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Below is a transcript of our Co-Founder, Mervin's interview with Hongbin Jeong on MONEY FM 89.3
What was your personal experience with home renovation before founding HomeMatch? What challenges did you face that inspired you to create this platform?
My personal experience was the catalyst because I felt the pain of finding the right renovators firsthand.
It all started when I tried renovating my own home.... I sat in front of my laptop. Did some research.
And...
Very shockingly discovered that the renovation industry in Singapore was notorious for complaints. Maybe I was naive but I have this general impression that Singapore is very safe. So this was totally unexpected.
So of course I had my guard up when I started searching for renovators. That’s when I got frustrated.
Because most Renovators were making similar claims about how reliable they are and many even have very similar looking websites. I can’t actually tell apart who’s good and who’s bad.
In the end… I resorted to using a few renovation platforms
BUT…
After sending in my details I just got bombarded with phone calls from different renovators over the next few days. I even start getting random calls a few weeks later. This made me feel like the platforms are just simply taking my contact info and then selling it to random renovators.
I did meet some of the renovators and most seemed to have no context about my renovation, I had to repeat myself alot and I don’t think they were even handpicked for me in the first place.
So… HomeMatch is basically that magic wand I wished I had you know...
Homeowners just need to tell us their needs and we’ll magically find them suitable CaseTrust renovators.
HomeMatch's mission is to offer the ‘safest & smartest way to meet renovators’. How did you identify the gap in the market that led to the development of this concept?
Wa… it was really through sheer hard work. We were still studying back then.
At the start, we paid homeowners $10 for 15-30mins of their time. Both my Co-Founder and I cold called over 100 renovators during COVID-19. And.. Some of them actually became our first clients
We also did 2 rounds of user testing. So we got on zoom calls with actual homeowners who are renovating. And we watched them use our prototype and then we learned from their feedback.
We also approached random homeowners at events. We would just go up to them. Pray that they are friendly, introduce HomeMatch. and then get their feedback.
All these really gave us the confidence that there was a matchmaking gap in the market.
Basically, there wasn’t an ideal platform for homeowners to find trusted and suitable renovators. And... on the other side of the equation, the TRUSTED renovators themselves are also struggling to differentiate themselves and find suitable client profiles.
Which is why Safest & Smartest like you correctly pointed out became our mission. Safest refers to our stringent screenings and the guarantees we provide. While Smartest refers to our accurate matching process.
So it's not just a random slogan, it is the foundation of how we built HomeMatch.
A recent report from CASE highlighted that renovation complaints are among the top grievances in Singapore. How do you think HomeMatch addresses the root causes of these complaints?
Yes it's sad but it's true. If you look at the media releases by CASE, renovation was the industry with the most complaints in 2022, I think it was number 3 in 2023. Just last year, it was the industry with the highest prepayment losses.
I would say the root cause of these complaints stem from a lack of regulation in the industry. There isn’t a set of standard practices that renovators must follow in Singapore. In fact, 97% of complaints are against non-CaseTrust renovators.
This is a huge reason why HomeMatch only onboards CaseTrust renovators and we’re the only platform that does so.
Truth to be told it does make it more difficult for us to operate BUT we believe this puts homeowners in safer hands because these renovators follow fair consumer practices. That’s the only way we can make recommendations with confidence.
At the same time we also offer a free contract review service where we help our users vet their contract to ensure it follows fair consumer practices and we also give them personal advice to avoid hiccups.
One of HomeMatch’s unique features is the Precision Matching algorithm. Can you walk us through how this algorithm works and why it’s so important in the renovation process?
I’ll start by sharing why it’s important.
It’s important because it saves you time AND It puts you on the right track from the start. No one wants to work with a renovator who can't meet their needs right.
So without precision matching, I imagine that a homeowner would visit multiple showrooms, go to renovation events, maybe make a couple of direct enquiries, get recommendations from reno platforms.
BUT...!
The problem is that this is incredibly luck based and also a huge time waster. You’re just praying and hoping you bump into the right person.
