DMG Leasing was developed with clients’ expectations in mind. In the dynamic, data-driven world of multifamily leasing, DMG Leasing provides dependability, flexibility, and stability. Whether your goal is to maintain occupancy or increase it on an existing property or a new development, DMG Leasing offers the detail-oriented and service-minded approach you have come to expect. Your property deserves only the best in design, branding, marketing, and strategy.
While DMG Leasing excels in customized leasing strategies for a range of landlord needs, the team really shines when given an opportunity to lease up a property. From conceptualization through the completion of lease-up, DMG Leasing creates a customized approach to set your asset apart from the rest. Our team listens to the needs of the property, develops the strategy and then compiles the team to execute it. This often requires a short burst of manpower at the beginning of the process to maximize interest, respond to leads and help potential residents find their new home.
For example, DMG and DMG Leasing created a comprehensive leasing strategy for Avere on Duane, a 48-unity luxury rental in downtown Glen Ellyn, Illinois developed by REVA Development Partners. Avere on Duane features a variety of unit types including large one-bedroom, two-bedroom and two-bedroom plus den floor plans. The building has high-quality finishes, underground parking, a resident lounge and resident green space complete with firepits and grills. Residents are able enjoy modern luxury and convenience with Avere on Duane location steps from the Glen Ellyn Metra station, library, restaurants and shopping.
DMG Leasing began to pre-lease the apartments in October with the first move into the building in February of the following year.
PRE-LEASING STRATEGY:
DMG created property branding, signage, and a website (avereonduane.com) to leverage pre-leasing. The website included high-end digital photography, floor plan renderings, virtual digital walk throughs, descriptions of the asset and neighborhood, and links to apply and contact the leasing staff.
Advertising was developed for Apartments.com, Zillow, Zumper, Apartment List, etc. Additional ad spend was allocated to SEO and SMM. Available units were also featured on the MLS. The project was featured on DMG’s LinkedIn page and blog.
These efforts created a significant waitlist of interested prospects and, ultimately, leveraged into leases. The prospects on the waitlist were communicated regularly with e-blasts to keep them informed. Additionally, to support existing prospects engaged and to attract new prospects, the leasing team held regular site events, including a wine and cheese tasting and food truck event. Regular sneak peeks and traditional open houses also featured customized community swag, including a mini grocery cart to stress the community’s walkability.
DMG Leasing engaged leasing-focused on-site staff, dedicated agents and a local realtor to ensure that the pre-leasing and leasing was able to happen efficiently and effectively.
LEASING/INCENTIVE STRATEGY:
To capitalize and incentivize quick tour to leasing process, the leasing team had the discretion to offer one month of rent free as needed. Additionally, move in fees were waived as part of a “look and lease” special. Existing residents were also given a $500 referral fee for any referral that led to a signed lease. To set up leasing success for years to come, lease expirations were timed to occur evenly between April and August.
The leasing team also worked with ownership on dynamic pricing so they had the option to change pricing as needed. Formal meetings were conducted regularly to re-assess pricing and strategy.
Following this comprehensive strategy, Avere on Duane had full stabilization by July of 2021 and has continued high occupancy rates since.