How to Sell Your Contract (And Why Yours Might Not be Selling)

Hey, finding the perfect place to live as a student can be tough. There’s so much to think about, like location, amenities, and affordability. But even after you’ve found the perfect place, things can happen that mean you need to sell your housing contract – whether it’s a bad roommate, terrible management, or you’re just leaving town for the summer. Don’t worry, though – selling your contract doesn’t have to be stressful. Throughout the course of FindMyPlace, we have learned a lot about what works and what doesn’t, so we wanted to share our knowledge about how to effectively sell a contract (and why yours may not be selling).

 

How to Sell Your Contract

Step 1: Check Your Housing Contract

Before you sell your housing contract, take a careful read-through to make sure you’re allowed to sell it. Some housing contracts have clauses that prohibit the sale of contracts, so you want to make sure you’re not violating any agreements before you list it. Student housing generally doesn’t have such clauses, but better to be safe than sorry.

Step 2: Gather Important Information

To make your contract more attractive to potential buyers, gather all the relevant information about your housing contract. This includes details like the location, size of the unit, the cost of rent, and any amenities or features that make the apartment desirable. Make sure to also gather good pictures of your apartment and save them somewhere convenient. Having all this information handy will make it easier for buyers to decide if your contract meets their needs.

Step 3: Check Out the Competition

Before you list your housing contract, take a look around and see what contracts other students are selling on FindMyPlace and other platforms such as Facebook. This can give you an idea of what types of contracts are in demand, how much students are willing to pay, and what features or amenities are most attractive to potential buyers. This way, you can position your contract effectively and make it stand out from the rest. For example, if you notice that contracts with certain amenities or in certain locations are selling quickly, make sure to highlight these features in your listing. By scoping out the market, you can increase your chances of selling your contract quickly and at a competitive price.

Step 4: Create an Account on MyPlace

Once you’ve got all the necessary information and have decided on a fair price for your contract, create an account on FindMyPlace. Our website is specifically designed for students to buy and sell housing contracts, which makes the traffic we get extremely concentrated and extremely intentional (when students visit, they are in a buying mood!). So, it’s the perfect place to list yours.

Step 5: Fill Out “Sell a Contract” Form

To create a listing, just click on Sell a Contract in the main menu and provide all the information you’ve gathered about your housing contract. Make sure to include photos of the unit, the building, and any amenities that will make it more attractive to potential buyers.

Write a compelling description of the apartment that highlights its unique features and location. Your listing should be clear, concise, and informative. Additionally, add a juicy incentive that will set your listing apart from the others – whether you will pay for the first month’s rent, take care of their security deposit, or even buy them a McDonald’s Hot n’ Spicy. The more generous you are, the more incentivized buyers will be.

Step 6: Promote Your Listing

If you’re in a rush and need extra eyes on your listing, choose one of our Priority Plans to have your listing rank above the others. The higher the rank, the more people will see what you have to offer.

Once your listing is live on FindMyPlace, you can promote it on social media. Feel free to post the link to your FindMyPlace contract in any of our Facebook Housing Groups for free, extra publicity. While we have the most traffic on our platform, it doesn’t hurt to leave no stone unturned. Again, the more exposure your listing gets, the more likely you are to find a buyer quickly. You can also use the messaging feature on our website to communicate with potential buyers and answer any questions they may have.

Step 7: Finalize the Sale

Once you’ve found a buyer, it’s time to finalize the sale. Make sure to let your complex know you are selling the contract and that you have a buyer lined up. They will help make sure you go through the process correctly and that all the necessary paperwork is properly filled out (there is also typically a transfer fee for those selling their contract, so be ready for that). Be prepared to answer any questions the buyer may have about the apartment and provide them with any necessary information.

 

Bonus Tip: Communication is Key

When selling your housing contract, whether on FindMyPlace or not, it’s essential to communicate effectively and quickly with potential buyers. Responding promptly to inquiries and messages shows that you’re serious about selling and can help build trust with potential buyers. Additionally, effective communication can help address any concerns or questions that potential buyers may have, making them more likely to move forward with the purchase. So, make sure to check your messages regularly and be available to answer any questions potential buyers may have. Effective communication can be the key to selling your contract quickly and successfully.

 

 

Why Isn’t My Contract Selling?

While selling your housing contract on MyPlace is a straightforward process, there are times when your contract may not sell as quickly as you’d like, or even not at all. Here are some things to consider:

Timing

When you list your contract for sale can have a significant impact on its appeal. If you’re listing your contract during the off-season when most students have already secured their housing (or when everyone is leaving for the summer), it may be more challenging to find a buyer. On the other hand, if you list your contract during peak season when demand for housing is high (July or August, usually), it may sell quickly.

Price

If the rent price for your contract is too high or you don’t have any financial incentives, it may be challenging to find a buyer. Students are typically on a tight budget and are looking for affordable housing options. Therefore, it’s not only essential to position your contract to be as cheap as possible, it is equally essential to effectively communicate the value of your apartment so that buyers feel the price is worth it.

Location

The location of your contract can also impact its appeal. If it’s in an area that’s not desirable (i.e. far from campus or a bus stop, etc.), it may be more challenging to find a buyer. Conversely, if it’s in a desirable location, such as close to campus, it may sell quickly.

Condition of the apartment

If your apartment isn’t in good condition, it may be challenging to find a buyer. Students are often looking for apartments that are move-in ready and don’t require significant repairs or renovations. Even if the property itself is not in the best condition, cleaning your apartment thoroughly and making it smell good can go a long way to improve its perceived condition. Another good idea is to make any necessary repairs before listing it for sale.

Marketing

If you don’t market your contract effectively, it may not receive the attention it deserves. Make sure to promote your listing on MyPlace, post in on social media, and reach out to interested friends and family to reach potential buyers (people like buying from people they know).

 

In conclusion, selling your housing contract on MyPlace is a pretty straightforward process. By following these steps and being aware of the factors that may contribute to a contract not selling quickly, you can increase the likelihood of finding a buyer quickly and easily. Don’t stress – with a bit of effort and patience, you’ll be able to sell your housing contract and move on to your next adventure as a student.

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