With precision matching… we can accurately match you with the exact renovators who are most suitable for your needs such as your budget, design, lifestyle, and working style.
In fact, we are currently the only platform with the ability to match you with individual renovators instead of just the company.
So to illustrate this better, you can be matched with renovators who check multiple boxes for you. For example. You can tell us that you want all the renovators to be:
1. Female
2. Mandarin-speaking
3. Able to work within your renovation budget of say $50,000
4. Experienced in working on Industrial homes which you love.
5. Experienced in pet friendly projects and she’s also good at maximising storage. All these evident in her portfolio.
6. Be a pet-owner herself which is a bonus
7. Be the consultative and non-pushy type in terms of working style.
There are many platforms that connect homeowners with renovators, but what do you believe truly sets HomeMatch apart from the competition?
That's a great question, I think you are absolutely right. There are countless platforms that do that and they also make similar claims. But I would say HomeMatch can back up our claims with evidence. We also tell you what we can do. And what we cannot do.
So to put things into perspective, starting a renovation platform can be as simple as having a website with an enquiry form. They can get away with not having a backend or even claim to have a matching algorithm. No one can tell until they get matched. So we see lots of platforms popping up every now and then.
So… I believe what truly sets us apart is again our foundations. Safest and Smartest. Which we can back up with evidence.
Firstly, Safest because we have the most stringent screening process and offer the most comprehensive guarantees
Secondly, Smartest because we have the most accurate matching capabilities
To be honest the comprehensiveness of our service does lead to higher manpower and operational costs. But it's a strategic decision. We are focused on the long-term. We want to serve both homeowners and renovators well.
Many homeowners are not aware of CaseTrust accreditation. How does HomeMatch educate homeowners about the importance of working with CaseTrust-accredited renovators?
We do this in a few ways… But I think the most impactful one is being able to speak to homeowners everyday. We consider every single match an opportunity to educate homeowners. We get on a 5-30 mins call to guide them, we provide advice, we help vet their contract, and we follow-up with them at least 2-4 times over WhatsApp or phone calls.
Next, itwould be our own content efforts. We write articles on what to look out for, we commentate on industry news, and very recently we started creating hand-drawn comics on Instagram to share reno tips which I hope would be helpful for Singaporeans.
Lastly, we also work with CASE on education pieces like guidebooks and articles.
Trust and transparency are key values at HomeMatch. How do you ensure that the renovators on your platform meet these standards?
Through our stringent screening process.
Firstly, we only work with CaseTrust renovators. So we know they have been audited and they follow fair consumer practices
And… we also do our own layers of screening. We make sure they have at least 4 star reviews on neutral platforms like Facebook and Google
We also screen every single person for transparency. Which means you can watch a video about the renovator you are meeting and you have access to their reviews and even their past projects.
As a final measure, we also help vet our users' contracts to ensure they follow fair practices.
The renovation process can be overwhelming, with homeowners often feeling stressed by the search for reliable contractors. What advice do you have for homeowners to help them prepare for a renovation and avoid these stressors?
The biggest advice we have is to work with CaseTrust renovators because you will automatically be in safer hands.
Firstly, CaseTrust renovators have been rigorously assessed for things like their firm's systems and training materials.
Secondly, they follow fair consumer practices.
And lastly, 100% of your deposits will be protected by an insurance bond. And the fact that they qualify for this insurance implies that they should at least be in decent financial standing.
But I also want to emphasise that this is not a silver bullet AND I'm also not suggesting that all non-CaseTrust renovators are bad. Because that’s not true. So if we go back to the recent report from CASE, still 3% of complaints are actually made against CaseTrust renovators. So it's not a silver bullet for sure.
But…. it is also true that all complaints against CaseTrust renovators were resolved. In my opinion, this is likely due to the fact that CaseTrust renovators are required to attend mediation at CASE if requested. Another point is that they also need to have a feedback system that resolves complaints within 21 working days.
So to conclude… although CaseTrust is not a silver bullet, In my humble opinion… It is a no-brainer to work with CaseTrust renovators. Because you immediately put yourself in safer hands.
