Successful Rule Breakers: Isaac Kodsi Of Arbor Residences On How To Succeed By Doing Things Differently
Article by Authority Magazine
An Interview With Chad Silverstein
“Continuous Learning: Immersing oneself in the industry and staying informed is vital. I spent years educating myself on real estate law, understanding that success requires ongoing adaptation to industry changes. Our company thrives by understanding client needs, market trends, and researching upcoming projects.”
In the world of business and within every industry, there are forward-thinking leaders who go against the status quo and find success. Their courage to take risks, embrace innovation, and inspire collaboration separates them from the competition. Until 2002, Apple’s famous slogan was “Think Different”. This attitude likely helped them become one of the most successful organizations in history. This interview series aims to showcase visionary leaders and their “status quo-breaking” approach to doing business. As part of this series, I had the pleasure of interviewing Isaac Kodsi.
Isaac Kodsi embarked on his professional journey as a real estate attorney. Today, with years of experience under his belt, Kodsi stands as the developer behind Arbor Residences, a once-stalled project nestled in Coconut Grove, Florida. Demonstrating strategic acumen and meticulous planning, Kodsi has defied expectations, emerging as a rulebreaker whose adept handling, and rejection of the business-as-usual route, has propelled the success of the project and brough it back on track while maintaining close ties with the community.
Thank you so much for doing this with us! Our readers would love to get to know you a bit better. Can you tell us your “Origin Story”? Can you tell us the story of how you grew up?
Igrew up in Montreal, Canada, where I spent my formative years. In 1978, at 12, my family immigrated to the U.S. and relocated to Cocoa Beach, Florida. It was there that my father’s career in construction began, and I witnessed firsthand his unwavering work ethic, dedication, and sacrifices for our family. His example profoundly influenced me, shaping my own path, especially as I pursued a career in law.
I am proud to say that I was the first in my family to attend college, having been admitted to Boston University, where I also played Division I Basketball. Following my undergraduate studies, I continued my academic journey at St. Thomas Law School in Miami. Before delving into the field of law, I ventured to Israel to play professional basketball overseas, an experience that broadened my perspective and enriched my life.
Upon returning, I established my own law firm, a pivotal moment where I began representing both my father and my brother who are real estate developers in South Florida. It was a privilege to represent them and others, steadily growing my practice and honoring the values instilled in me by my family.
Can you give us a glimpse into your journey into this industry and share a story about one of the most significant challenges you faced when you first started out? How did you end up resolving that challenge?
As a young and inexperienced attorney, one of my initial hurdles was representing seasoned developers, notably my father. His expectations were understandably high, expecting me to advocate for him at the same caliber as attorneys with years of experience. To meet this challenge head-on, I knew I had to immerse myself in the work and exceed his expectations.
Countless all-nighters were spent pouring over cases and legal intricacies. Additionally, I leaned heavily on my network, seeking guidance and mentorship from individuals whose expertise I respected. Their insights proved invaluable as I endeavored to evolve into a top-tier real estate attorney, determined to match the proficiency expected of me.
Who has been the most significant influence in your business journey, and what is the most significant lesson or insight you have learned from them?
My father, Joseph Kodsi, has been the cornerstone of my business journey, exerting a profound influence on both my professional and personal development. Beyond being a paternal figure, he was also one of my most significant clients, providing invaluable insights and lessons along the way.
Among the myriad lessons imparted to me, one principle stands out above all: respect. By honoring and respecting our customers, by understanding their needs and delivering products and services that reflect that respect, we cultivate not only appreciation but also loyalty. It’s a lesson that has resonated deeply with me throughout my career — a reminder that building lasting relationships begins with genuine respect and consideration for those we serve.
Can you share a story about something specific that happened early on that you would consider a failure but ended up being a blessing in disguise or ended up being one of the most valuable lessons you had to learn on your own?
One of the most significant setbacks in my career was my failure to recognize the impending onset of the Great Recession. Amid a thriving market, the crash of 2008 blindsided me. While it was a global crisis, personally, I failed to interpret the signs accurately, leading to unforeseen challenges.
However, every failure carries within it the seeds of opportunity. Recognizing that I couldn’t single-handedly overcome the financial institutions and their entrenched positions, I chose a different path. I seized the opportunity to establish a company focused on acquiring non-performing loans. With this bold move, we acquired hundreds of millions of dollars’ worth of loans from banks wherein borrowers were facing financial distress.
Our mission was clear: to navigate the complexities of these loans, restructure them, and provide avenues for borrowers to retain their homes. Through diligent reorganization and strategic renegotiation, we worked to alleviate the burden on homeowners, offering them a chance to weather the storm and remain in their homes despite the economic downturn. In addition to acquiring loans, we also tackled distressed condo projects from 2009 to 2012. Leveraging my experience in project rescue, these efforts paved the way for our recent endeavor, Arbor. Arbor located in Coconut Grove Miami presented a fresh challenge: a distressed developer, a lender who filed foreclosure, and buyers at risk of losing their deposits. Taking decisive action, we acquired positions held by both the bank and developer. We then refunded buyers’ deposits and released them from contracts, providing a new beginning for everyone involved.
