Posted by: phillipsre | November 18, 2011

Unintentional Landlords

As homes continue to sit on the market, sellers in today’s market are finding themselves as “Unintentional Landlords” – it something they never thought they would be. But when you have to move or other personal circumstances lead you to try and sell your home, it is important to have a strategy if your property does not sell.

Last weekend while listening to NPR, I heard this story. Although the story is set with people in Chicago, the story still rings true all around the country: Being a landlord is not as easy as it seems. Yes, in a perfect situation all you need to do is collect the rent and fix a few repairs. But what happens when your tenants don’t pay, or they decide this is not the home for them and they want to break the lease. Or what happens when your tenant can’t fix any small repair on their own. Looks like you, home owner have a new role – Landlord. Makes a pretty good case for property management services, huh? The couple mentioned in the story said that with paying a property manager, they still are losing a small amount, but their stress level is a lot lower! If you find yourself as an Unintentional Landlord, I have two suggestions: #1 – get expert help and advice or #2 – leave the work to someone else.

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