Professional Collections Services to Protect Your Community Association's Financial Health
In today’s economic environment, the ability to quickly and successfully recover delinquent homeowner payments is critical to your association’s financial well-being. That’s why FirstService Residential in Minnesota offers a specialized collections department, offering proactive and effective collection and recovery of delinquent homeowner fees and assessments.
FirstService Residential provides exceptional support to its property managers on collections issues, freeing property managers to spend time focusing on serving the client's needs beyond collections. Working with us leaves collections activities to our professional staff.
Our experienced professional collections team utilizes industry best practices and the most advanced resources available in the community association management industry. Team members employ the most efficient collection strategy to fit each situation, including providing opportunities to bring their assessments current. They work proactively and discreetly, treating homeowners with respect and dignity at all times.
As part of our commitment to providing service excellence, we ensure your association remains updated on all collections issues by maintaining a real-time database of our activities and the status of each delinquent owner. This database can be viewed and tracked by Board members through your association website, enabling them to fulfill their fiduciary responsibilities. In addition, we hold meetings and training sessions for Board members to educate them about the collections process and describe our tailored collection efforts and strategies.
Our collections services include:
- Providing a central point of communication for all collection matters
- Management of liens and foreclosures
- Personal judgments
- Redemption from first mortgage holders for associations when equity remains
As an added benefit, FirstService Residential's collection services add value to your association by saving the costs of collection agencies and attorneys. Many of our collection services are included as part of our overall management fee, unlike collection agencies, which typically retain 20 - 40% of collected balances. In addition, our experienced collections team members can attend court hearings, if necessary, at rates well below those of attorneys and paralegals.