Zmyhome.com, an establish Thailand property portal, has revealed it has received US$ 400,000 in fresh investment.
The Thai language portal, which started life more than two years ago, is another portal that aims to allow Thailand property owners to transact on their own – without the need for real estate agents.
So, another day and it appears another new portal is aiming to ‘disrupt’ Thailand’s property and real estate market forever.
We know of at least a dozen property portals that all claim to be the best in one way or another, each of which appear to have something different to offer buyers, sellers and renters.
Our view is that the sheer number of portals on offer to agents and owners in not going to result in clarity in the marketplace.
Far from it; it will only lead to mass duplication as property owners try to discover which Thailand property portal can sell their property at the best price and in the fastest time.
Entrepreneur Natthapon Asswisessiwakul, a former agent himself, intends for his own website to stand out from other property listing sites such as PropertyGuru’s DDproperty.com, widely recognized as the number one property portal in Thailand.
“We want [ZmyHome to be a] clean and well-organised platform, similar to the hotel industry,” he said.
Only property developers or home owners can list on ZmyHome to ensure accurate information.
Owners need to provide a title, deed, or any government document that identified them as an owner before any listing is approved.
According to the website it also guarantees best prices by excluding commissions from middlemen.
It said that most listings will usually include agency commission and other fees charged to users or the sellers. Given that most sellers will figure the fees into their price, buyers pay for these fees indirectly.
ZmyHome listings are free but the website makes its money by charging its sellers per impression. Essentially, they will not pay anything if buyers don’t see their properties.
According to it own data, ZmyHome has 30,000 approved listings, of which a third have been sold or rented.
Developers, including LPN and CP Land, are reported to have sold more than US$ 3 million worth of properties on the site.
We think that’s nothing to shout about. That’s less than THB 10 million – or equal to the price of one mid-range Bangkok condo – and that’s in the space of more than two years.