Collect with Respect:Solution for Collecting Outstanding HOA Fees
June 7, 2019
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mem property management, a top-rated property management company in New Jersey, recently announced a powerful new partnership with Axela Technologies, a Miami-based company specializing in providing automated solutions to help community associations manage and address their delinquent account receivables.  The partnership will enable mem property management to maximize the efficiency and effectiveness of the recovery process for the benefit of its association clients.

“With a proactive approach we are adopting a customized approach –working directly, collaboratively, and respectfully with the unit owners using a highly effective communications and negotiations strategy that has proven incredibly successful for thousands of associations nationwide, securing the outstanding assessments owed to community associations, while improving financial stability and cash flow,” says Martin Laderman, founder and CEO of mem property management in New Jersey, “the best part is all money due to the association is paid in full.  No additional fees are charged for the service and the association will always receive 100% of whatever is owed.”

It is the primary responsibility for HOA Boards to enhance and maintain their property.  This can only be accomplished by HOA fees.  HOA fees are needed for operating funds to cover regular expenses (such as electricity, maintenance, water, and insurance), and for the reserve fund to cover unforeseen expenditures and planning for future repairs and replacements (such as roofing, tiles, painting, and paving).

An association is only as effective as its ability to collect from residents who have fallen behind or neglected their financial responsibilities to the community.  However, the cost and time associated with collections is a substantial burden on associations.  For example, legal fees, accounting and bookkeeping fees, collections agency fees and additional staffing fees to manage this entire process can add up quickly – easily costing several thousands of dollars or more, not to mention the efforts and distraction for everyone involved.

mem property management’s planned collections service complies with all FDCPA, Fair Credit Reporting Act (FCRA), and Consumer Financial Protection Bureau (CFPB) statues, laws, and regulations.  As the credit reporting entity, Axela will be responsible for all debt collection and credit reporting compliance—providing protection and security for associations and board members.

“We are excited to partner with Axela, one of the country’s leading collections companies, to help associations more efficiently and more affordably collect overdue monthly fees and special assessments from delinquent residents.” explains Laderman.

About mem property management

mem property management supports a diverse range of communities throughout New Jersey, from ocean-front condominiums to large master-planned communities to age-restricted active adult communities.

 

Through a series of strategic acquisitions and attracting the most experienced property management professionals in the region, mem property management has become one of the fastest growing private companies in the country, recognized in the prestigious Inc. 5000 list, while retaining the personalized touch and customized, hands-on approach that has contributed to its success serving multi-family properties in New Jersey.

To learn more about mem property management corporation or mem construction services, please visit http://www.memproperty.com/ or call 201­798­1080.