Sometimes sellers are just stubbornly misinformed and over-price their home.  At other times, a seller moves, their house won’t sell and they can’t afford to bring money to closing.  In the end, today’s market means too many homes and not enough buyers.  And when you MUST sell- or at least find a way to make that mortgage payment when it won’t sell – then renting can solve the dilemma.

Today, towns across America have property management companies to help home owners who find themselves in the situation where renting is the only solution.  The property managers will often charge 10- to 20-percent of the rental fees, but in return they will research the renter (credit, job history, etc.), handle all down payments, and manage any maintenance problems.  In return the home owner gets less stress, a viable option for not selling, and a way to make the mortgage payment without falling behind.

Skylight Global Investments offers tips for Landlording from the Sidelines,

To really landlord from the sidelines, you need to develop a working relationship with the tradesmen that builds trust.  In other words, you want to have people that respond to your repairs in a timely fashion AND who understand that in order to continue to receive business from you they won’t gouge your pockets.  If they understand this relationship, then it will be ok for the tenants to call them directly because you will have the confidence that all issues will be addressed right away, and without excess expense.

Actually good advice for ALL home owners. Put together a list of dependable professionals even when you don’t rent.  It’s a list that will serve you well over the lifetime of home ownership.

Photo by umjanedoam through flickr creative commons.