Common Mistakes Landlords Make with Security Deposits and How Go Growth AI Can Help

As a landlord, you may think that collecting a security deposit from your tenants is enough to protect your property against damage, rent defaults, and lawsuits. However, there are several common mistakes landlords make that can leave them vulnerable to costly risks. In this blog post, we’ll discuss four common mistakes landlords make with security deposits and how Go Growth AI’s advanced AI-powered analysis tools can help them avoid these risks and make informed real estate investment decisions.

Firstly, landlords often fail to screen rental applicants properly, which can lead to bad tenants causing damage to the property and not paying rent. Go Growth AI can help landlords screen rental applicants effectively. By running tenant credit reports, criminal background checks, and nationwide eviction reports and verifying income and future employment prospects.

Secondly, landlords often fail to document the condition of the property when the tenant moves in and out. It can lead to renters objecting to deductions from their security deposit. Go Growth AI’s landlord app can help landlords document the condition of the property using a Move-In/Move-Out Condition Report. Photographing each item with a timestamp to track each unit’s status.

Thirdly, landlords often fail to hold deposits in a separate, interest-bearing account. Which can lead to accounting errors and spending the security deposit. Go Growth AI can help landlords keep track of each security deposit to make accounting easier.

Lastly, landlords often miss security deposit deadlines, which can result in losing all rights to deduct any costs from the security deposit. Go Growth AI can help landlords keep track of deadlines and avoid penalties by using its advanced AI-powered analysis tools.

In conclusion, collecting security deposits from your tenants is not enough to protect your property against costly risks. By using Go Growth AI‘s advanced AI-powered analysis tools, landlords can avoid the common mistakes associated with security deposits. So, why not sign up for a free trial and start protecting your property today?