iMyanmarHouse.com, the market leading online property site in Myanmar, celebrates its success in facilitating $190 million in property sales transaction value over the past 18 months. This achievement marks a tremendous start to 2018 for iMyanmarHouse.com, further strengthening the market leadership position in Myanmar it has held since launch. At the Property Portal Watch Conference in Bangkok today, founder and Managing Director of iMyanmarHouse.com shares the key steps that led to their success.
Strong understanding of the local market
iMyanmarHouse.com attributes a large part of their success to their local knowledge and understanding of the market, which is unparalleled by other players in the market. iMyanmarHouse.com has established itself as a voice of authority in the industry, becoming a platform of trust amongst developers, agents and consumers alike. Their local expertise is further evidenced through the release of eight property books and regular property seminars conducted across four cities.
Successful online to offline (O2O) model
iMyanmarHouse.com recognized early on the difference in property purchase behavior in Myanmar, compared to other more mature markets. This led to how iMyanmarHouse.com became the pioneer of the online to offline (O2O) model. Their property portal allowed property buyers to search and research online, which was then followed by property exhibitions which enabled them to interact with the property developers face-to-face, access financing solutions, and ultimately make a transaction. iMyanmarHouse.com’s signature property expo has seen over 270 developers participating, with more than 15,000 visitors attending each event.
Moving to a transactional revenue model
In early 2016, iMyanmarHouse.com began participating in property sales transactions, selling properties on behalf of the developers with their own exclusive sales team. iMyanmarHouse.com runs exclusive project marketing events on behalf of developers, prequalifying potential buyers using consumer data and research gathered from the online portal, which ultimately drives more sales for developers in a quicker timeframe. This concept has received overwhelming success in the market, which has facilitated $190 million in property sales transactions since the concept was first launched.iMyanmarHouse.com now holds two to three concurrent sales events every weekend, and currently has exclusive sales and marketing rights to six property projects today.
Nay Min Thu, founder and Managing Director of iMyanmarHouse.com, comments: “2017 has been an exciting year for us. The continued growth on our platform has allowed us to venture into new revenue streams, which has proven to be extremely profitable – not just for the company, but also for the developers and property buyers. We have been able to achieve this through our clear focus on strengthening our offering for developers and becoming a voice of trust for consumers. I’m excited to take the team to new heights in 2018 as we continue to strengthen our position in the market.” – Property Portal Watch