Cracking the Code: Navigating On-and-Off Market Property Challenges with Katie LeGrand and Danny Logarakis

In the world of multifamily real estate, relationships are everything. Sometimes, success hinges on perseverance, trust, and recognizing opportunity where others see roadblocks. Katie LeGrand, a multifamily real estate advisor, shared a compelling example of this with Danny Logarakis, reflecting on a memorable 98-unit building sale in Andersonville.

The Challenge of an On-and-Off Market Property

This deal wasn’t just another listing. It had been in the same family for nearly 30 years—a family well-known for their Chicago real estate ventures. The property had been on and off the market for a decade, with many in the industry doubting whether it would ever truly sell. However, Katie and her partner, Jacob, decided to take a different approach.

Instead of waiting for the property to officially hit the market, they proactively reached out to the owner. “We actually knocked on their office door and met her,” Katie explained. This bold move set the foundation for what would become a unique off-market deal.

Recognizing Motivation: The Key to Closing

What stood out to Katie was the seller’s motivation, something every real estate professional must identify to seal a deal. “They had owned a lot of real estate, and things were coming due that needed money shifted around,” she noted. This financial pressure became a key factor in the sale, even though many in the market were skeptical about the owner’s intent to sell.

This inside knowledge gave Katie and Jacob an advantage, allowing them to move forward confidently even when others hesitated. As they worked the deal off-market, other local owners were surprised they even had access to the property’s numbers.

Bridging the Gap and Building Trust

Despite having the upper hand with direct access to the seller, the deal wasn’t without its challenges. There were significant hurdles related to the property’s condition and price negotiations. The building needed serious rehabilitation—violations, a crumbling facade, and hallways covered in thick dust created obstacles for any buyer.

Katie shared how tough negotiations ensued, “There was definitely a gap that we had to bridge with the seller.” But through persistence and open communication, the deal was finally closed. One of the most important lessons Katie learned was how critical trust is in these complex transactions. “I think by sticking to my guns and working hard, I established a trust in the purchaser,” she said. This trust not only secured the deal but also laid the groundwork for a long-term professional relationship with the buyer.

Overcoming Doubt in High-Stakes Deals

The transaction came with its fair share of emotional highs and lows. At one point, competing parties tried to interfere, calling the buyer and creating doubt about the legitimacy of the deal. For someone early in their career, as Katie was at the time, this was nerve-wracking.

“I found myself doubting myself because I was early on in my career,” she admitted. But the key to success was staying focused. “I learned to just keep working hard and stay true to what I know,” she added. The ability to push through self-doubt and external noise is a critical skill in real estate, especially when emotions and high stakes are involved.

Relationships Built in the Trenches

In real estate, it’s often the complicated, messy deals that lead to the strongest relationships. As Katie reflected, “Once you go through all of that, you know, you’re down in the trenches with that person.” Navigating the emotional and transactional aspects of the Andersonville deal forged a deep level of trust between Katie and the buyer—trust that will likely lead to future deals and opportunities.