Accounts Receivable & Collections for Condos and HOAs

Written by Mitchell Drimmer on . Posted in Accounts Receivable, COMMUNITY ASOCIATION COLLECTIONS WHITE PAPER, COMMUNITY ASSOCIATION COLLECTIONS, condo accounts receivable, Condo accounts receivables, condo collection agency, CONDO COLLECTIONS, condominium, CONDOS, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., hoa accounts receivable, hoa accounts receivables, hoa and condo financials, hoa collection agency, HOA COLLECTIONS, HOAS, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, maryland condo collections, maryland hoa collections, reporting to credit bureaus, SNAP COLLECTIONS, snap collections reports to credit bureaus, Uncategorized, VIRGINIA COMMUNITY ASSOCIATION COLLECTIONS, Virginia condo collections, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

Collections for condos and HOAs require you to consider this, The Fair Debt Collection industry has established an objective test based on “the least sophisticated consumer”.  The purpose of this is to protect consumers. Some are Harvard Graduates and others are less educated and there are always the very clever.

Outsource Your Accounts Receivable and Collections

Written by Mitchell Drimmer on . Posted in Accounts Receivable, COMMUNITY ASOCIATION COLLECTIONS WHITE PAPER, COMMUNITY ASSOCIATION COLLECTIONS, community association loans, condo accounts receivable, Condo accounts receivables, condo collection agency, CONDO COLLECTIONS, CONDOS, hoa accounts receivable, hoa accounts receivables, hoa and condo financials, hoa collection agency, HOA COLLECTIONS, HOAS, MARYLAND COMMUNITY ASSOCIATION COLLECTIONS, maryland condo collections, maryland hoa collections, Uncategorized, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

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?

HOA And Condo Collections Questions Answered

Written by Mitchell Drimmer on . Posted in COMMUNITY ASSOCIATION COLLECTIONS, condo collection agency, CONDO COLLECTIONS, CONDOS, FLORIDA COMMUNITY ASSOCIATION COLLECTIONS., hoa and condo financials, hoa collection agency, HOA COLLECTIONS, SNAP COLLECTIONS, snap collections reports to credit bureaus, Uncategorized

Yikes,Mr. Collections Man:

our community association has some members who are not paying their maintenance fees and our attorney bills are already more than what is owed. Is there no other way to collect these fees without spending more money.

Signed,

Sleepless in Saratoga

Dear Sleepless in Saratoga:

Of course there is a way to recover your money but your board of directors needs to think out of the box.  Your attorney is working hard but all that he/she can do is put a lien on the unit and if you want to become landlords foreclose on the unit and recover your money from rental revenue.  Maybe, that is not such a good idea because if a bank forecloses  its possible that all you will recover is the safe harbor amount of the lesser of 12 months or 1% you will be out of a lot of legal fees.

Stupid is as Stupid does…A Peek Into Condo World

Written by Mitchell Drimmer on . Posted in COMMUNITY ASSOCIATION COLLECTIONS, Condo capital improvement loans, condo collection agency, CONDO COLLECTIONS, CONDOS, hoa and condo financials, HOA Capital Improvement loans, hoa collection agency, HOA COLLECTIONS, Hoa loans, SNAP COLLECTIONS, Uncategorized, VIRGINIA COMMUNITY ASSOCIATION COLLECTIONS, Virginia condo collections, WASHINGTON D.C. COMMUNITY ASSOCIATION COLLECTIONS

In my many travels in condo world I have seen some pretty poor practices by boards of directors and management companies but the prize for the most egregious acts I have ever seen has to go to a nice luxury building in Aventura, Florida of which I am very familiar with.