Your HOA depends on timely payments of its members’ dues in order to function. One late payment and suddenly the neighborhood as a whole is in debt to contractors or other maintenance companies! Moreover, if money isn’t available, these services won’t get done. On a large scale, this can mean a decrease in property values and resident satisfaction—the two things that a HOA neighborhood is supposed to ensure the growth of.
Of course, we’re all human; being a day or so late on a payment upon a singular occasion isn’t a terribly heinous crime. However, for the sake of its own viability, it’s imperative that your HOA take steps to ensure that payments are received on time. Gassen, a Twin Cities provider of property management services, explains how to do this below.
Be Firm, Fair, and Compassionate
Collecting HOA fees can be an awkward task. As an HOA board, you want your residents to feel satisfied and happy living in your neighborhood, so badgering them for money is no way to accomplish this. However, as an HOA, you also depend on that money to keep the neighborhood afloat. Therefore, it can be difficult to ensure payments are received on time without seeming naggy or cold.
However, it can be done. A firm and fair, yet compassionate, approach is best to ensure all parties get what they deserve out of the timely payment of monthly dues.
● Make sure all fees are easy to understand. When it comes to fees, make sure your HOA bylaws are easy to read and digest. After all, it’s a little hard to pay the appropriate fees when you can’t even figure out what those fees are supposed to be. A multipurpose accounting property management company like Gassen can help you draft clear bylaws that impose easy-to-understand payment requirements and consequences for delinquency.
● Set up online property management services. It can be hard to keep track of all the bills one must pay in a month; every homeowner alive knows this. Lend your residents a helping hand and provide online property management services that can help to collect some types of HOA fees for you. Assisting residents as they set up an automatic monthly payment through their checking account can also prove useful.
● Say thank you! Oftentimes, we get so hung up on the residents who struggle with paying on time that we forget to praise the ones who do. Show your appreciation with a handwritten note or a small gift. It doesn’t need to be extravagant!
Having HOA Problems? Gassen Can Help
Our team would be proud to bring quality to where you live. For more information about our services, give us a call today at 952-922-5575.