Without sufficient revenue, meeting your community’s funding needs becomes difficult. Whether it’s a well-kept common area or a community pool, the benefits that community members enjoy depend on the income generated by the regular payment of dues. Everyone must meet this financial responsibility if your community is to thrive.
Most homeowners are conscientious and make every effort to pay their HOA dues on time. Still, you probably have some residents who do not make the connection between how well the community functions and how diligent they are about making timely payments.
You probably find the idea of chasing down unpaid dues a bit daunting. Texas associations, in particular, are under greater pressure to address delinquencies quickly since the statute of limitations for community association claims is only four years. Waiting too long to act could result in your association never recuperating lost revenue. No wonder so many boards await their pending delinquency reports with a sense of dread!
Fortunately, there is a more effective and legally sound approach you can take. Here we provide five guidelines for establishing a proactive collection strategy. Implementing this strategy will help you reduce delinquencies and, most importantly, protect the association and your homeowners.