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STEP #5:
DRAFT, APPROVE,
& DISTRIBUTE
THE POLICY
A formal written collections policy can be drafted once
your fee structure and delinquent policies have been
set and partners have been secured, if applicable.
Your board can draft the policy from examples found
online or craft a unique version with details about:
• Your fee structure
• Delinquencies, when and how they happen, fee
amounts, etc.
• The purpose of the policy
• Remediation efforts
• A timeline for the process, with checkpoints for
each escalation
• Relevant contact information
Once a formal collections resolution has been drafted
and reviewed by your attorney, get it approved at your
next board meeting to take effect immediately.
Your approved collections policy should be distributed
to residents as quickly as possible. Try to deliver the
policy both on paper via mail or a board meeting and
on a digital platform. Talk to residents about ways to
avoid fees and collections, and do your best to foster
an open and communicative environment. This will
help ensure there's peace and harmony amid news of
a policy that could cause concern.
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