Mona Jalota, the Founder and Managing Director of Krypton Global Real Estate, has made significant contributions to the international real estate and investment sector. With over a decade of experience and leadership roles at firms like Colliers International and Knight Frank India, she has provided tailored solutions to global investors. Mona's journey from selling UK properties to Indian high-net-worth individuals in 2007 to establishing her own boutique agency in 2018 showcases her commitment to client-centric practices. In this interview, Mona discusses her career journey, the challenges she has faced, and her vision for the future of Krypton Global Real Estate.
Can you tell us about your early career and what initially drew you to the real estate industry in 2007?
Before 2007, my career was relatively uneventful, and I hadn't found my true calling. That year, a chance encounter with Mr. Seamus Nugent in Dubai changed everything. I was in Dubai for a friend's wedding when I met Seamus, who later became my first boss and mentor. He inspired me to explore my passions, and it quickly became clear that real estate was where my interests lay. This pivotal moment set me on a path in the real estate industry, and I've been dedicated to it ever since.
What motivated you to transition from working with blue-chip companies to founding your own boutique agency, Krypton Global Real Estate?
I was motivated by the need to focus on specialized services. I was fortunate to be at the top of the corporate ladder in both of my blue-chip companies, which involved a lot of administration and management. After a point, I wanted to concentrate solely on providing advisory and consultancy services, which became my passion. In 2017, I decided to turn that passion into reality and founded Krypton.
Having held senior management positions at companies like Colliers International, Coldwell Banker India, Knight Frank India, and Dandara - UK, what experiences from these roles have been most valuable in shaping your approach to business?
The most valuable experience from my corporate career has been the discipline and structure it instilled in me. From waking up early and adhering to a strict schedule to consistently aligning my daily activities with larger goals, these habits have been fundamental. The rigorous training in man-management and collaboration with diverse teams also played a crucial role. These experiences have equipped me to run my entrepreneurial venture with the same level of professionalism and efficiency found in top-tier corporate environments. Even though we may not be as large as the companies I've worked with, we maintain all the discipline, standard operating procedures (SOPs), and best practices that define successful organizations. This disciplined approach has been instrumental in building and sustaining Krypton Global Real Estate.
What were some of the most significant obstacles you faced while establishing Krypton Global Real Estate, and how did you overcome them?
Where do I even start? Back home, real estate and women were not synonymous with each other. The challenges began way back in 2007 when I decided to make real estate my profession. As a woman entrepreneur in India, the landscape was not as supportive as I had hoped. There were no government policies, grants, or bodies to help women entrepreneurs understand their rights, available grants, or government-provided facilities.
Back in 2017, it felt like being a single-person army doing everything by myself. Personally, another challenge was that my name was so closely associated with the companies I had worked for that it took time for people to take my new venture seriously. They always referred to me as "Mona from Knight Frank" or "Mona from Colliers." While many of my big clients moved with me to Krypton, I lost some who preferred staying with a larger, more established brand. The perception in 2017 was, "Let's see how long she lasts."
Earning my clients' trust and assuring them of my dedication to this profession, my passion, and my life's work was the biggest challenge. But now, in 2024, we are still here. Hopefully, the dynamics have changed.
What strategies do you employ to build and maintain trust with your high-net-worth clients, especially in an industry that involves substantial financial risks?
I believe my name is synonymous with integrity. In my company, the buck stops with me. I do not delegate the responsibility for any client’s success or failure to any team member. I take complete responsibility for the client. We strive to instill a sense of integrity and ethics, prioritizing the client's needs over ours and providing them with the right advice on suitable properties or services they seek from us. We always maintain a client-first approach in the company, which I believe helps us earn the client’s trust. Once a client has dealt with us, they continue to do so and often refer several others to us. This is something I take great pride in.
Given the complexity of international investments, does Krypton Global Real Estate offer educational resources or workshops for clients to better understand the intricacies of global markets?
The educational workshops and resources are not available online, but I offer them through consultancies. Clients need to sit down with me and understand where they are investing, the dynamics of that market, and the tax and legal compliances involved. This advisory service is essential, and clients often seek it even if they are not yet ready to transact or if they choose to transact through another channel. The goal is to establish thought leadership and be recognized as a trusted advisor in the field of global markets and real estate portfolio diversification.
Can you share a challenging experience where you had to manage a client's unrealistic expectations or dissatisfaction? How did you handle it?
