Online property portal giant in Myanmar, iMyanmarHouse.com, has recently released the results of its yearly growth, saying that the company has seen a robust year across all key metrics.
In a statement released, Nay Min Thu, Managing Director of iMyanmmarHouse.com said that since the portal was launched in 2013, it has seen significant year on year growth across all key metrics, firmly establishing the company as the unrivaled market leader in the country.
“Our results today demonstrate the resilience and strong growth of our business. We have absolute conviction in our ability to deliver and we are confident that the business will grow to greater heights in 2019.” he said.
With over 550 developers, 2,200 agents and 300,000 property listings, iMyanmarHouse.com holds unrivaled market leadership in the country.
Serving more than 600,000 property buyers, investors and renters every month, this year, iMyanmarHouse.com has invested significantly on improving the consumer experience. The company made significant enhancements to the site, adding a range of features and user experience improvements to make the process of discovery of listings that accurately matches consumer searches much faster and easier.
“We have seen exceptional results with the new features we have added to make buying, renting and selling a property much easier and faster. The enhancements we have made to the agent and developer tools and user experience has resulted in a 74% increase in active listings on the website. As of December 2018, the number of active listings (less than 90 days old) stand at over 65,000” shared Min Thu.
He added that in addition to the impressive surge in listings, there was also a 89% increase in website visits for the year, resulting in significant improvements to user engagement. Data from Similarweb has shown the site recording an average of 7.24 pages viewed per user, making iMyanmarHouse.com the undisputed market leader. The data has also shown iMyanmarHouse.com that has a lower bounce rate compared (48%) to its nearest competitor.
“Most importantly, the changes we have made has seen an 86% increase in leads generated to our customers, making us the preferred marketing partner by real estate professionals. Year to date, we have generated over 730,000 leads to agents and developers” he shared.
In an effort to expand its services and become a one-stop solution provider, the company has also recently featured a new housing loan section on the site.
“We have partnered with three of Myanmar’s biggest banks, KBZ Bank, AYA Bank and CB Bank, to enable property buyers to apply and get pre-approved for loans directly on iMyanmarHouse.com,” said Min Thu.
Aside from that, iMyanmarHouse.com has added a new "hostel and room rental" section which addresses the growing movement of young professionals into urban centres and creates brand loyalty early on in the consumer lifecycle.
He added that this is part of the company’s aim of creating truly frictionless experiences in the property journey and become the first brand consumers recognise when they begin their search for property.
Understanding that data and analytics will give them a competitive advantage, iMyanmarHouse.com also recently started its own performance marketing team and call center, combined with a proprietary CRM to target, cultivate and manage buyer leads from the moment they are generated from the website to pre-qualifying them for loans and completing the sales transaction. Using the millions of data points collected over the years has enabled iMyanmarHouse.com to become more efficient at sourcing and converting potential buyers into leads.
As a result of its success in pioneering the online to offline model, 2018 saw the company appointed as the exclusive marketing partner for 28 new property projects worth over $170 million in Gross Development Value. From 2016 to date, the company has now successfully marketed and sold over US$350 million in properties.
“As a testament to our success in Myanmar, we are the only online property platform to be the exclusive partner for developers outside of Yangon. We now exclusively market and sell properties in Taunggyi, Kalaw, Sittwe, Pathein and other cities.” shared Min Thu.
“We are honoured to be the trusted marketing partner for property developers in Myanmar. We see this as validation that iMyanmarHouse.com is truly delivering what developers ultimately want – faster sales. As developers continuously extend their marketing strategies into the digital space, leveraging this shift and providing innovative solutions to meet their demands has and will continue to be a critical part of our strategy. We are now able to apply our insights garnered over the past five years of collecting data on buyers in Myanmar to curate and execute marketing campaigns that meet these requirements,” explained Min Thu.
“The results we are seeing confirm our leadership position in Myanmar. Although this is a testimony and validation of the clear strategy we set for ourselves in 2018, we are not resting on our laurels. In line with our vision to be Myanmar’s leading property marketplace, serving every need of our customers and consumers, we will continue to innovate in 2019.
We are truly excited about the opportunities that lie ahead of us and we will continuously strive to be at the front foot in delivering innovative solutions that help to accelerate our growth in Myanmar,” concluded Min Thu.
Edited by V. Haviland
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