Help Your Community And Help Your Neighbors By Reporting Delinquent Owners to Credit Bureaus.

A recent study conducted sponsored by a major credit repair firm and conducted by Harris Poll asked specific questions related to what people understand about credit scoring, how they are arrived at, and the information that is taken into consideration to determine them. The study revealed some surprising information.  Eventhough credit scores affect Americans in many important ways including the price they pay for credit and insurance many people are mis-informed about the entire process.  This is shocking as your credit score can not only affect your ability to get credit but also impact on your ability to obtain employment. By not understanding how credit scores are formulated consumers could… Read More

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HOA & Condo Association Collections: How to Collect Unpaid Fees

Note: This article can relate to all community associations but some parts are Florida specific. As part of a community association, it’s common to encounter those one or two owners (or more) who don’t pay their community association fees. Unfortunately, the repercussion of those owners who don’t pay affects those who do. Reliable paying members of an association could face increased fees, special assessments or reduced spending on community maintenance and amenities. Usually in this situation the community association has to enforce the community association’s policy to establish consequences for continued non-payment and for that matter chronic late payments. The Consequences Of Delinquencies To Community Associations Non-payment of community association… Read More

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The Six Ways a Delinquent Unit “Settles Out”

When interviewing a new service provider for an association, one of the first questions asked by the board of directors is: “How long is your contract for?” For most vendors, there is an absolute beginning and a defined end to their tenure as service providers, but for a collection solution, this is a much harder question to answer. If the board of directors is satisfied with their choice of collection solutions, whether  it is an attorney or a collection agency and they do not dismiss them, the end of the agreement for services is almost impossible to predict because it depends exclusively on when the delinquent units “settle out.” Before… Read More

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Condo & HOA Collection Calls…How To Help The Debtor

Calling debtors is always a difficult and sensitive task especially for those people who are delinquent on their Condo or HOA maintenance fees. People are very sensitive about their homes, as they well should be, and calls of this nature can be very disturbing. However, in order for a community to be able to operate properly everybody has to pay their fair share. So how should a call like this sound like?   The most important thing for a professional collection caller to know are the rules that are established by the Fair Debt Collections Practices Act. Any company who is making these calls must first put the caller through… Read More

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Condo & HOA Collections…Can We Sound The All Clear?

  With the economic recovery in full blossom it would seem that community associations are out of the woods and happy days are here again.  Sorry, but no.  You may see new projects popping up all over and prices on the rise but if your association was established before 2013 chances are you are still plagued with delinquent owners, saddled with doubtful debt and are low on reserves.  In other words your association lacks the financial vitality it should have in order for it to be a worthwhile investment.  Curb appeal and amenities aside buyers are now more cautious and considering how financially robust the association is before they make… Read More

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Technology Changes the Industry

Technology Changes the Industry Advances Tackle Common Management Problems By Craig Huntington, President, Alliance Association Bank When I started my association management company in 1980, we kept the account history of our homeowners on ledger cards and wrote checks using a “One Write” system. We really were pushing the envelope when we decided to use a Polaroid camera to take pictures of violations. In 1981, we took the plunge, spending $4,000 for an Apple III with all the necessary components. Things certainly have changed. Today, my Treo PDA phone has more RAM, storage and computing power than that old Apple III. It’s also one-twentieth of the cost, counting inflation. In… Read More

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Are you utilizing the full functionality of your software? Do you know that by doing this you can save time and money?

What software infrastructure do you have?  What are you using? Auto Bank Account Reconciliation Automated Lockbox File Import Automated Bank Validation Export Files Strongroom A/P File Integration Interactive Web Portals Interactive Onsite Tools Outsourcing of coupons, invoices, newsletters, certified mail… At Alliance Association Bank (AAB), we pride ourselves on being the best business partners for our clients.  We bring the highest level of banking services, industry specific experience and the highest level of personalized customer service.  Many industry specific software programs have similar features; we work with you to ensure you know these opportunities exist.  Moreover, we have found that utilizing all of the bells and whistles of your software… Read More

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Are you utilizing your partnerships to help maximize your potential?

Maximizing your partnership Last week we asked you to evaluate your current software infrastructure and at the same time to notice what you don’t have or are not using. This week we want to help you take that next step by focusing on maximizing your partnerships to help you reach your potential.   Here is a recap of items you need to look for within your own company’s infrastructure: Auto Bank Account Reconciliation Automated Lockbox File Import Automated Bank Validation Export Files Accounts Payable File Integration Interactive Web Portals Interactive Onsite Tools Outsourcing of coupons, invoices, newsletters, certified mail… In our industry, the national trend is maximizing technology to be more… Read More

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Mapping It All Together

No time like the present, it’s time to bring it all together. Over the last two weeks we asked you to look at your infrastructure and partnerships, now it’s time to map everything together and move forward with an action plan.  One of our primary goals is to help you maximize your potential and help you grow.  We see the value in education and having the right team to help you succeed. In our first week segment, we asked you to ask yourself: Does your software have these capabilities?  Are you using them to the fullest functionality?   At Alliance Association Bank (AAB), we know how important efficiency is and we… Read More

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How To Repay and Association Loan

By Josh Ormiston, Vice President Alliance Association Bank HOW TO REPAY AN ASSOCIATION LOAN When an association decides to take a loan out to finance a capital improvement project, there are three main options in which the association can choose to generate funds for repayment of the loan. Allocate Funds from the Existing Budget Raise Regular Assessments Implement a Special Assessment Each option has its own benefits and pitfalls.  The option chosen may have an impact on the community support for the project and the general attitude towards the association’s board and/or manager. By choosing to finance a capital improvement rather than pay cash, the cost for the improvement is being… Read More

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