By Mitchell Drimmer, CAM, President, Axela-Technologies
Once upon a time, nestled in the heart of a bustling city, there stood a vibrant condominium. This community, known as Mitchell Manor Condominium, had thrived for years with a strong sense of camaraderie among its residents. However, an unforeseen challenge lay on the horizon, casting a shadow of uncertainty over their peaceful abode.
The residents of Mitchell Manor Condominium faced a mounting problem: delinquency payments due to inflation, special assessments, and increasing insurance costs. As dues went unpaid, the community’s financial stability began to waver, and its leadership knew that immediate action was necessary. It was during this time that Axela Technologies, a pioneering company specializing in innovative collection solutions for community association management, stepped forward to lend a helping hand.
Axela Technologies has developed cutting-edge software and highly advanced technology specifically designed to streamline community association collections and enhance financial efficiency. The company’s reputation for revolutionizing community management collections of delinquent assessments preceded it, making it an ideal partner for Mitchell Manor Condominium in their struggle with delinquencies.
The community leadership and management team eagerly embraced Axela Technologies’ solutions. The implementation of Axela’s technology through an API with the management’s software platform brought about a wave of transformation across Mitchell Manor Condominium, catalyzing a significant reduction in delinquency rates.
One of Axela Technologies’ groundbreaking features was its uncanny ability to have activity reports available 24 hours a day and 365 days a year that provides information for the board and their management team. With the integration of Axela’s portal and the condominium’s software platform, residents were promptly located and notified of delinquencies after management had done their best to notify owners and engage them. As “collections delayed are collections denied” reminders ensured that homeowners were aware of their obligations, made their missed payments and enhanced the association’s cash flow.
Additionally, Axela’s technology offered residents multiple convenient payment options. Through a user-friendly online portal, homeowners who had fallen behind and were delinquent could easily make payments using their preferred method, be it credit cards, electronic funds transfers, or even automated recurring payments. This flexibility gave them the ability to resolve their delinquency online, by telephone, or even via regular mail. The quicker a delinquency is resolved the better it is for the community and the individual. Owners may not understand this, but the association has a security interest in their property and their attorney’s do not hesitate to enforce this security interest. This should never be the first option when it comes to resolving a delinquency.
Furthermore, Axela Technologies’ software enabled the community’s management team to gain comprehensive insights into the financial health of Mitchell Manor Condominium. The platform generated real-time reports and analytics, offering detailed overviews of payment trends, delinquency rates, and cash flow scenarios. Armed with this invaluable data, the community leaders could proactively identify potential delinquencies, determine if there were any harmful trends, and swiftly address them through personalized outreach and tailored financial assistance programs.
Axela’s technology didn’t stop at HOA collections alone. The software also facilitated transparent and efficient communication channels between the community’s management team and its residents. Residents could easily reach out to the customer service department at Axela with inquiries or concerns, relieving management from a significant albeit critical task. The collection specialists swiftly respond, ensuring a seamless flow of information and fostering a sense of trust and accountability within Mitchell Manor Condominium and satisfaction with their management company.
As the months rolled by, the positive impact of Axela Technologies’ integration became evident. Delinquency rates steadily declined as their outreach was able to transform the priorities of owners so that their housing costs were right on top of their bills. Delinquent homeowners embraced the convenience and simplicity of the platform, making on-time payments a norm rather than an exception.
Moreover, Axela’s comprehensive reporting and analytics provided Mitchell Manor Condominium’ management team with a holistic understanding of the community’s financial landscape. Armed with this information, they could proactively identify homeowners who might be at risk of delinquency and provide the necessary support and resources to prevent delinquencies from escalating.
The partnership between Axela Technologies and Mitchell Manor Condominium had not only revolutionized the community’s financial operations but had also transformed the overall atmosphere within the community association. The newfound efficiency and transparency brought a renewed sense of trust and collaboration among residents, fostering a stronger sense of unity and shared responsibility.
As the sun set during the two-year period, Mitchell Manor Condominium rejoiced in their achievements. With the aid of Axela Technologies and its groundbreaking software, the community had successfully conquered delinquencies. The technology had become an integral part of how they governed their community as they had found “How the Future Collects.” For a free consultation (no obligation) and demonstration contact Axela Technologies today.
