If you are having trouble getting collecting fees for your homeowner,s association, you need to make sure that you,re using the right type of collection agency for your needs. There are some common mistakes to be aware of when it comes to using a homeowners association collection company, so make sure that you,re working with an experienced company.
One of the biggest mistakes that many HOAs make when working with a homeowners association collection company is not getting quotes and details about their service. Comparing more than one quote may take some time, but they are free. The quote should specify the services like software integration for monthly dues, late fees, and debt collection. There may be some employee training involved or suggested updated to other accounting processes. The collection company should explain any commission they receive for successfully closing outstanding accounts from residents. The quote will let you know what your ongoing costs will be and whether it suits the budget.
By leveraging new technology, you will be able to automate HOA payment and maintenance services. This type of system works updates issues in a real-time system, so you can react quickly. Each resident signs up to use a software portal to make payments and update account information. Everyone agrees to the terms of using the system regarding the privacy of their information and transactions. They may also use it to make maintenance requests. The system updates closed and inactive accounts send out an automated statement on delinquency that is compliant with your state regulations and provides reporting features when you need to see specific data. A homeowner,s association collection company benefits your accounting program and makes it easier at tax time.
If notifying homeowners of their delinquent accounts is consuming too much time or mistakes are being made, you should look into outsourcing your collections. Regular communications will go out until the account is paid. The collection company can handle any negotiations for you. Common mistakes are made when balancing the books for a homeowner,s association collection company. Using the latest software technology, you can eliminate human errors and increase efficiency. When hiring a homeowners association collection company, you will have a signed agreement in place explaining how they will work with the homeowners to get them to use the new payment system.
Many homeowners get behind on payments, are unaware of the fees that are stacking up, and what to do to catch up on their accounts. They don,t always inform the homeowners association payment questions. Your collection service will reach out regularly to answer questions. When you do the work yourself, office staff can be overburdened, notifications forgotten, and irate homeowners aren,t sure who to contact. If homeowners do not know what to expect, they won,t work with you to pay their debts. A collection service can improve your relationship with the residents by keeping consistent processes and policies available to them. Your staff will be able to do the work correctly and save money.