5 Collection Methods for Healthy Cash Flow (S1: Episode 4)

Welcome to Strata Life by Rochelle Castro The place where you should go to learn and get inspired on all matters strata

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 proceed ...