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In this episode I will cover... 5 collection methods so that your strata community’s cashflow is healthy

1. Send a letter of demand 7 or 14 days after the levies are due (do not wait for a final notice to be sent. You could also send another letter after the final notice is issued).

2. Charge penalty interest (punishment to those who pay on time, reward to those who pay on time).

3. Arrange a reasonable payment plan (reasonable is the keyword, so that the debt eventually catches up to their debt).

4. Inform your strata community in AGMs of consequences to their finances if members do not pay on time.

5. Pass a resolution that authorizes the strata community to automatically issue legal proceedings if a member fails to pay on time or enter into a payment plan.

CONCLUSION Strata enthusiasts, I hope that this episode has given you the bird’s eye view on how to …

5 collection methods so that your strata community’s cashflow is healthy Strata enthusiasts, I will speak to you in our next episode. Life is the C between the B and the D. Life is about choices, making choices. Remember, continue upgrading yourself! This is Rochelle Castro speak to you soon on the Strata Life podcast!