Dutta is a serial entrepreneur and the director of the top real estate firm of London named Bracken Real Estate.
The world may have come to a standstill because of what it has been facing from the past few months due to a global health pandemic called COVID-19. Since the time the pandemic spread across different parts of the world, it has in many ways affected several industries on a larger scale. Out of the many industries that have been caught up amidst the pandemic is the real estate business. It is definitely a tough time for many in the field because in such case scenarios physical assets remain non-operational, resulting in affecting the industry negatively. We came across a serial entrepreneur from London, UK, Miki Dutta, who has a few things to share on how the real estate industry has been impacted and also shares how beginners can get started in the real estate business.
Dutta is a real estate investor, a developer and also the director of one of the most well-known real estate firms of the UK called Bracken Real Estate.
With the beginning of the spread of the virus, it became imperative for all to maintain social norms and distancing, which resulted in almost all businesses going digital. This has had a direct impact on real estate where physical spaces, apartments, retail locations, etc. became non-operational.
Dutta is of the view that since real estate always depended on the concept of future cash flow and has been a gradual process of business, it has, even more, affected the industry where there are restrictions on people gatherings. Also, the pandemic has affected the economy on a global scale; and this has affected the purchasing power of people, hence, impacting the residential vertical of the industry. However, Dutta advises real estate entrepreneurs and players to work towards keeping in mind the safety of all their tenants and employees.
Talking about how aspiring individuals can get into the real estate industry, Dutta points out a few things.
- He says that individuals must first evaluate and research about the industry and what they desire to achieve and wish to give through their efforts in the industry.
- Choosing a speciality is equally important, says Dutta. They can go for either residential or commercial brokerage, or even land investments. They must first focus on only one area and then gradually move ahead with gaining expertise.
- Making a detailed business plan is of extreme importance. Beginners must prepare a comprehensive plan, including budget, funds, team, business structure, etc., explains Dutta.
- Since almost all industries have gone online, newbies in real estate must also go digital and build a compelling website where customers can gauge different properties as per their needs and requirements. This also gives them the chance to ask any queries online where leaders can provide quick responses.
Going back to the topic of the impact of COVID-19 on the real estate sector, Dutta points out three important things that leaders in the real estate business must focus on as of now. He says the first thing they must do is to centralize cash management and work towards re-strategizing capital spending. Secondly, they must all go wholly digital and carry out all operations of customer and tenant queries, interaction and payment procedures online. And, thirdly, they must make personalized portfolio decisions and tend to each commercial tenant.
Dutta is not just a real estate leader; he is also a serial entrepreneur and venture capitalist who actively helps other businesses by investing worldwide.