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In a homeowners’ association (HOA), a collections policy is a procedure that helps the board of directors establish how to respond to residents who are delinquent on assessment payments and other community fees. Putting residents into collections is a difficult but sometimes necessary duty—and a policy allows the board to act impartially.
Creating a sound collections policy is a process that requires time and collaboration between your board, management company, and legal team. As the long-standing industry leader, we at Associa know what goes into building an effective and successful collections policy.
To find the process that works best for your community, follow this ebook. In it you'll find a step-by-step guide to developing a collections policy including:
- What other parties you need to consult with.
- The structures your policy should establish.
- How to distribute an approved policy.
Download it now for FREE to start developing the best collections policy for your association.