Importance of monitoring owners in arrears
Efficient Reduction In Arrears Of Over 90%
As we were onboarding this property, we noticed there were $22,218 of unpaid fees, some going back three or more years! After reaching out to these owners, many mentioned that the previous manager failed to update their details when asked multiple times. We ended up contacting every owner to confirm their best contact details and how they wanted to receive their fees going forward.
For owners who continued to refuse to pay, we implemented our arrears process straightaway by engaging a debt recovery team to commence proceedings in VCAT. In the end, this resulted in over a 90% reduction in arrears within the first 3 months.
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