partners even from FMB, Coffee Shops.
Speaker Change: to different finance insurance partners. And this helps us increase our lead generation as well.
Speaker Change: So in the past, before all of this activities, as you can imagine, I'm all of our acquisition, we have to be done via a lot of paid marketing.
Speaker Change: [inaudible]
Speaker Change: So we are currently the highest rate of brokerage prop tech company in the entire country or even in the region that we're in in Southeast Asia. We have over 8,000 five star reviews.
Speaker Change: So, one of the slides that we had with all the top book arranges in where we are in Singapore, you'll find that if you search their reviews, there would not be very, it would not be comparable to all my home. And the reason is exactly why we started all my home, because actually in the industry, there are a lot of complaints about agents, there's honesty, or pay information, costly services.
Speaker Change: So we created all my home to hopefully, you know, be able to better serve our customers and fast-boss. We have done that to a large degree where we need to keep growing and ensuring that our good services.
Speaker Change: We're able to sell faster than almost any out-of-company in the market We're able to transfer the sector, we're able to achieve higher prices. We have achieved this items in terms of KPIs
Speaker Change: But what we have in the chief is that we have not reached out in terms of, you know, our marketing, our branding, you know, to the rest of the market.
Speaker Change: If you can imagine, if you are selling a home and you know that oh my home can sell it faster and a higher price for you, it's quite a no brain as engaged us.
Speaker Change: If you're renovating your home and you know that we can be on time or a cost competitive or design for excellent, and again it's a no brainer-dengage us.
Speaker Change: So definitely I will go, you know, every continue to cross-optimize. It's also to expand our reach more organically so that we don't have to keep increasing our marketing constantly.
Speaker Change: Can you, we have another question, sorry, down and in?
Speaker Change: I was just wondering if you could give us some commentary on the Singapore Housing Market overall and the economy.
Speaker Change: The Singapore Housing Market is generally very vibrant. And the reason it is so is because there has been a lot of government regulations, pricing control, tax control to ensure that the market doesn't get overheated.
Speaker Change: So what happens like how can a survivor in when it's controlled to not be overheated?
Speaker Change: So what happens here is that over the last 10 years, the government is trying their best to make sure that Singapore doesn't become like a speculative property market. So over the last 10 years, what has happened is that most rarest date owners in Singapore are very cash rich.
Speaker Change: And that means that in the event of higher interest rates, in the event of not so good economic situation, there is no need for anyone to both sail their homes or sail at a hushed as count.
Speaker Change: So most of the time because of the taxation here, property owners today who have all multiple properties tend not to dispose of their properties, they were dispose of other assets.
Speaker Change: Because it costs them all in future if they wanted to apply it a property against the cost of the way text works in Singapore.
Speaker Change: So that's one part. The other part in terms of the market is that overall when the interest rate marks and the interest rates are high across the world, generally Singapore interest rates are quite low. So when it was high, we were high for us as about 3 to 4%.
Speaker Change: And then, low for us is about one to two percent. So we're seeing interest rates coming down. So we're seeing more activities as well. Overall, in the market, in terms of the Singapore transaction dynamics, where it comes to our business.
Speaker Change: We're not quite concerned that the molecules out or down as long as they're transactions.
Speaker Change: So in Singapore, there's about 40,000 silver transactions a year. You can estimate another 100,000 of rental transactions. Now this number obviously compared to if you were in the state or some of our listeners are from India. It's a very, very small number.
Speaker Change: But the beauty of Singapore is that it's one of the most expensive rarest cities in the entire world. So every transaction actually is worth a lot to ask.
Speaker Change: So, a government property will cost about.
Speaker Change: 350,000 USD, so 80% of Singaporeans live in there.
Speaker Change: And then the private properties would easily cost you anywhere between 1 to 5 million USD per property. And we're talking about multi-family homes that are quite small, about 2,000 square would be considered as a comfortable size home.
Speaker Change: So that's the probability scene in Singapore and what we're seeing is that with the interest rates coming down It's where definitely expecting more activities
Speaker Change: But either way, the transaction volume is still in quite healthy over the last few years that was been around. In fact, we started at the worst time of the market in 2016. So this was off the back of the first government huge taxation on property purchases.
Speaker Change: But we wanted to start then because we thought that if any help was needed in the market that would have been the best time. So that was why from the time we launched all my home within four months we became the number one, perfect player in the market.
Speaker Change: So we're still working hard in looking to continue to spread our brain, our efficiency, our services in terms of the one-stop shops, and be able to gain more customers across the region.
Speaker Change: Dairy was asking if the higher agent GTV on lower transactions is due to a more condo transaction definitely. So with the acquisition of the Property Management On, we're definitely seeing more condo transactions, more condo customers with us.
