Vernon Property Management
How to reduce late payments?
Accounting is a tricky process and late payments make the process even more challenging for the HOAs in Vernon. Make a priority this year to start collecting the payments on time. Whether your role is to collect rent payments from the residents or collecting HOA dues. Make it your priority this year to stop the act of late payments once and for all.
- Change the due date of the payment
Adjust the due date of the payments and ensure that you give multiple notices before you implement this policy so that the payers can adjust to it accordingly.
- Communication is the key
If a resident is paying late routinely, contact to him directly. See if there is any special circumstance due to which he is paying late. For example, they don’t receive their paychecks on time or it’s their child’s education.
- Start the collection of late fees
Many HOAs have this policy that if the payments are overdue, it will be subject to late fees. However, the HOAs in Vernon are lenient while enforcing this policy in action but this is exactly what it’s needed to get people pay on time.
- Enable electronic payments
Allow the residents to make their payments online. Writing a check and then paying it is a hassle so by giving them an option of electronic payments, you will make it easier for the residents to make the payments easily and on time.