Associa Tennessee has managed this 228-unit community in Chattanooga, TN since 2017.
When Associa Tennessee partnered with the community, the receivables were $116,662. The high amount was due to the transition from former management to new management, inconsistent prior collection practices, slow pay accounts, and fewer accounts set up for direct debit.
The Associa Tennessee team immediately jumped in to collect receivables. The process began with a financial audit conducted by an independent CPA. Two accounts were determined uncollectable, and the board wrote them off. The remaining amount was collected by diligence to follow the board policy for collection procedures. The community’s manager sent courtesy reminder notices to all unit owners and made phone calls to accounts to confirm the proper address was being used to mail payments. Many owners weren’t using the right address, so the team quickly corrected the issue. The manager also met with unit owners to examine their account histories, often line by line, to ensure that all their checks were posted, implemented additional notification processes, and encouraged enrollment for direct debit. After 17 months, Associa Tennessee achieved 100% collection of the receivables. The community is very pleased with the management team’s commitment to resolving the issue quickly and looks forward to a strong and long-lasting partnership