Leading anything is hard, especially when grappling with a difficult situation where it seems that no matter what you decide, it will have a negative impact on those around you. Can you share a story about a situation you faced that required making a “hard call” or a tough decision between two paths?
In 2016 I had a knee injury that caused me to have surgery. My chronic knee pain led me to discover the many benefits of working out on a large resistance mat, also known as a trampoline. I became extremely passionate about developing this concept, so I decided to step back from the real estate industry. I did not receive the approval from my family, my law partners, and colleagues but i still took a chance. I took several years off from real estate and practice law to develop Shake, my fitness company.
Let’s shift our focus to the core of this interview about ‘Successful Rule Breakers’. Why did you decide to “break the rules”? Early on, did you identify a particular problem or issue in how businesses in your industry generally operated? What specifically compelled you to address this and want to do things differently? Please share how you went about implementing those changes and the impact they had.
In late 2022, I encountered an opportunity to re-enter the real estate sector through Arbor, a project that had faltered near my home in Coconut Grove. Instead of adhering to standard protocol, which would have involved years of litigation and foreclosing on the buyers, I made the decision to completely refund their deposits and terminate their contracts. This approach provided them with the freedom to reconsider their options, whether that meant returning to Arbor or exploring alternatives elsewhere. By breaking the rules and not going the standard “Business-as-Usual” route of litigation we were able to do the right thing by the original buyers, keep the project moving and sidestep the usual bout of bad press that goes with a project failing and buyers losing their money.
In the ever-changing business landscape, how exactly do you decide when to adhere to industry norms versus “breaking the rules” and forging your own way? Can you share an example?
I prioritize my morals and ethics above profit when deciding whether to adhere to industry norms or forge my own path. While industry standards provide valuable guidelines, there are times when breaking the rules may be necessary to innovate or address unique challenges. However, regardless of the situation, I always ensure that my decisions align with my core values and ethical principles.
What guidance or insight can you offer to new entrepreneurs trying to follow existing and accepted industry norms while at the same time trying to differentiate themselves in the marketplace?
My most significant piece of advice is to remain authentic and uphold your moral compass and principles of integrity. It’s possible to achieve profitability and customer satisfaction without compromising your values. Differentiating yourself in the market comes from being genuine, true to your identity, your product, and, by extension, the market. By offering something authentic and substantial, you not only stand out but also build trust and lasting connections with your audience.
To make an impact, you have to champion change, get creative, and take risks. Please think back about the decisions you’ve made that have helped your business get to where it is today, and share your top 5 strategies or decisions that helped you succeed by doing things differently.
Self-Confidence: Believing in oneself and following intuition is paramount for advancement. I firmly believed in completing Arbor, a building tailored entirely to its future homeowners, boasting features like 10 ft ceilings, spacious bathrooms, and amenities designed with customer satisfaction in mind.
Continuous Learning: Immersing oneself in the industry and staying informed is vital. I spent years educating myself on real estate law, understanding that success requires ongoing adaptation to industry changes. Our company thrives by understanding client needs, market trends, and researching upcoming projects.
Collaboration: Working with like-minded individuals who share vision and values streamlines project completion. Forming a cohesive team with diverse strengths, like Arbor’s construction, design, and sales teams, ensures collective success in delivering a unique project by 2024.
Setting Aside Personal Ego: Prioritizing the team’s success over personal recognition demands humility, self-awareness, and effective collaboration. It’s crucial to listen, learn, and work collectively towards shared goals.
Client-Centric Approach: Ultimately, success hinges on prioritizing client satisfaction. By understanding their needs and delivering value, trust, loyalty, and long-term relationships are nurtured, ensuring business growth and sustainability.
As a leader, how do you rally others to align with your vision? Also, how do you identify those who may not be fully committed or even silently sabotaging or undermining your efforts? What steps do you take to address these situations?
The key to rallying others to align with your vision is to exude passion yourself. Your genuine enthusiasm will naturally attract like-minded individuals who share your belief in the product or project. Conversely, for those who seek to undermine your efforts, it’s best to let them go. Don’t expend energy on individuals unwilling to change or see things from your perspective. Focus instead on nurturing relationships with those who share your passion and dedication.
Imagine we’re sitting down together two years from now, looking back at your company’s last 24 months. What specific accomplishments would have to happen for you to be happy with your progress?
Our goal is to deliver Arbor to its fullest potential, ensuring it stands as a substantial building equipped with all the desired qualities and amenities envisioned by our customers. Our aim is to ensure buyer satisfaction and fulfillment with their new homes.
You are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
If I could inspire a movement in real estate, it would promote sustainable practices like green building techniques and renewable energy. Prioritizing environmental sustainability reduces carbon emissions, minimizes ecological impact, and creates healthier communities for current and future generations.
How can our readers continue to follow you or your company online?
Your readers can continue to follow Arbor’s growth on our website www.grovearbor.com and on our social media pages @arborgrove