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TODAY'S OTHER NEWS

Worth a cool £16m - the teenager running an online agency

Akshay Ruparelia, the teenager who set up the Doorsteps online estate agency only 18 months ago, is now reported to be worth some £16m.

The 19 year old set up the site in late 2016 using a £7,000 loan from family members. 

He raised over £500,000 last summer in a crowdfunding exercise, and offers packages priced from £99 to £199, making his one of the cheapest online firms operating today.

It’s Harrow-based but lists properties across the country, and currently has an inventory of around 2,000 homes; its website describes the agency as the UK’s 14th largest, and claims sellers get a typical 99 per cent of their asking price.

Now the Sunday Times Rich List - which issues a range of different categories in the days either side of the list appearing - has named Ruparelia as being worth £16m, in line with the 97 per cent of the business that is in his name.

He is the list’s youngest entrant in a field of 1,000 entrepreneurs and the Sunday Times says he employs 25 staff. The agency scores highly on TrustPilot and allAgents review sites. 

The more extensive £199 fee includes VAT and involves an instant valuation, a named account manager, weekly reports if requested, the services of a sales progression and negotiation team, professional photos and a 2D floorplan.

Rightmove and Zoopla premium listings and a For Sale board incur separate fees.

  • icon

    2000 x 99 = £16m - oh, ok.

  • jeremy clarke

    Looks like Dianne Abbott has been doing his accounts?
    199 x 2000 = 398,000 - 500,000 (crowdfund) = -£102,000
    That doesn't account for any costs such as premises staff advertising so on that basis, my business must also be worth at least £16 million or maybe more because we show a profit!
    SMOKE AND MIRRORS!

  • Ian Smith

    As this is effectively a site that allow sellers to sell themselves Rightmove should have thrown them off by now. PLUS 2000 x £100 = £200,000- His Rightmove bill alone will be around 15K per month !!!

  • Owen Nato

    Due diligence please before posting an article.

    Jon  Tarrey

    "is now reported to be worth some £16m."

    The article isn't saying he's definitely worth £16m, it's saying he's reported to be worth £16m. It's leaving it up to the reader to decide whether he is or not. As other people who know more about this stuff have pointed out, it all looks like a load of smoke and mirrors - or at the very least plumped up and exaggerated figures based on very little.

     
  • Ian Smith

    Read this again he employs 25 staff say at £15k a year so thats a further £350k - how much is this guy losing ??

  • icon

    Numbers are a little off....

    Ian Smith

    Whos numbers?

     
  • Jon  Tarrey

    "The agency scores highly on TrustPilot and allAgents review sites."

    As we all know, the definitive markers of quality!

    "its website describes the agency as the UK’s 14th largest"

    What on earth is this based on? Has he just snatched that figure out of the sky? That can't even be close to right, can it?

  • Phil Hathway

    Get gullible people to invest millions and proclaim yourself a millionaire!
    See if he's in business in a few years. The only way he'll make money is of another loss-making onliner buys him with other people's money as there will only be a few call centre agents left in a while as they can't survive on their own or without stupid investment.

  • icon

    Agreed on the figures.... But, either way he's done well to position himself in the market place by gaining lots of attention and free PR, who's the fool! Fake it until you make it, well done mate I say!

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