10 Ways to Prepare for the Economic Slowdown
Now that the economy is officially in a recession, there are a number of ways that an association can prepare for the inevitable increase in delinquent assessments so that the impact on association revenue is minimized. The following are steps every board should consider taking.
- Adopt a formal collection policy.
Adopting a formal collection policy is one of the most important things an association can do to assist with collecting delinquent assessments. Our experience has shown time after time that associations with formal collection policies have fewer delinquencies and fewer problems collecting assessments.
