One of the most convenient ways to keep up with rent and utilities during periods of time when tenants are not in town is to sublease a property. Below are various tips from local Bloomington property managers.
The first and most important step in subletting is ensuring that the sublet is done within the law. Check with a landlord or leasing company to make sure you are following the guidelines set forth in your lease.
Make sure you sign a subleasing agreement with your subtenants. Templates for these sorts of agreements can be found online, and signing one can ensure there will not be confusion on terms of the sublease later down the line.
Remember that you still maintain the responsibility for the house or apartment even when you are not there. If your tenant damages anything in the house or misses a payment, you will be found primarily responsible.
Start advertising as soon as possible. People are already looking for properties to sublet for certain popular time periods.
Offer an up-front discount. Property managers suggest 5-10 percent.
Look at a variety of forums to advertise your property. Take advantage of the classifieds on one.iu as well as in the Indiana Daily Student and other forums — this will maximize potential for potential tenants to see your property and contact you about subletting a room.
Try to have a lower competitive rent than other properties. Property managers in the field testify that even receiving 75 percent of the rent you currently pay is a great deal when subletting. Asking for the full amount of your rent limits the chance someone will want to sublease your property.
Consider the utilities when deciding on a price. Think about setting a limit on utilities to streamline the amount paid per month, this can appear more appealing to potential subletters.
Write up a move-in report and think about asking for a deposit. This can hold the subtenants more liable for potential damages and allow for more peace of mind.
Make sure everyone in the property is in agreement about the decision to sublease. Talk to roommates or housemates about subleasing your space if you have them. Allow them to make the decision about subletting their own space at the same time you decide to sublet yours.
