RENT OWN SELL
Newyork
RENT OWN SELL
Newyork
Most renters don’t anticipate having to move out of their apartments before the lease term ends. The situation can become even more stressful when the landlord refuses to understand. In this type of scenario, renters may be surprised to learn there is another available option — it’s called flipping a lease.
The concept of flip leasing is still relatively new, but it basically involves securing short term leases and helping tenants sublet their apartments. Tenants would entrust someone to not only find a subletter but also handle the listing, marketing, and rental application screening.
The flip side is, for all this to work, there has to be a thriving flip lease market and a community of tenants and landlords who have a need for this type of real estate arrangement.
In this scenario, the tenant asks the flip leaser to take over the current lease. Once he or she takes over the lease, it will become their responsibility to pay the landlord while they actively market the apartment for subleasing.
There’s usually a fee for this service; the fee is typically a couple of monthly rent payments. It may initially sound expensive to some, but it affords those who need to get out of their lease early the opportunity to do so with minimal hassle.
So far, flip leasing has earned mixed reviews. Most people like the idea and are relieved that there’s another option available to them when they have to cut their lease short. Others don’t like the option because it’s challenging to find tenants who are interested in taking over the lease. Another common complaint is that they receive unsolicited emails from Flip lease via other platforms like Craiglist.
One particular complaint was about how a flip instant property as advertised. The interested tenants thought the listing was available everywhere, but in reality, the apartment was only available in a specific neighborhood.
The website is aesthetically pleasing and user-friendly, but there is not much user traffic yet.
Before you decide to list your apartment on the flip lease, read your lease thoroughly. You might find out that subletting is not permitted. If this is the case, reach out to your landlord and explain why you’re interested in subletting. Chances are your landlord will understand your situation and will approve of the arrangement.
Since the final decision of whether or not you can sublet rests with your landlord, it’s a good idea to include them in the process. Once you find someone who wants to sublet the apartment, draft a rental application and partner with your landlord on the screening process.
Consider offering a subletting incentive to attract tenants. For example, offer to cover their security deposit or their application fee.
Cleaning is an essential step in moving in or out of the apartment. Usually, people don’t care much about how they leave their apartment when they are subletting it to someone. But put yourself in the tenant’s shoes and think about how it might feel to move into a dirty apartment. If you are in a hurry and don’t have time to clean, hire a professional to do the job.
Proper marketing is necessary for finding a tenant to take over your lease, so explore all available platforms. You can create a Flip sublet listing for free. Though the flip lease market is in its infancy, it may still be worth your time to explore the platform.
Related Article:
Flipping a House: How to Find Houses to Flip
What are House Flipping Pros, Cons & Mistakes That People Make?