Speaker Change: Um
Speaker Change: That is on the part of the acquisition, but separately on the marketing front, we are also actively increasing our dual value per transaction. So that's why you heard Mr. Lio Li previously sharing about how our renovation deals are getting larger, because we're dealing with high and that will, how your value renovation deals.
Speaker Change: So this days we cannot, we can't only work on use of renovation deals that above US dollars $200,000 per contract.
Speaker Change: We find that we do very well in that category and upwards.
Speaker Change: So that's what we've been busy with. So when we are growing the department, even I myself with my cool-bounder race, we're very hands-on in terms of understanding the market, the materials, the customers that comes through, because we're very determined to grow the remorse into a much larger end.
Speaker Change: famous in our renovation firm.
Speaker Change: that
Speaker Change: i
Speaker Change: All right, Alan, do you have any further questions or comments?
Speaker Change: Highlight kind of how the combination of using the property management business and your AI tool.
Speaker Change: have been able to grow business and where do you think you are on that in terms of like the opportunity of continuing to do that?
Speaker Change: Thank you.
Speaker Change: Well thank you Alan and it's a good question on top of on direct question about Homer AI.
Speaker Change: The beauty of our home area is much as because it's trendy and in the AI world.
Speaker Change: I was just in LA and Vegas two weeks ago.
Speaker Change: And we were actually in conversations with some of the pro-technes that you saw on the slides. We're actually pretty good friends. So, you know, we're always exchanging ideas. And the beauty is that the AI that we have already implemented in Singapore in all my home it's actually not seen and not available in the states.
Speaker Change: So, you know, since the time we listed, I know a lot of questions that came in before was about how we expanding into this state as well. It's always, you know, definitely a working progress because it's a much larger market for us to apply a good technology.
Speaker Change: So, Homer, you are the beauty of all that is that, of course, in the construction and the building of Homer, it costs us a lot.
Speaker Change: So why does the company that runs such high-growth margin in businesses across all streams?
Speaker Change: Continue to run losses in the past eight years. The reason is very much because the building of this technology is very expensive.
Speaker Change: When we build this technology, whether it's for 100 users or million users, it costs pretty much the same as a separate server cost, right? But the building of it in terms of the tech development cost is pretty much the same for us.
Speaker Change: So the beauty of my home and the home AI technology is that we have built it.
Speaker Change: It's ready. So right now we have, you know, this amount of users that's currently using our platform 10,000, 20,000, 30,000. But whether it's 10,000 users or a million users.
Speaker Change: The platform actually becomes more and more life the more users we have. And what it does for our margins in the future expansion is that the convergence become more affordable wide.
Speaker Change: Because this are people who are not looking to sell their home today, but they're on outside for them. They're getting nurtured. They get information on their property, they get information on their valuation, articles on what they should be doing about their property.
Speaker Change: What's the best time to sell? How's the interest rates going? Do you have one of better mortgage packages?
Speaker Change: So all of this extremely useful tools are constantly available to them.
Speaker Change: And in the event, someday that they're looking to sell
Speaker Change: They have all the recent transaction prices, the current market asking prices. And we would like that in this conversion journey they will then choose all my home as the company to sell by or rent for them.
Speaker Change: So when we have seen in the past eight months or so of running a home and very aggressively this year, it has helped us with our conversions.
Speaker Change: But isn't making our conversions a lot cheaper? I wouldn't dare go as far to say it again. I still much cheaper now because the number of users we're still growing in.
Speaker Change: You know, so we need to continue to grow users such that you will see the results. As a company, we'll see the results in the future.
Speaker Change: So in the idealistic world, if we can get, for example, the entire Singapore homeowner's on home, then obviously at the time that they want to sell or renovate, we are constantly in their life without them having to pick up the phone to call their agent or their friend or someone who's more knowledgeable than them.
Speaker Change: So that's what we've been working on this whole time. We are actually solving our solutions, stemming from problems that frustrates us ourselves.
Speaker Change: So you can imagine as we run a team of agents over the last eight years and before all my phone I was also working with agents. Some of the frustrations we have is that good agents are.
Speaker Change: A rare and few. There are good agents.
Speaker Change: But they're not the majority. So what happens with that is that if they are good agents, they're what we define as good agents, they're prompt, they're good closing, they look their customers, their customers lost them, their owners, they're actually good at their job.
Speaker Change: But after all that humans do, so they can't be acting on replying to messages all day, and they may not always be accurate. So where AI comes in is that anytime you're looking for the answer. So for example, if you ask an agent of yours, a broker of yours, wherever you may be, the question of what's my recent transactions?
