10 ways to get your tenants to set up ACH payments for automatic rent payments to you every month.

by | Indiana real estate, Indy Anna, Real Estate Investing

Landlords: Nine ways to get automatic rent payments by getting your tenants to sign up for ACH.

As a landlord you want to get your tenants to sign up for ACH so you get your rent payments automatically.  To do this you need their permission.  Here are nine ways to incentivize your tenants to sign up for ACH rent payments.

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Now for today’s class on getting your tenants to sign up for ACH payments…

BigReia how landlords get tenants to do ACH

How to get tenants to use ACH payments, how to collect rent electronically- how to get tenants to use ACH payments in Indiana – NINE ways to give your tenants incentive to set up ACH.

Indy Anna explains;

– Nine ways to get tenants to use ACH/electronic payments for rent

– Steps to set up ACH payments for automatic rent payments

– Alternatives to ACH/electronic payments for some tenants

Also to download the guide above for FREE, you can click HERE.

Now, recently we’ve covered a LOT of banking questions for everyone. We’ve gone over what type of account to set up for rentals, which banks are the best for investors to use, and how to set up ACH/electronic payments. This brings us to our final class on banking for now- how to get tenants to actually WANT to use ACH/electronic payments. Just be sure to check out all of these other videos after this one for more help.

So, this statement comes up as we speak with investors about using ACH/electronic payments for collecting rent; “What if my tenants don’t want to use ACH?” To be clear, there is a difference between not wanting to and not being able to, which I’ll cover shortly.

For this class, I’ll be going over some of the most EPIC ways our current VIP list investors told us about when we asked for help with ACH/electronic payment incentives for tenants- BigREIA.com/people

Here’s what they had to say;

1.) Rent rate breaks
This can be twice as much as the maximum fee for using an electronic payment with some third party apps. In some cases this is as little as $10 total each month

2.) Pet rate breaks
Most landlords charge a monthly pet fee in addition to the monthly rent. Some investors were able to incentivize this by offering less than $15 per month break for tenants that set up ACH/electronic payments

3.) Credit reporting
Some tenants will desire that their rent is being reported to credit agencies each month. While two of the third party apps we talked about in our ACH/electronic payment class did this for free, simply telling your tenants you’re willing to do this for them can be an incentive for setting up automatic payments because it will actually build their credit for free.

4.) Credit counseling
In some cases, tenants may need help with their credit and offering credit counseling may be a huge benefit to them, offering real help they need

5.) Carpet or mid lease cleaning
Some tenants will value having carpets cleaned midway through the lease terms, while others will value a midway through the lease professional cleaning. This will also be a way to get inside and verify the state of the property halfway through the lease.

6.) Offer First Rights
Offering your tenants First Rights to purchase the rental property can be another incentive for those who are not only desiring to own their own home, but are closer to it financially. We’ve also done a TON of classes on lease with options for situations when traditional financing may not work – check those out.

7.) Offer an end lease bonus
This usually has a previous set dollar amount in cash or item value and needs to be laid out in the lease agreement upon initial signing

8.) Offer to help set up a bank account with money in it
Some banks will offer sign up bonuses to new accounts of up to $300. Helping your tenants be aware of current offers and helping them sign up for an account with ACH/electronic payment usage can be a great incentive for tenants

9.) Allow Cash for Keys.
Let the tenants know that if they do ACH you can make it easier to get out the lease with a potential cash for keys agreement, meaning that if they follow the rules they can actually break their lease and walk with cash. We did a class on this and why it makes sense, in reality it makes sense to offer this to nearly all of your tenants because in the long term it will usually mean much more money and ROI for you.

So those are NINE of the top ways that our people are using incentives to get their tenants to sign up for ACH payments.

But what about those who simply aren’t able to set them up?

This can happen for a variety of reasons such as being elderly and not fully understanding the concept for example. In these types of cases, and as we covered in our class on which banks are best for investors, a bank that offers in person deposits without the presence of a debit card can be very helpful.

If you have specific tenant ACH/electronic payment issues that are more situational based like this, let me know and I’ll do what I can to help just text me.

To set up ACH payments?

Make sure your lease agreements clearly outline the incentive or incentives you choose to use. We’ve laid out steps one through three in our ACH set up class for both in house bank transfers as well as using third party apps for electronic rent collection.

Also you can use services like Zelle and other money transfer services as well.

We’ve also included an ACH authorization that you can download and use for FREE, that is below.

Once your leases are up to date, you’re legally ready to rock and roll with electronic payments!

Now, coming up I’ll have a preview for you of these incentives on our always FREE download as well as the adventures of our BigREIA friends

Also here’s a page at Nerdwallet and they keep an updated list of bank bonuses that you can get when you open an account, so you can use these sign up

https://www.nerdwallet.com/article/banking/best-bank-bonuses-promotions

So in Summary:

We’ve covered nine ways to give your tenants to sign up for ACH payments.

We went over the steps to set up ACH payments with your bank accounts now.

AND we’ve offered a few alternatives and help for other tenant specific situations.

ACH authorization and/or credit card authorization form (VERY important):
You can download it HERE.

For more FREE contracts and paperwork go here:

https://www.BigReia.com/Contracts

Also make sure to go BigReia.com and get our list of over 100 FREE ways to find motivated sellers, we are providing the world’s clearest instructions on how anybody on the planet can create a passive income of at least $30,000 a month through real estate and business building:

BigReia.com, go there and you’ll…

Make the Universe Smile.

Thanks so much! = )

Indy Anna
Love (at) BigReia.com
317- 969-5619 (that’s my real number, so please text me first- Thx!)

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Thanks so much!  = )

Make the Universe Smile.

~ Indy Anna
Love (at) BigReia.com
(YES that's my actual Direct Line and I really do answer lol, so please text me first Thx!)

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