We had a house for sale and after many months of it on the market, we decided to rent it out. We found a great family on craigslist. We told our realtor that we decided to rent the property and she was completely understanding about it. We owed her nothing and we got our renters. So far so good!

You can sell now, or you can sell for less in a year or even less in 2 years. Even if the market levels off in two years, it's going to be a while before prices come back up. This is why I advise my sellers to SELL rather than rent, if they aren't prepared to own two houses for a very long time.

I have ended up renting several homes for clients when the homes would not sell. I received the 1st month's rent and have a lisitng agreemnt dated the date the lease expires om 2 occassions. You owe your agent something so keep the communication lines open and ask.

Your listing agreement with your agent will specify under what conditions you owe a commission. Having said that--and be guided by that document--often you don't owe the commission since you didn't sell the house...or, more specifically, the agent did not bring you a ready, willing, and able buyer.

Your agent probably isn't enthusiastic about a rental since the commission would be far, far less than if the house were to sell. Some agents specialize in rentals, though. They're quite successful in that niche. And many agents also recognize that if they do a good job of handling your rental, when it does come time for you to sell, they're probably going to be the first ones you go to.

A good agent can tell you the important things to watch out for. Among them: qualifying the renters--dependable income, good rental (or ownership) history, good credit. You'll have to decide whether you want to manage the property yourself or use a management firm. Make sure your rental agreement conforms legally to the requirements of your city and county. If you use a Realtor, the forms typically are landlord-friendly and will be legal in your jurisdiction. Don't just go down to Office Depot and buy some generic forms.

Hope that helps.