Reduce Delinquencies :: Improve Cash Flow
“We saw a 15-18% increase in on-time payments immediately following notice to our homeowners and an average of 32% improvement in A/R balances for HOA Boards who’ve signed on.”
Shandron Pemberton -
President and CEO of PO Solutions, Inc
ASSESSMENT PAYMENT REPORTING
For Homeowners Associations, Condominium Associations, and Cooperatives, delinquencies are a major nuisance for the community. Owners who do not pay their Association Assessment on time start an endless collection cycle that begins again every thirty days for the association. This leads to expensive legal fees and countless hours spent chasing money in a very inefficient manner.
Through Sperlonga’s partnership with Equifax, largest of the three credit reporting agencies, our technology provides associations the ability to attach the Association Assessment to an individual owner’s Credit Score.
By providing an immediate reporting mechanism when payments are due, owners have an incentive to make their payments on time. Timely payments will positively impact an individual’s Credit Score and conversely, late payments will negatively impact an individual’s Credit Score.
BOARD MEMBER AND HOMEOWNER
Protect property values
Limit assessment increases
Minimize special assessments
Fund reallocation in association budget
Improve homeowner credit scores
Match board member fiduciary duty
Improve cash flow
Improve access for association loans
Limit legal fee’s, bad debt, collections cost