Covid-19 update: Due to the unprecedented nature of the global pandemic and its impact on the economy and the housing market we are not currently make new Flip Instant offers
Flip Instant guarantees that you'll get out of your lease within thirty days. Wondering how we manage that? It's simple. While you pack your bags, we find a great tenant and get them moved in to your apartment with your landlord’s consent.
There's no confusing fine print, we swear, but you might be wondering about some of these details:
- Communication with your landlord
- The takeover agreement
- Your master lease
- Paying your rent
- Move outs & security deposits
- Tenant selection
- Process overview
Requesting a price is free and there's no obligation to move forward, but keep in mind that you will only receive an offer if your unit fits our criteria:
- New York City. Below 60th street in Manhattan or in Williamsburg, Brooklyn.
- Entire studio or one bedroom apartment
- Not a shared space
- Lease end date must be 5 to 11 months away
- Your estimated move out should be within the next 45 days
If you don't meet these criteria, we encourage you to request another price after a few weeks have passed or check back here to see if our criteria have changed.
The price of Flip Instant varies by apartment. Typically, it is somewhere between 100% and 150% of one month of rent. To get an exact quote, submit a request here. Be sure to input your gross rent, including any mandatory fixed utilities or fees you're required to pay.
Your price is a factor of two things. First, our confidence that we will be able to find a new tenant. Second, your rent price - if our algorithms for pricing units indicate that your unit is now worth less than what you're paying, your price will be higher.
Communication with your landlord
If you haven't yet brought up your departure to your landlord and you aren't sure what they'll say, it's almost always better to let us do the talking. We've gotten lots of sublets and lease takeovers approved by all different types of landlords, and we know just how to remove risk from the equation.
Once you receive your price quote and confirm you want to move forward, our team will review your lease and reach out to your building manager to make sure they are okay with your apartment being marketed by Flip. Don't worry, we'll always keep you on copy.
Our takeover agreement
In short, we're committing to finding a new tenant and getting them approved by your landlord. We'll pay your rent from our takeover date through the rest of your master lease, even if the apartment is unoccupied.
Your master lease
If your building is one of Flip's partner buildings, then your master lease will be assigned to our company when you purchase Instant.
Otherwise, your name remains on the master lease until its end - your lease won't be assigned to us. But this is just a technicality. The takeover agreement you sign with us holds us responsible for all your lease obligations, including, of course, paying your rent. We'll make monthly rent payments to your landlord, on your behalf, through the end of your lease.
From your landlord's perspective, you'll still be the tenant on the lease and rent payments will still be sent in your name. Once we find a new qualified renter, we'll work with your landlord to have them approved as a sublessee or assignee.
Paying your rent
We will start paying your rent for the next calendar month (and bill you for any days before our takeover date) unless you purchase Flip Instant in the last ten days of the month. In this case, you will pay next month's rent and we will reimburse you for the days after our takeover date.
Here's an example: Flip offers to take over your lease as of April 15th. You accept the offer on March 15th. Flip will send your landlord a rent payment for all of April and charge you for the first fourteen days of April rent.
We will pay your rent on the the date specified in your Instant agreement (30 days from when you sign or 2 days after you move out) even if your apartment is still vacant.
We'll be responsible for any fixed monthly costs your landlord bills you for, e.g., a mandatory utility package or administrative fees, as long as you include these fees in your total rent price when you request a quote. We'll ask you to cancel any other utilities before you move out.
If we can't find a tenant, we will still pay your rent. If our tenant leaves or defaults, we will still pay your rent.
Move out and security deposit
You'll receive your security deposit back from your landlord at the end of your master lease.
We'll send you a guide explaining how to document the state of your apartment before you leave. If your landlord withholds part of your deposit and it's due to damage that occurred after you moved out, Flip will cover the difference.
We'll choose the most qualified replacement tenant who applies to live in your apartment and who your landlord is sure to accept. We use the same tenant requirements across the board. If your landlord refuses our applicant we'll go back to the drawing board and find someone new.
Here's a quick rundown of what to expect, from requesting a quote to getting your security deposit back.
- Request a quote to find out if your unit is eligible for Flip Instant, and at what price.
- Accept your quote within 24 hours and provide your landlord’s contact information.
- Our team will reach out to your landlord and confirm they’ll allow us proceed with finding another tenant to move in. This process usually takes 2-3 business days. You’ll be copied on any emails with your landlord.
- You’ll be notified once we’ve spoken to your landlord. In almost all cases, we’ll have the green light to move forward. In rare cases, we won’t be able to proceed.
- Sign our takeover agreement and pay the Flip Instant fee (or enroll in our payment plan).
- We’ll ship you a keybox within a week. Set up your keybox within 48 hours of receiving it.
- We’ll send cleaners and interested viewers to your apartment. You’ll be notified each time someone is coming by. You’re welcome to be home if you’d like, but you don’t have to be.
- Just before your move out, we’ll ask you to complete an inspection form detailing the current state of the apartment. You’ll need to cancel any utilities and remove your furniture before you leave.
- Starting on our takeover date, we’ll pay your rent directly to your landlord through the end of your lease, whether or not the apartment is occupied.
- Once we have a qualified tenant, we'll get them moved in with your landlord's consent.
- Your landlord will return your security deposit to you once your lease is over. If part of your security deposit is withheld due to damages that occurred after you moved out, Flip will pay you back.
More questions? Drop us a line - we'll get back to you as soon as possible!