So your tenant wants to break their lease. What should you do? How can we help you?
We do have a protocol in place for re-leasing a property (lease break). In a nutshell, the tenant reimburses the owner for the re-lease fee. The re-lease fee is equal to one month’s rent. The tenants would also continue to pay rent until the new tenant moves in, so there is no vacancy loss to the owner.
Here is how the program works, in a nutshell:
1. Owner signs a contract with RentLucky to Lease Up the property for one month’s rent.
2. The tenants would sign an addendum to their rental agreement which states that we are working to replace them as a tenant, and that they will owe RentLucky a fee equal to one month’s rent for this, etc.
3. The tenants would pay their re-leasing fee, IN ADVANCE, to RentLucky.
4. RentLucky would begin marketing the home for a new tenant at market rate.
5. The tenants would make the home available to show, and would be present at all showings (until they move out).
6. Once the owner approves a new tenant, we get a new lease signed with new tenant.
7. The tenant’s lease terminates the day before the new tenant’s lease starts (for example, if new tenant’s lease starts October 19th, the old tenant’s lease is terminated on October 18th).
8. Current tenants will continue to pay rent until we find a new tenant and the new tenant actually moves in.
Please note that the owners must give their approval and sign a new Leasing Agreement before we can move forward looking for a new tenant.