Akshay Ruparelia, Indian-origin 19-year-old teenager and the boss of online real estate agency named Doorsteps, has now become UK’s youngest millionaire.
When other kids are busy with school homework and kicking balls on playgrounds, Akshay Ruparelia was developing his business by negotiating huge property deals on his mobile phone. Some people are born-businessmen, business flows on their veins and then, age doesn’t matter. The 19-year-old teenager, fondly called ‘Alan Sugar’ by friends, started his online property selling business about a year earlier, through his smartphone, and he used to sell houses during his school lunch breaks, playtime and every spare minute could find. Soon, he hired a call centre service to answer his company switchboard while he was attending school class, and would ring back himself after school.
In little more than a year, Doorsteps has been valued at 12 million pounds and the teenager has sold 100-million-pound worth of homes. The idea is to sell house with a commission of just 99 pounds, whereas traditional High Street real estate agents charge thousands of pounds as commission to sell any property. This idea is proving so popular that investors are already buying shares of Ruparelia’s firm – doorsteps.co.uk. Within 18 months of opening, the company now has a Mayfair address and has been lauded by consumer group The HomeOwners Association too.
Akshay’s company, which was started after persuading family members to loan him £7,000, has now become the 18th biggest biggest estate agency in the UK and is worth 12 million pound and has 12 employees and is expanding rapidly. In August Doorsteps raised almost £550,000 in a crowdfunding exercise which aimed to raise only £400,000 and secured almost 500 investors. The teenager has put his Oxford University studies plans on hold, as his business is expanding so rapidly; yet, despite switching back and forth from school lessons and business, he manages to get five A Levels, three at A* and two A grades in maths, economics, politics, history and financial studies. Some people are just so brainy efficient, right!