When faced with financial difficulties, it’s easy for owners to panic and believe the community managers and board members won’t offer help or empathy. They are embarrassed and in trouble. If their options aren’t communicated to them clearly, they may get in deeper and deeper. Equity Experts’ well-defined and automated processes for connecting with residents at the first sign of struggle keep them informed and give them a sense of control.
Owners need guidelines to follow to meet assessment expectations. It is also important they know what will happen should they fall behind. Penalties, interest, and late fees give your members the motivation to pay on time or catch up quickly to avoid wasting money.
Communicating with Owners
Equity Experts believe a proposed debt collection plan can lower your liability risks and improve the relationship between the association and residents. We contact, explain, and negotiate the best outcome quickly and according to the laws of fair debt collection practices. If employees and board members step in, emotions can take over, and casual decisions regarding the owner’s delinquency can jeopardize the community. You could find yourself arguing against claims of discrimination and unfair payment arrangements.
Good intentions can put managers and board members under scrutiny in court and create ill will among homeowners. Having a third party to deliver notices, make calls, and clearly explain options lets the board focus on increased cash flow to preserve, protect, and enhance the property.
Reasonable negotiations will be outlined for those with financial obstacles like a lost job or serious medical condition. The association doesn’t have to be the “bad guy.” The team at Equity Experts helps determine reasonable alternatives and follows the plan, updating communications throughout the situation until it is resolved. We don’t want owners to feel their only option is moving out or facing foreclosure.
Simplifying Association Costs
Any debt collection for assessments, late fees, and legal costs are collected directly from the owner. Board members can stick to other business concerns rather than establishing circumstances of hardship or unique conditions requiring payment arrangements. Owners have one contact providing consistent answers. This avoids creating any special relationships that risk actual, perceived, or alleged violations of the law.
Communities struggle with delinquencies and a lack of proactive collection options. Our experience with software integrations and technology offers a better way to resolve past due accounts quickly, often without hurt feelings or legal action.
Equity Experts believe you can get more done with empathy than with a law degree. Our experience as community managers helps us educate owners with respect and compassion, producing a win-win for everyone. When owners lose their homes, it creates a burden on the association and community efforts. Working together to resolve the debt provides the best outcome.
Forward-thinking and innovative associations with high levels of fiduciary responsibility need an experienced debt collector to deal with unforeseen emergencies objectively. Contact Equity Experts to learn more about how we help homeowners.
To learn more about Equity Experts, look at these articles:
Jury Votes in Favor of Equity Experts
Sources:
https://www.hoaleader.com/public/Should-You-Help-HOA-Owners-in-Dire-Financial-Straits.cfm
