Bolstering education essential to overcome proptech fear

“It’s the fear of the unknown,” Mr Trowell said.

“So how do you resolve that? What you’re going to do to resolve some of that fear is educate them in what you do for this industry… and do comparisons [with other industries].”

Comparing the technology benefits to the property industry with the technology benefits to industries like the banking industry, where tech has had a profound impact, will help consumers build a level of trust and understanding, Mr Trowell noted.

“It’s about education and awareness,” added Yabonza COO, CMO and co-founder Heidi Guenther.

“People are jaded with how the industry works at the moment. They’re looking for alternative options and when they are actively looking for small companies, they’re realising that they don’t actually have to accept substandard service anymore. There are options out there.

“We do compare it to online banking. When online banking first came in, people didn’t really trust it until they transacted a few times, experienced it a few times and then that trust element came into it.

“Online banking is a really good comparison as to what we’re trying to do. Traditionally, people had a wad of cash they thought they had to give to somebody to be able to trust that it would go into their bank account or be paid to somebody else, which is much like buying a property because property is a big investment and for them to trust you with it is a big decision for a lot of people out there.”

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