One incident that comes to mind involved a high-net-worth client, a corporate head honcho, who wanted to relocate his elderly parents to better accommodations. He selected the swankiest building, choosing an apartment on the 31st floor with the best view. Initially, he was very happy with his decision. When I met him, he enthusiastically shared that the apartment was for his parents and that they would enjoy the best view of the city.
However, during the visit, I noticed that his parents, who were close to 80 and had mobility issues, were not as enthusiastic. The client, being in a high-powered position, wasn't inclined to consider my advice initially. So, I took him out for a cup of coffee and explained the practical implications: Did his parents really want to be on the 31st floor, or would they prefer a community with gardens, where they could walk and socialize with people their own age, and have a temple nearby for their daily spiritual practices? I also raised concerns about emergencies, such as if the elevator broke down or there was a fire. Did he want his parents, with their limited stamina, to be in such a precarious situation?
It took a lot of convincing, and I played the "bad cop" role for a while. But after two weeks, he reconsidered and chose a different building nearby. This new place, though perhaps not as luxurious, had beautiful gardens, a temple, and a community of people his parents' age. His parents were very grateful, and despite the new building being less expensive and me earning a lower commission, I knew it was the right decision aligned with their needs and goals. This experience highlights the integrity we maintain at our firm, always prioritizing the client's true needs over everything else.
In an era where technology is rapidly transforming the real estate sector, how is Krypton Global Real Estate leveraging technological advancements to enhance its services and client experience?
I have a slightly different perspective on this topic. Internally, to make the company more efficient, we use regular tools like Salesforce, CRM systems, and Google Drive. I'm quite technologically challenged, so I prefer doing things the old-fashioned way. For our high-net-worth clients, I believe they appreciate a personal touch as well. We use whatever technology is convenient for the client. If a client prefers receiving information via WhatsApp rather than email, we accommodate that. However, at the end of the day, we prefer to meet the client in person, show them property options, and have direct conversations. We adapt to technology only if the client doesn't have time or prefers to transact in that manner. I firmly believe that the human touch and the in-depth market discussions we have with clients are key to converting them from a one-time sale into a lifelong client. So, I like to do things the old-fashioned way.
What role do you see blockchain and other fintech innovations playing in the future of international real estate transactions?
That's a very interesting question, and I'm as excited as anyone to see how this area develops. There was a time when we never thought blockchain and virtual holding of assets would be possible. No one even imagined it. Then it started with art and collectibles. Let's see how much it enters the real estate domain. I'm excited to see how this space matures and how investors will feel about not physically having an asset but holding it somewhere in the metaverse. So, let's see how this shapes up.
How do you view the current competitive landscape in the international real estate and investment sector, and what sets Krypton Global Real Estate apart from its competitors? Who are your main competitors, and how do you differentiate your services from theirs?
I think what sets us apart, I wouldn't say from competitors, but from other companies, is that our nature of business is very different. We are not purely focused on real estate or investments; we are a mix of both. We offer innovative products like real estate portfolio advisory and concierge services for those wanting to diversify internationally. This unique blend differentiates us from the bigger, more established brands that mainly deal with traditional real estate transactions.
We integrate elements of investment, such as pre-leased assets that generate returns. We focus on the entire ecosystem of a transaction, ensuring effective and safe investments. Additionally, we assist clients in achieving their goals of acquiring second passports and relocating to different countries. We provide comprehensive guidance on finding the best schools, hospitals, and insurance policies in their new locations.
Our holistic approach to addressing a client's needs sets us apart from others in the industry. This focus on offering a broad range of services, tailored to individual requirements, distinguishes us in the real estate and investment sectors.
As a recipient of the Women Super Achievers Award, how do you view the progress of women in the real estate and investment sectors? What more needs to be done?
That’s a question very close to my heart. It's easy to say you won the Woman Super Achiever Award, and I've won it three times on different occasions. I know the hustle, pain, sweat, blood, and tears that have gone into it. This subject is very important to me. I don't see enough women in real estate, nor do I see women taking real estate seriously as a profession. When I send out applications, 90% of the people who apply are men.
A lot needs to be done. Education is necessary for women to understand how valuable real estate is as a profession, as it offers a balance of work-life. Women can work the hours they want, capitalize on years of network cultivation, and translate that into net worth. Real estate is a fantastic profession for women, and more efforts are needed to educate them on its viability. A safe and secure environment needs to be provided for women to feel happy and comfortable in real estate. Women need to believe that they've run homes for years and are naturally inclined to be great managers. Translating their natural abilities into a highly rewarding profession is crucial. It’s on the agenda to start some real estate courses, basic training, and provide guidelines. A lot more needs to be done to encourage women to enter the real estate field.
