Navigating the Challenges of Real Estate Sales: Insights from Katie LeGrand and Danny Logarakis

In a recent conversation between Kiser Group’s Katie LeGrand and Danny Logarakis, the two brokers discussed the challenges they face in the multifamily real estate industry and shared valuable insights into their approach to securing deals and ensuring smooth transactions.

Controlling the Sale Process

Katie and Danny emphasize the importance of controlling the sale process by leveraging their deep market knowledge. Danny explained that while they welcome offers from other brokers, the listing broker typically knows the most about the building. This advantage allows them to control the deal and avoid potential surprises during the escrow process. According to Danny, “the listing broker knows the most about an apartment building versus someone else coming in with their client,” and not knowing the intricacies of the building or buyer could lead to challenges down the road.

Katie echoed these sentiments, explaining that they know who to call and who will be most competitive. “The people we call are going to be the most qualified at the end of the day,” she said. This ability to tap into their network and pre-qualify buyers helps smooth the transaction process for sellers, minimizing potential disruptions.

The Difference Between Residential and Multifamily Sales

As someone who transitioned from residential real estate, Katie highlighted the stark differences between selling homes and multifamily buildings. In residential, the focus is on upfront marketing—staging the home, taking photos, and creating visual appeal. However, in multifamily sales, the approach is more strategic and personal. “It’s not about the eyeballs anymore,” Katie said. “It’s about specifically planning that marketing around the people who you know are going to buy the building.”

Danny pointed out that this targeted approach allows them to focus on serious buyers who already understand the market. He explained how larger deals often weed out less-qualified buyers, leaving only those who are truly capable of closing.

The Importance of Building Relationships

Relationship-building is a critical component of Katie and Danny’s success. Danny shared a story about a long-time client who owned multiple buildings. Over the years, he patiently worked with this client, piecing together a complex deal despite having minimal information about the properties. “I probably went to his house 40 times,” Danny recalled, showing his persistence and commitment to closing the deal.

Katie reinforced this point, noting how important it is to build trust with building owners, especially those who are more reluctant to let potential buyers tour their properties. “You’ve got to see the process through, show them that you know the numbers, and how to value the building,” she said. Over time, these relationships often turn into successful transactions.

Navigating Complex Transactions

The complexities of multifamily sales often require creative solutions. Danny recounted a particularly challenging situation where a buyer required a garden unit to be vacated because it was illegal. Danny worked with the owner to offer compensation to the tenant and ultimately closed the deal successfully. Another recent transaction involved negotiating cash-for-keys with tenants after discovering that the property management had extended leases right before closing. These examples demonstrate the need for adaptability and problem-solving in real estate.

A Tailored Approach to Each Building

Katie and Danny both stress that every building and every transaction is unique. Some properties may require broader marketing outreach, while others demand a more targeted approach to a select group of buyers. Katie explained that when listing a highly desirable asset, they often hold off on mass marketing and instead reach out to their top 20 buyers first. “We want those people to feel special that you’re calling them first,” she said, emphasizing the personalized strategy that Kiser Group takes to ensure competitive offers.

Final Thoughts

Katie and Danny’s discussion offers a glimpse into the behind-the-scenes work that goes into multifamily real estate transactions. From knowing the right buyers to navigating complex tenant situations, their expertise and relationship-building skills are key to getting deals done. If you’re looking to sell or buy multifamily properties, Katie, Danny, and the rest of the Kiser Group team are ready to leverage their market knowledge and commitment to guide you through the process.