Today’s market is unlike any that we have seen in the past. Interest rates are higher compared to what they have been in the last 10 years, average days on market are increasing, and the percentage of people delisting their homes for sale has risen in the past year. Many people list their property for sale, and after a couple of months of it being listed, they take it down without it being sold. The question is, what happens to the properties when it gets taken off the market?
There are a couple of decisions that people can make when they decide to take their property off the market due to it not getting interest or selling for the price that they want it to. They can stay living in their property. However, there are several people for whom this might not be an option because of issues like having to move out of state for a new job, having a growing family that can no longer fit in the property, or just no longer liking the property. Another thing they could do is move out of the property and rent it out. A lot of people are having to resort to this option because it’s the one that makes the most sense. If they can’t sell the property, they might as well rent it out and make a little extra money off of it. Thus, the rise of accidental landlords.
A lot of the people who are stumbling upon being a landlord have never even considered it in the past. They didn’t seek it out or may not even want to be a landlord. Being an accidental landlord comes with its own challenges. If you do it on your own, you could open yourself up to potential liability. If it’s something you have never considered doing previously, you have a lot to learn to help avoid getting into legal trouble. You need to know about fair housing, how to handle security deposits, how to handle disputes with tenants, and much more that may not even ever cross your mind.
The most effective way to mitigate the risk is to hire a property manager. Property managers are professionals who stay up to date on how to best protect your property. You can also find a local property management company, which would be especially helpful if you are renting out your home due to having to move out of the area.
Accidental landlording may begin as a temporary solution, but for many homeowners, it becomes an unexpected opportunity to build long-term wealth through real estate. With the right support, a property that once felt difficult to sell can instead generate income, appreciate over time, and provide future financial flexibility. Whether the goal is to eventually sell, move back in, or continue growing a rental portfolio, understanding the options and seeking professional help when needed can make all the difference in turning an uncertain moment into a smart financial move.
If you find yourself stepping into the role of an accidental landlord and want trusted guidance, partnering with the right team can make all the difference. Hero Property Management specializes in helping homeowners confidently navigate the transition from owner-occupant to rental owner. To learn how Hero can support you and your home, call 801-845-4390 and speak with a member of their team today.