Forever Blowing Bubbles - The Economist

There are two key reasons why real estate has resisted innovation and technology, where every other industry has progress:

1. People that make decisions, the ones that control stock, don't feel any pain that needs resolving. The money flows in. Even when properties are empty, the land is appreciating and the property owner is making money. No pain, no gain.

2. Journalists covering property, in the main, don't understand and don't do their research to understand what happens and why it happens. 

This article, talking up online agents offering a budget service with a hands-off approach, is the perfect example of a journalist who doesn't get it, but obviously hates estate agents.

This journalist, when they come to sell a home (I'm sure they are a renter) will not go to a budget, online agent for the same reason most people don't: property owners value 'how much can I get for my property' above 'how much are you charging'. Generally a higher fee gives more confidence the agent can get the best price.