MSB Holdings Subletting Procedure:

Download this form here (.pdf)

If you need to sublet your apartment you’ll find these instructions helpful. When subletting, the most important thing to remember is that you aren’t actually removed from the lease. This means that if the party who sublets moves out, doesn't pay, or trashes the place you are ultimately responsible. It is important to get someone in the apt. who you feel is responsible. Here are the steps:

1. Decide when you want to move
2. Place an advertisement in a publication that works for your neighborhood. Usually I use the Isthmus. Also, talk to friends and other people you know for referrals.
3. Have the prospective subletter fill out an application. You can download this here.
4. Check their credit. Call their previous landlord, make sure the information is correct etc.
5. Send me their applications and I'll also look at them and either approve or deny them. Usually there is no trouble.
6. Coordinate the move in/move out with your subletter. Make sure you discuss with them how much cleaning you plan to do vs. what they expect.
7. Decide how you’d like to handle the security deposit. If the new party is willing to put a deposit down, have them send it to me and I’ll send yours back. Make sure they understand that any damage incurred during your tenancy will be deducted from the only deposit I have on file – which is theirs. You may want to have them fill out another check in form in case trouble arises later.
8. Pay the $50.00 sublet fee. This covers time to check credit and the fee to the credit bureau.
9. Once they move in they pay rent as usual until the end of the lease term.
10. Check with me every couple of months to make sure they are still paying rent. This is important! See below.

Additional things to consider and pitfalls to avoid:

1. At certain times of the year it is really tough to rent apartments. To counter this, you may have to offer some sort of incentive. I usually suggest the current tenant subsidize the rent to make the sublet seem like a bargain.
2. If you have to move out, tackle the subletting chore - don't ignore it and just abandon the place. It will cause serious trouble for both of us.
3. If you have a roommate and one of you stays while the other leaves, make sure the rent is still being paid. Check with me every month or two – not your old roommate. Otherwise, you may find you have an eviction and judgment on your credit without even seeing it coming. This has happened. I had a tenant move out while her ex-boyfriend stayed. He never paid rent again! She had no idea because I didn't have her new number and his phone was disconnected. Don’t let this happen.

All of this may sound scary but don't worry. If you just take the time and effort required to do this responsibly it will be fine. Most sublet situations work out really well.

MSB Holdings
6621 Century Ave. Ste B
Middleton, WI 53562
Office: 608-213-6625
Email: msbholdings@gmail.com
www.msbholdings.com