Slightly more than a dozen people in the Nashville area have been hired to do just that by Showhomes, a company based here that puts housesitters with nice furniture in vacant homes that are being sold across the country.
"We looked at an apartment, but we would be paying the same for an apartment as this nice big house,'' said Lisa Briley, who moved into a new four-bedroom home in Hendersonville in October that's listed for $437,900.
Briley, her husband and three children pay roughly $1,500 per month for the house.
Showhomes is finding that its unique business model is making money in one of the worst real estate markets in decades. While other real estate-related businesses have watched revenues struggle for more than a year, Nashville-based Showhomes Franchise Corp. has watched royalty revenues more than double in the past three years.
This year, it expects to take in more than $1 million in royalties alone after signing up new franchisees around the nation. Franchise-wide sales probably will amount to more than $7 million this year, according to Thomas Scott, vice president of operations.
The company has 57 franchisees in 22 states, including California, New York, North Carolina and Tennessee. Twenty-seven of those franchisees have been added this year.
"Your house has to win a beauty contest in today's market,'' Scott said. "There's too much inventory. It's a nice solution to a really messy problem."
Here's how it works.
Showhomes works with the owners of vacant residential properties and their real estate agents, providing live-in managers who make the homes more appealing to potential buyers.
The temporary tenants typically bring their own furniture and agree to have the homes ready for showing on 30 minutes' notice. In exchange, they get reduced housing costs — typically one third or more off normal rentals.
(2 of 3)Investor Report: Tax Extender ActTax credit, deals ignite home resales in South
