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COLLECTION TIPS
By
Rafael Aquino
Published July 8,., 2020
The lifeline for any association is the assessments it receives. As
such, the association must follow the guidelines provided within the
documents. During these trying times, some boards may tend towards
becoming lenient to help their fellow neighbor out; however, doing
so can have a significant impact down the line.
As we start to sort out the potential financial impacts of this
pandemic, we must keep a keen eye on the financials, especially the
receivables. I believe that we won't see the true extent of this
pandemic's economic impact on associations till next year. However,
you can’t wait till then to prepare, you must start now.
Your association should be sending a late notice, final notice, and
statements to keep residents with outstanding dues aware of their
balances. In those notices, you'll want to communicate the next
steps that will be taken should owners decide not to pay or ignore.
As an extra step, you may even want to pick up the phone and let the
owner know what they owe. They often didn't even know they owed the
money because they don't open their mail, and they'll pay
immediately. If an owner decides to ignore all these attempts, the
board will have no choice but to send it to the attorney to commence
the collection process.
Association are non-profits, so there typically isn't much cash to
fall back on when times get tough. Further, as Board members, it is
your fiduciary duty to protect the interest of all homeowners. Next
week I'll touch on other steps you should be taking to prepare for a
potential financial impact.
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As the Co-Founder and CEO
of Affinity Management Services, Rafael P. Aquino leads his team to
redefine excellence. They serve community associations
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and effectively with
dedication and passion. Rafael’s energy and positive
spirit is the foundation of Affinity Management
Services’ company culture, which instills enthusiasm and
excitement when providing expert advice to its board
members and relieving the day-to-day burdens of running
a community association.
Since 2007, Rafael has
developed a work culture that values responsive and
high-quality services. He has led his team by following
a proactive vs reactive philosophy. The same approach
Rafael instills in the day to day operations of each
association. Today, Affinity Management Services
maintains its success and benefits as a result of the
foundation Rafael has built and continues to foster by
providing educational seminars, continuing education
classes for association managers and board members
alike.
Rafael and his team help condominium and homeowners’
associations save money and improve their communities.
His calm, personable, and service-oriented nature helps
him to establish strong relationships with ease. Rafael
is known as a sincere and honest leader who looks out
for the best interests of his clients and communities,
and he strongly advocates for their needs. His role
requires coordination and communication, as such he
takes logical and intelligent steps to approach
challenges head-on.
As a graduate of Florida International University’s
electrical engineering program and a licensed community
association manager, Rafael’s education and skills equip
him with unique insights to tackle complex problems
through critical thinking. He understands how each
component within a system works together in order to
effectively arrive at solutions, techniques, and
conclusions. Therefore, as he manages the multiple
challenges of running a community association management
company, he understands how each property is its own
unique system and tailors’ specific services to assure
that all their needs are met.
For more information about Rafael P. Aquino and Affinity
Management Services please visit
www.ManagedByAffinity.com or call 1-800-977-6279
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Doral Office: 8200 NW 41st ST
Suite 200
Doral, FL 33166
Broward Office: 150 S Pine Island RD Suite 300
Plantation, FL 33324
O: 800-977-6279 ● F: 305-325-4053
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