Adam Adache needed to make a big change at Adache Real Estate LLC. If it was going to work, he couldn’t give in to the panic that was consuming much of the real estate industry.
“You have no option but to make it work,” says Adache, founder, president and CEO at the 20-employee real estate company. “You have to have that mentality. You run a business and a business is always susceptible to a bad economy and things that might happen along the way. You might have to change your business model. But in your mind, you have to be confident that you’re going to make it work.
“If you have that mentality, you’re not going to sit there and think about the worst-case scenario. You’re going to spend time analyzing and really diving into the heart of the problem and finding out what your true obstacles are. That’s when you’re going to make your decision and make your changes.”
The change Adache had to make was a merger of his firm’s project sales and marketing division with its bulk real estate division. The economic crash was leaving a growing number of distressed properties unsold and Adache needed a way to get them off the market.
By merging these two divisions, he thought the firm would be better able to use its resources to cobble together deals that would get the properties sold that were bringing down the rest of the market.
“We convert an offer that is rejected into a new opportunity and that new opportunity is still a revenue-driving opportunity,” Adache says.
The challenge for Adache was he couldn’t just gather everyone together and tell them, “Everything you’ve been doing is bad and it doesn’t work anymore.”
