5 Tips to Alleviate Your HOA’s Delinquency Burden

Managing Collections

One of the toughest but most important tasks for a community manager is managing delinquency payments.

Delinquency collections are a tricky area for managers since they involve late payments from residents and can cause a rift between residents and the office. Fortunately, TOPS makes it easier to manage your delinquency burden. Here are 5 ways TOPS can help with managing delinquency payments and improving the collections process.

Set-Up Automatic Payments

The best way to help curb delinquency payments is through automatic payments.

With automatic payments you can stop delinquency payments before they happen. TOPS [ONE] makes it easier than ever to set-up automatic payments through our new service TOPS Pay. TOPS Pay makes it easier for residents to opt-in and pay their dues on time. This stops the delinquencies and makes collections easier for you and your staff.

Use Resident Portals

Another way to prevent delinquencies is through the use of resident portals.

TOPS Advanced Portals allows residents to see their dues and pay them through the portal. They can also set-up auto pay, so they only need to pay once and let the system take care of the rest. Resident portals can also be used to set up payment reminders and notifications. This can help residents remain on top of payment due dates, so they don’t fall behind. On the community managers end, they can also use portals to see who has outstanding payments and reach out to them directly to get it resolved. This saves time on collections and reduces friction.

Using Notifications

One of the best ways to prevent late payments is through constant reminders.

TOPS offers a number of ways for managers and residents to be notified of impending payments. Residents can set up reminders through the system and receive them through text, or email. If you have a repeat offender, the office can set up a reminder to notify the resident. This can be a huge time saver for managers, prevent late payments, and collections.

Message Your Residents Directly

Reaching out to a resident who has delinquency payments can be a challenge.

They may be hard to reach or confrontational given the subject. TOPS has an easy way to reach out to those residents directly and resolve the situation quickly. TOPS enhanced communications now offers direct text messaging, voice broadcasting, and email to your residents. Text messaging is much faster and easier than e-mail or other forms of communication. The resident sees their notice immediately and can take care of their late payments. This requires minimal work on the managers end and gets the issue resolved quickly.

Use Automatic Reporting

Use Automatic Reporting
The last way TOPS can help with delinquencies is through our automated reporting system.

Automated reporting means you weekly or monthly reports are generated for you on a specific date. If payments are due the last day of the month, you can set up a report to generate the first day of the month with everyone who has and hasn’t paid their dues. This saves time on manually searching for those residents so you can reach out immediately. Automatic reporting always uses the most up to date data so you’re never behind. See how automation can help with your delinquency burden.

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