Graduate gets support from University fund to set up an estate agency with a difference

Feb. 4, 2013 - PRLog -- A Coventry University graduate is about to embark on an exciting new venture, with support from the University’s Student Enterprise Fund*.

Chris Maughan, 29, from Hinckley,  graduated five years ago with a first class degree in Business Enterprise and had ambitions of establishing a business and gained vital experience whilst at University and also after graduation by working in the financial services sector.

During this time Chris has bought and sold a number of properties through estate agents and realised that he could offer something different to what is available from the traditional estate agent, which is what has led him to starting his new business called ‘Up Estates’.

Chris said:

“Over the last 10 years, the way we buy and sell goods has changed, yet the way a traditional estate agent works is still pretty much the same. They typically work a small geographic area operating on a commission-based model which is set on the sale price of a property which can lead to some very high fees, but due to their model these fees are needed.

“The idea is to change the structure of how the usual estate agent operates. Instead of being positioned on the high street we operate from a regionalised office having our local estate agents working and specialising in the local towns.

Our local MNAEA qualified agents value the property and are able to show potential buyers around, so do everything that you would expect from a high street agent, but with transparent fixed fee payment packages starting from £590+vat we are able to sell properties at a fraction of the cost.”

Chris added:

“At Up Estates we consider marketing and service to be just as important as cost, and ensure that our properties have the widest possible reach through advertising both locally and nationally. We invest heavily in other marketing areas to gain as much coverage as possible.

“I know in the past, Estate Agents have been seen in a very poor light and that is why I believe customers deserve a service they can use with confidence as we continually deliver the highest level of personal customer service to both buyers and sellers”.

In order to help set up the business Chris approached Coventry University through their Student Enterprise Fund (which is available for students and alumni) to look into the support they could offer through match funding and business mentoring. The program is available for students and alumni who have a business idea that they want to pursue but do not have the initial funding.

Chris said:

“I approached the University with my idea, submitted a business plan and gave a presentation to the panel about my ambitions for the business. They saw the potential in what I was offering and decided to support me on this venture.”

Chris has a team of 5 people directly involved in the business, 2 are full time negotiators and the others support and help run all other areas of the business.

As an added incentive for the new business, Up Estates has set up a referral scheme and will give £50 for every referral which completes with Up Estates and reduce their fees by £50 as well.

Chris concluded:

“Obviously, it has been a great help both financially and with the mentors and support provided from Coventry University’s Student Enterprise Fund and the Institute of Applied Entrepreneurship. They recognise that the way forward, especially in this economic climate, is to help entrepreneurs financially and with business support to ensure there are people to turn if you have any questions.

“The Government is urging more people to set up new ventures, but without financial support and advice on setting up a business, most people fall at the first hurdle.

“I am delighted that Coventry University has confidence in me and my business and I will do my level best to make sure that their support is rewarded.”

To find out more about Up Estates and watch a short video about what they do, visit the website at www.up-estates.co.uk

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