Subletting an apartment is, in most cases, a landlord’s worst nightmare. Some tenants will sublet behind the landlord’s back, while others will try to push the burden of finding a subletter onto the landlord. Alternately, tenants who sublet may be responsible for damage done by the subletters, leading to headaches and potential lawsuits. Although subletting can be a nightmare, it also can be great if you take the right steps.
This is where Flip comes in. Flip is a site where landlords and tenants can work together to find subletters to take over a lease. Either the tenant or the landlord can create the listing, although in many instances, it makes more sense for the landlord to list. However, either way, the process is simple.
First, you have to create a listing. You’ll need to include nice photos and information about the lease. This includes: duration of lease, rent amount, and whether pets are acceptable. You should also provide information about roommates, if applicable.
Second, you must wait. When someone is interested in your listing, they will contact you through Flip. You will then have the chance to look them over and determine if they are a good fit. Some information you will see is verified employment and income, credit score, and background check information. If you are a landlord, you can make a decision right then and there. If you are a tenant, you must decide whether to move forward and get paperwork approved by your landlord, or you can deny the applicant.
Third, you will sign a lease. This is a legally-binding agreement provided by Flip, and will hold the subletter to the same standards as a tenant. Once both parties sign, it is time to collect your money! You can request payment for the first month, as well as a security deposit. Flip holds the deposit for the duration of the lease, unless the landlord makes a claim. The first month’s rent goes into an escrow account until the renter moves in. Then, the landlord receives payment and can set up an automatic payment with their tenant.
Once you’ve followed this process, you will now have a legally-binding tenancy agreement with the new tenant, and you won’t have to worry about the old tenant causing problems. This is a huge benefit for any landlord who needs to find a tenant fast.
Beyond that, Flip also guarantees landlords rent for the first month, even if the tenant does not have enough money to cover it. This provides a buffer for the landlord to find someone new. Additionally, the only fee paid to Flip comes from the tenant during the first payment.
Many landlords around the country get stuck in poor tenancy situations due to illegal subletting or unruly tenants who wish to leave. Instead of causing headaches, check out Flip to see if you can find a suitable tenant to take over the lease.