Who have been some of the biggest influences or mentors in your career, and how have they impacted your professional development?
First, my initial boss Seamus Nugent has been a significant influence on my career. Since meeting him in 2007 when I had no knowledge, training, or experience, he has continued to benefit me. Seamus trusted me immensely and played a crucial role in my success in India. Under his guidance, I learned everything about real estate.
I was fortunate to have another mentor, Pranay Vakil, the ex-chairman of Knight Frank. Pranay Bhai, as we affectionately call him, has been a constant source of inspiration. Even now, he invests his time in my career and is just a phone call away whenever I need help. He has shown me the importance of maintaining human-to-human relationships, even after professional paths diverge.
In Dubai, I have been blessed to meet people like Asaas, my partner Himanshu, and Riad Sami. They have invested their trust and faith in me, making my journey over the last year and a half incredible. Over the past 15 years, I have learned so much from my mentors, and I hope to someday provide the same support and guidance to my team in India, Dubai, and London.
With Krypton Global Real Estate planning to expand into the US and Southeast Asia, what are the primary challenges you anticipate in these new markets, and how do you plan to address them? How do you assess and address the competitive challenges in these markets?
I don't think it's about the competitive challenges because, as I mentioned earlier, our nature of business is very different. We are a niche advisory and small business, not aiming to be a large multinational employing thousands of people. Our ambition is to be a small, niche advisory company that digs deep with our clients rather than going broad. We tackle one market at a time, and the US is the next market of choice for us.
The challenges in the US stem from its vast size, similar to India. However, in India, the real estate license from one state is valid nationwide. In the US, each state has a different license with unique terms and conditions. This makes it difficult to establish a pan-USA presence, especially for our service-oriented and time-intensive business. We plan to address these challenges by focusing on one or two markets initially, establishing a strong and profitable presence, and then moving on to the next city.
Another challenge in the US market is the trend of high-net-worth individuals seeking to revoke their US passports in favor of more tax-friendly jurisdictions like the Caribbean islands, Dubai, or parts of Europe. We see this not as a challenge but as an opportunity due to our multi-country presence, which sets us apart from other service providers in the US.
How do varying international property regulations and tax laws impact your business, and what strategies do you employ to navigate these complexities?
Our business isn't impacted by varying international property regulations and tax laws because we continually adapt to be compliant with any new changes. We strive to maintain compliance in each jurisdiction where we operate. In fact, these changes provide us with an opportunity to deepen our understanding of those jurisdictions. By staying informed about the evolving rules and regulations, we can better advise our clients. This approach allows us to navigate the changing landscape effectively, learning the necessary details ourselves and imparting that knowledge to our clients as needed.
How do you approach pricing your services in a competitive market, ensuring they reflect the value you provide while remaining attractive to clients?
We've divided our services into two parts. The first part is standard brokerage services, where we always follow market dynamics. We never overcharge or undercharge, adhering strictly to market rules. The second part is our advisory and consultancy services, for which we charge a premium. We adopt a client-first approach in these services, thoroughly understanding the client's needs and offering a comprehensive range of services. Once the client selects the specific services they require, we prepare a fee proposal. This proposal is usually at a premium because of the extensive market knowledge and benefits we provide, ensuring that the client's needs are met in a compliant manner.
What industry trends do you foresee having the most impact on competition in the international real estate market, and how is Krypton Global Real Estate preparing for them?
If I look at trends and bring them back to the market where we are currently sitting in the UAE, I think the process of doing business remains fundamentally unchanged. Doing a good job day in and day out, keeping the client's interest first, is a sustainable way of conducting business.
The trends in this landscape involve dealing with different multicultural nationalities. For instance, in India, my largest network of clients is Indian, while in the UK, they are British. However, Dubai presents a unique diaspora where service providers like us must understand and keep up with the trends of diverse communities. We must be able to service people from different nationalities and engage with individuals with various sensibilities. I think that's an exciting space in this business.
What are your long-term goals for Krypton Global Real Estate, and where do you see the company in the next five to ten years?
I think the long-term goals for Krypton are to continue improving and refining our current services. We plan to integrate more technology over time. Additionally, we aim to expand our array of services into different markets one after the other, ensuring each new market we enter is well-established and profitable. Our objective is to have a great set of advisors from our company conducting business in these markets. Five years from now, I hope that we will have a team in many more cities than we do today.
Also Read:
Maryam Pervez
Maryam Pervez
Maryam Pervez
Maryam Pervez
