I wanted to call this blog our “Inflation Reduction Act”, but then I thought better of it. We can see that inflation reduction will not be here in time for 2023, but we can help. Consider the following:
If you are looking for a way to offset increases, consider a deferred collection solution like Equity Experts that does both proactive outreach and legal actions with attorneys. This approach will reduce your budget and increase cash based on the following:
- Fees are deferred for the community, so owners that pay timely are not forced to finance the collection activity of neighbors who do not pay their assessments.
- Fees are fixed and not subject to additional hourly charges that can bloat the cost of collections.
- Delinquencies are resolved much faster than the industry average.
Much of our success at Equity Experts is based on our unique approach to collections. We use data analytics to determine the best method to collect a debt and the best way to communicate with each debtor. We proactively reach out to debtors to educate them on the importance of timely payment to avoid additional costs and actions. Once we open the lines of empathetic and respectful communication, we offer numerous payment methods to help quickly resolve the delinquency.
Unlike most law firms, our attorneys receive insights from our analytics that help them choose the most efficient legal action. Our scale helps keep legal costs down, and our platform remains available for prompt communication and convenient payment methods.
We offer a debtor hardship program called RelEEf to provide debtor assistance. Once again, our analytics help us identify and qualify cases where assistance is needed. We may waive up to 100% of our fees and provide extended payment terms to help the delinquent owner repay their assessments.
This is not your typical “contingency” collection agency or a “churn and burn” law firm. We recover 100% of the assessments owed to our clients and collect our fees from the debtor. We do it all, including legal actions, and we pay our own way because we are confident in our approach.
Use the following calendar link if you or your Board would like to learn more.