Speaker Change: The answer will be like, hey, it's hovering about this price and let me check, let me get back to you. But on a home-re-eye or any of our own home tools, you'll find that when you ask this question, you immediately get a list of the answers and this are accurate answers.
Speaker Change: So that's the beauty of AI, which is that we want to answer accurately, we want to answer around the clock. Well, so that what happens to our Asians and brokers, right? What happens to them is that they then spend all of their time more committed and more dedicated to sales closing. That means the part of the journey that a consumer just prefers to have a human involvement.
Speaker Change: And of course, where we're heading towards is that this human involvement, it's not as necessary as before. So, how we require a human agent involvement in a past 100% of the journey. Today, at all, my home, you probably only require an agent 30% of the time in your entire 100% journey.
Speaker Change: So assuming from the time you think about selling to the time you complete your sale is 100% time. Today you probably need to see our age and 30% of the time or less. So that's where we're heading with our technology where you need them less.
Speaker Change: But you actually have more accurate information that is services.
Speaker Change: So we're very determined to continue building this and again the solution stems from the frustrations and the problems in the market.
Speaker Change: So we're still very passionate about our business and we want to grow this. We want to expand this, you know, beyond our...
Speaker Change: I'm sure of Singapore Island. So that's what we're working on every day. It's a very, very fun job for us.
Speaker Change: I know sometimes, you know, as if, you know, if some of you are investors, it might be quite disappointing, right? Looking at, you know, the company invested, you know, not doing so well in the stock price front.
Speaker Change: Well, we may not be able to actively, you know, do much about that. I see a question about how do we attract you in vests. Apparently, we haven't done that very well.
Speaker Change: But what you can be very assured of is that we're 100% committed in winning this game and we're 100% committed in having more customers if not all customers, you know, be with all my home at some stage of dead journey.
Speaker Change: Right, thank you, Ron, but to add on to part of the question, Jan, to answer, right. So one of the questions that I think there...
Speaker Change: Alan was asking what's regarding how this to product an integrated with each other. So this is on the right side is actually a screen of the...
Speaker Change: application of simple app, which is the condominium app that's being used by the overnight,000 units on the management. So on this app, as you can see, you can focus various activities to look at announcements.
Speaker Change: We request for services and then at a bottom right quantity you can see home AI. This is where you can click in and start registering your home. And here is a hook that we can hook the home owners to let them have a price discovery process for their home.
Speaker Change: So a lot of times, actually most people may not think actively about their home or thinking about selling the home because they do not know what's the latest price of their home. And after the price takes discovery process, and this is actually an important hope for them to get connected to home or AI, and that's how we convert users from this platform to our platform. And as a matter of fact, we also getting these two platform two.
Speaker Change: To be more and more integrated so in future it could potentially be highly so highly integrated that you can just connect one out to another with ease.
Speaker Change: Right. So, to answer, I think, lean this question as well.
Speaker Change: We have to do what we are doing to attract new investors to increase press release in the US. Yes, we will very much like to resonate with what Ronda mentioned. But the core focus of us is still on the business itself and focusing on executing our strategy. As some of the investors here may know, that actually going for conferences and all that is relatively costly process for us. Unlike companies in the US, we might just...
Speaker Change: fly and drive around the US before us, flying over there, accommodations and everything that could.
Speaker Change: How a question of Italy and causing quite a screen for us. We would rather focus on investing that on growing the business, which will return long-term value for all of our shareholders here instead of having to rely on
Speaker Change: We like on external funding to help us continue to fund the business. So this is a very important focus for us, but that means that we still will be increasing our exposure. So while the press release we're going this...
Speaker Change: We're going to this webinar has already been out.
Speaker Change: So
Speaker Change: Do, do stay in touch and follow all of the socials and the bottom of the press release.
Speaker Change: To follow our latest updates. So from time to time, we'll also provide updates on our business. We are a LinkedIn profile. We are our Twitter. We are our Facebook and Instagram. So do follow them and see what's happening with us. And then what we are doing, sometimes we do have some exciting things that we are going to uncover and sing it for us. Well, so do say in touch.
Speaker Change: And do follow us on one of our soldiers to play now.
Speaker Change: All right. I think that our time is running short and we need to conclude the session. Thank you, Ronda and thank you everyone for attending. Thank you, Alan, for your questions.
Speaker Change: Thank you everyone and do check out our latest videos that were done for the United States. We put on some properties in LA and we have just released those videos.
Speaker Change: So, we'll do full last four all of the different updates that we have done at oh my home. It's been exciting. I was been quite happy with all of our work here, so we hope to see you again at our next update.