4 Practical Tips to Collect Dues
Encouraging residents to pay their HOA dues can prove to be a challenge. We've outlined 4 practical tips that have proven to be effective and may serve as a tipping point to better assist your association in collecting the funds it is owed.
Tip 1: Top of Mind. You've heard the noisy bird gets the worm. Well, this holds true with your association as well. Communicate with your homeowners consistently, and not just about their balance. All touch points with your neighbors display the value of your community. By keeping the association at the top of your owners minds, they will be reminded of their balance when it comes time to pay their dues.
Tip 2: Make it Easy. Make it easy for members to pay assessments. The less excuses your owners have, the more likely they will be to pay. One of the easiest and quickest ways to do this is by accepting payments online. To do this, reach out to your bank or speak with your management company. We also encourage owners to setup automatic bill pay through their bank. At Red Rock we arranged with our partners at BB&T Bank to accept payments inside branch locations. As you implement these payment options, keep the creativity flowing to find what works best for your community.
Tip 3: Power of the Portal. With todays technology, it seems checks and statements are a distant memory. With our access to the web, people are more comfortable monitoring their account online. As such, we recommend utilizing an account portal for owners to access so that they can take charge of their account. Online accounts provide more transparency for community members and studies have proven that account portals may even provide a more engaging experience and a sense of belonging.
Tip 4: Tough Love. A little tough love can go a long way. The toughest decision a board member is faced with revolves around a neighbor not paying dues. We recommend taking early action at an appropriate time or select an amount to serve as a threshold. By taking action early you are actually helping the non-paying resident before their balance grows out of reach. And more importantly, you are ensuring that paying residents aren't penalized with an increase in dues or a special assessment.
Written by Christopher Beatty, Director of Red Rock Management
For questions, tips, or if you're interested in partnering with Red Rock to manage your community visit www.gowithredrock.com.