When you ask people about their HOA the first thing that comes up almost all the time is paying dues.
No one likes it, but almost everyone in an HOA knows that they have to do it. Your HOA relies on your payments to do the community’s business – from paying insurance to making sure the landscapers can get the lawn mowed, your dues are important.
We want to make your HOA payments as easy and seamless as possible.
Many HOAs will provide owners with a “coupon book” with 12 payment slips to be sent with payments via the mail.
CAP Management does things differently.
Monthly HOA Statements
We issue a monthly statement, via regular mail or via email, to let our homeowners know their account status and including language that lets that statement serve as a first notice that payment is needed. Our experience is that statements are a modern solution to the problem of HOA Billing and has had a hugely positive impact on the communities we serve.
Statements help to balance the needs of the community which include
- communicating an accurate balance due,
- keeping the legal ducks in a row when it comes to sending notice to homeowners;
and the needs of the homeowners which include
- where to pay,
- the consequences of nonpayment,
- and a projection of what needs get paid to stay current for the billing the period.
HOA Coupon Books
Because coupon books are issued once per year and are static, they do not show homeowners
- what their current balance is,
- whether there are charges they are not aware of,
- or if there has been a mistake made on their account.
Statements show a running total and breakdown of charges to an owner while also serving as a reminder to send in their payment.
Coupons put the onus on the homeowner to make timely payment, so often payments are missed. In 2019, people are busy and have their lives to lead and are not worrying about remembering their HOA payment.
Seemingly small differences like this allow us to keep the community in good financial shape and keep the delinquency rate low. Because statements are issued monthly, are accurate, and convey the right information, they allow our homeowners to be confident in their account status and know where they stand. In the rare case of a mistake or error, they allow us to come to a positive resolution quickly. This works in everyone’s favor. Statements are delivered either via email or mail and we have found that revenue is more consistent and predictable. Statements, despite seeming like a small component of the HOA, work to inspire confidence in the community . They build up equity between homeowners, management, and the Board of directors.
-by Andrew Ellsworth -Accounts Receivable Manager