HOAleader.com - Tip of the Week - November 7, 2008
Published: Thu, 11/06/08
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Should Your HOA Hire a Collections Agency?
Now more than ever, homeowners associations face the issue of
what to do when owners fall behind on fees. The idea of hiring a
collections agency sounds great. After all, why not give someone
else this unpleasant task?
But is it really a good idea?
We recently asked this question of Luigi Rosabianca, the
principal attorney at Rosabianca & Associates in New York City.
Attorneys often like to give answers that boil down to "it
depends," but Luigi was pretty clear about it.
"It's a bad idea--a super bad idea," he said.
Luigi told us that he doesn't recommend his HOA clients use
collection agencies. "Any time you're dealing with an external third
party, you have no control over that third party. But like it or
not, the person who's not paying his debt is a neighbor, and you
always have to deal with neighbors."
So what are the smart ways to go about collecting? You can find
the answer to that question in our special report. It's free
to members (and trial members) until midnight on Saturday,
Nov. 8.
Download the report here:
http://www.hoaleader.com/members/179.cfm
After Saturday, it can be purchased on our website as a PDF
download for $59.
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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HOA Management: When Times Are Tough, Don't Make This Mistake
As I announced last week, we've just published a brand-new
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difficult economy. One of the experts we spoke with for the
report talked about a mistake many boards make when times are
tough.
Click here to read full article:
< http://www.hoaleader.com/public/182.cfm >
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HOA Finances: Even in Hard Times, Don't Scrimp on Insurance
In this Tip of the Week we share advice on how to live up to your
fiduciary duty with regards to your HOA's insurance.
Click here to read full article:
< http://www.hoaleader.com/public/180.cfm >
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HOA News Around the Nation
Luxury condo owners sue developer over repairs ... lawsuits fly
over pet ownership restrictions ... board sues member for
defamation ... HOA bookkeeper charged with embezzlement
Click here to read full article:
< http://www.hoaleader.com/members/177.cfm >
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HOA Finances: Can You Save Money By Becoming More of a DIY HOA?
In this extremely challenging economy, one way your homeowners
association might be able to save money is to find ways to stop
paying others to do work that you can do in house. Becoming more
"do it yourself" (or "DIY") can definitely save money--but
there are pitfalls to consider.
Click here to read full article:
< http://www.hoaleader.com/public/178.cfm >
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State Law Survey: What's New and Important for HOAs?
Effective date of smoking law looms ... Florida Tightens Condo
Regs ... Illinois Condo Laws Under Review ... Age Restrictions
Imposed
Click here to read full article:
< http://www.hoaleader.com/members/176.cfm >
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