With the economic recovery it would seem that community associations are out of the woods and happy days are here again. Sorry, but no. According to the Community Association Institute (CAI) the average delinquencies nationwide is north of 5% and that is still not acceptable.
When interviewing a Community Association Collections solution provider for an association, the first question by the board of directors is: “How long is your contract for?” For most vendors there is an beginning and an end to their job, but for a collector this is harder question. It is almost impossible to predict because it depends exclusively on when and how the delinquent unit “settles out.”
Before we discuss the various ways a delinquent unit “settles out” let’s define what the term means. Simply put, when a unit ledger has a zero balance a unit is considered is “settled out.” That is Community Association Collections success.
For Condo & HOA Collections calling debtors is always a difficult and sensitive task. It takes a highly trained specialist certified to be mindful of the Fair Debt Collection Practices Act and sensitive to the sensibilities of the unit owner. People identify very closely with their homes and with condos & HOA Collections emotions can run high. Calls of this nature can be very disturbing. So a trained outbound call specialists must put the owner at ease at the very start of the conversation. As unpleasant as it may seem these calls are necessary in order for a community association to run properly. But these calls do not have to be unpleasant and often can work to lift a burden from the debtors mind. Resolution of Condo & HOA Collections issue can reduce stress on a delinquent owner.