How The Manors of Inverrary XII Slashed
Delinquencies from 30% to 4% in 12 months
Read Their Story
In December 2018, Axela Technologies was engaged by the Manors of Inverrary XII Condominium. At the time, the 147-unit condominium, located in Lauderhill, FL, had a delinquency rate of 30%, representing over $300,000 in past due assessments, with average aging of 245 days. Compounding the delinquency problem, a financial scandal with a previous board member resulted in unreliable ledgers, and homeowner confidence in the board and management was at an all-time low.
With a forty-year recertification approaching, and without the funds needed to complete the required work, the association needed to act fast. Like most other associations, they had previously relied on their attorney to perform collections work, and they concluded that over the previous 12 months, the total amount spent on legal fees almost equaled the amount that had been recovered. Their current solution wasn’t working, and it was time to make a change.
Axela was brought on to help recover the large sums of money that were due and owed to the association. Within just 12 months, the association’s delinquency rate was reduced to just 4%, homeowner confidence was restored and their legal fees for collections were nearly eliminated.
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Case Study: Manors of Inverrary XII
Updated on 2020-05-04T09:05:26-04:00, by .