And… I want to paint a balanced perspective here and also correct any misconception that CaseTrust renovators equals a silver bullet and that homeowners don’t have to do their due diligence. This is also why we still run our own layers of screenings on the renovators we onboard.
Another piece of advice is doing your due diligence to meet and compare renovators. It’s abit like dating. Don’t settle for the first 1-2 renovators you meet. Go meet at least 5 of them. 5 is a logically sound number.
Why...?
Because if you meet only 3 you might end up in a situation where you get a low quote, middle-range quote, and a high quote. And from there, you won’t be able to make a proper comparison.
And lastly, start early but not too early. Ideally, start meeting Renovators 6-9 months before key collection so you have ample time to make informed decisions.
Could you explain how HomeMatch's Safest-Smartest Assurance works, and how it helps homeowners feel more secure about their renovation journey?
I must clarify that The Safest-Smartest Assurance is a free service and it's purpose is to support homeowners before, during, and after renovation.
So let me walk you through…
1. At the start of the renovation journey, we match you with the most suitable renovators.
2. After the match making, there will be a set of mechanisms that supports you. For example, before the renovation starts we will review your contract for fair practices and you will also receive an insurance bond that protects 100% of your deposits.
3. During the renovation, practices like progressive payments and feedback management kicks in to support you.
4. Finally, after renovation, you will be protected with practices like withholding payments, warranties, and dispute resolution.
What do you think are the most common misconceptions homeowners have when it comes to hiring a renovator in Singapore?
Wow plenty actually! We speak to homeowners everyday and the Number 1 misconception is homeowners trying to get instant renovation quotes online. This is not only a gimmick but it is also counterproductive.
Firstly, it is impossible to get an accurate quote online.
Secondly, demanding it would just lead renovators to give you an inaccurate ballpark which is usually lower right? Because they don’t lose the opportunity to meet you.
A proper renovation quote has to be itemised and customised for your needs. It also takes time to prepare. This can only be properly achieved after an in-depth meeting with a renovator.
But then again it goes back to the problem where homeowners are hesitant to invest time with a renovator they don’t know is suitable for them in the first place. I mean… I’ve been there myself. So… this is a bit of a shameless plug.… But please use HomeMatch. That's where we can help!!
How does HomeMatch protect homeowners from potential issues such as hidden costs, poor workmanship, or delays in renovation projects?
Actually through the Safest-Smartest Assurance as well. I’ll address them 1 by 1:
1. Hidden costs can be mitigated when the renovators provide itemised pricing.
2. As for delays, our renovators are required to provide a renovation schedule that communicates the estimated time required to complete different works. But I would still strongly encourage homeowners to allocate a buffer of about 2 weeks before the move-in date because delays are more common than you think. Why? Because renovation involves scheduling multiple subcontractors. So… a single delay from one subcontractor can cause a ripple effect especially for works that need to be carried out sequentially.
3. As for poor workmanship, there is at least a 12 months warranty provided as well as mediation at CASE if needed. We also ensure all renovators we work with have at least 4 star reviews on neutral platforms like facebook and google. And we always advise homeowners to set expectations on workmanship standards when we review their contract.
What are your plans for HomeMatch’s growth? How do you see the platform evolving to further support homeowners in Singapore?
Well.. we believe we have the right foundations. So we're always building on top of the Safest-Smartest narrative.
In terms of Safest, we will be adding more mechanisms to protect homeowners. In fact the contract review service was only added in Q4 last year.
In terms of Smartest, our matching accuracy keeps improving as we have more and more datapoints and also more renovators onboard. Currently we use over 500 datapoints and we have 1000+ individual profiles onboard.
Another important focus to us is homeowner education.
The end game for us is to raise industry standards. We believe this starts from the homeowners. We must first know what to look out for and then start demanding for the right practices… And the right practices have to also be fair for industry players as well. It cannot be one-sided.
And with that, we believe more industry players will start to adopt these fair practices as a result.
