Perhaps you’ve found a better home with immediate availability; you and your partner decided to take the next step and move in together; or maybe you’re starting a new job that requires you to relocate—whatever your reason, you’re now looking to sublet your current lease. It’s more common in real estate than you may think, so streamlining the process can be relatively simple. We’ve broken it down into five easy steps so you know exactly what to do, and when you get to Step 3, Byson is here for you.
1. Review Your Lease
Like most people, you probably haven’t read over your lease since signing it, so take another thorough look over its terms. Some landlords and management companies require you to find a new tenant yourself, others stipulate a fee, and some require both.
2. Contact Your Landlord
Once you’re clear on your lease terms, it’s best to let your landlord know your intentions and the reason you’re planning to sublet. They may be able to help find a lease-required tenant, provide flexibility on any stipulated fees, or perhaps waive a requirement altogether, depending on the timing of the lease and your local real estate market.
3. Consult a Byson Rep
We’ve worked with hundreds of landlords, property managers, and leasing companies, and we know the ins and outs of timely communication with all of them. We can help you manage every step going forward, navigate the process quickly, and ensure you get to where you want to be (your new home!) as quickly as possible. You can reach out to us for subletting assistance here.
4. Price to the Market
Any renovations done to the property while you’ve occupied it, big changes in your neighborhood, and a slew of other factors could all impact the value of your lease. And the longer it’s been since you first signed, the more likely it is that the unit is no longer priced correctly to market worth. Wide-ranging effects of the pandemic have caused many micro real estate markets to fluctuate, but at Byson, we have the know-how to help you calculate a fair price tag that will get you results.
5. Be Flexible on Furnishing
Depending on the length of time your sublet will run and if your tenant intends to sign a full contract when the time comes, you may need to partially or fully furnish the space in order to sublet it. The shorter the sublet, the higher the likelihood this will be necessary, so be sure to include this among your cost-benefit analysis when choosing to sublet. Luckily, we’ve built a network of professionals you can turn to for help with this step, as well as your own move when the time comes.