Community Association Collections Strategies
In today’s economic environment, fast and effective recovery of homeowner debt can be critical to an Association’s financial well-being. At Gittleman Management Corporation, we have a dynamic collections department with some of the most highly trained personnel and resources found in the community association management industry.
We are able to handle a wide range of collections activities for the Association. When attorney involvement is required, we have low, negotiated rates with a law firm specializing in townhome and condominium collections.
We maintain a database of collection activities and status for every delinquent unit owner at every account that we manage. This database is updated daily and is provided to our client boards of directors via their Association websites. This enables our client boards to fulfill their fiduciary responsibilities by tracking required approvals at key points in the collections process.
Our real time collections database enables us to track and manage accounts in collections and employ the most efficient collection strategy in each individual situation.
While Gittleman Management maintains a primary focus on recovering client debt, we also maintain respect for homeowners who are delinquent and work with them to provide opportunities to bring their assessments current.
Gittleman Management Collections Department provides clients with a central point of communication and excellent customer service and response. Collection efforts include lien/foreclosure, personal judgments, and redemption from first mortgage holders for Associations where equity remains in the unit.
Why you should choose Gittleman Management for your collection needs:
- Most collection agencies will keep 20-40% of the balance that is collected. Gittleman Management can provide a large range of services to Association clients as part of our overall management fee.
- Typically, collection agencies will immediately send a delinquent account to an attorney for representation in Conciliation Court. Where appropriate, Gittleman Management has experienced collections staff who will attend hearings for a rate well below the average attorney or paralegal.
- In-person meetings and training sessions for Association boards of directors to discuss collection efforts and strategies are included in our management fee. A large part of our success is educating boards of directors and helping them make smart decisions on their Association collections strategy. Gittleman Management provides exceptional support to its Association Managers on collections issues. This frees up the Association Managers to spend time serving clients both on and off the property, as well as focusing on various client needs beyond collections. Working with Gittleman Management leaves collections activities to our professional staff.