A lease simply put is an agreement between two parties.
If one party wants to end the lease they must come up with a new agreement.
So how do you come up with a new agreement?
The key is to follow the money. If the complex you are leasing from has a lot of vacancies then it is very difficult to get the other party to agree to new terms especially if the new terms do not benefit them.
A proven method that seems to work the best is offering some sort of buyout.
I have found that it works best with a multi layer approach.
You have to revert back to being a 4 year old. You keep asking till you get what you want.
First you approach the management and ask them if there is a way that you can end the lease early. They’ll respond with something like you have to make payments till the end of your lease which is another way of saying no.
Go back a second time and ask again, they usually give a softer no.
I would recommend offering them 1/2 months rent. They will usually counter with two months rent. The goal is to settle for one month’s rent.
Why it is better for them to take the extra rent? If you move out and continue to pay they cannot rent it to anyone else till your lease is up. If they take the negotiated buyout they will wind up with 13 months rent for the year. Remember this does not work if they have a lot of vacancies.
Always ask if they have any apartments coming available because you have a friend that is considering moving in… It takes a little research on your behalf.
If you can negotiate a buyout for one month’s rent. The cost can be split 3 ways between yourself, the mortgage person and me as your agent. At closing we would be glad to reimburse you the two thirds.
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