Yes, times have changed and people are no longer walking away from their houses and condos because they are underwater but some things stay the same. Is your condominium or HOA still using coupon books to direct owners to pay? Does your management company have a dedicated call center to discuss payment matters with owners? Are people still paying your condo or HOA late every month. Most important, is your management company prepared to handle collections legally, properly and at no cost and no risk? Is your association handling it’s Accounts Receivable correctly?
Delinquencies are different today than they were 3 or 4 years ago. Some owners are forgetful or just plain negligent when it comes to their payments to the association every month, quarter or even year (depending on your pay cycle). Your association needs its money and it needs it on time. A better solution would be to scrap the coupon books and have statements mailed (via the post office or email) to owners every pay period. A great follow up is having highly trained accounts receivable experts standing by ready to respond to owner inquiries. Many times maintenance fees increase, special assessments are made, owners get fined and owners don’t even know that they owe money. Then late fees are assessed and a cycle of pain begins. This is the way to do accounts receivable!
It’s time that community associations carved out their accounts receivable process and outsourced it to experts who not only can manage normal collections, but be right on the spot when an account goes into arrears. Management companies and community association managers are more geared to taking care of facility issues and by the time the issue reaches the back office of the management company matters have spiraled out of control. Members get angry and the entire condominium and HOA experience leaves them sour.
Transparency and timing is what matters and the more specialized a company is the quicker they can respond to a condominium collection issue. Associations should not leave these things to chance but send this task to a specialist. Find the right company with the most experience and see how your community association, condominium and HOA will benefit. The goal is to bring a perfect cash flow scenario every month and keep your owners happy.
Tags: Accounts Receivable, assessment collections, Assessment collections for condos, Collection agencies for condos, community association assessment collections, condo and hoa payment plans, Florida condo collections, hoa collections, innovative collection programs, maintenance fee collections, Outsourcing