Is Your Condo or HOA Prepared?
How Community Associations Can Recover in the New Economy
With a pandemic crippling the global economy, community associations must prepare for the effects this will have on the housing market.
We must face the grim reality that the ripple effects of the coronavirus may cripple our economy for years to come, long after the virus itself has been contained, as people lose their incomes and families struggle to make ends meet.
Community associations are already beginning to feel the effects of the recession with homeowners in financial crisis opting not to pay association fees, and this trend looks like it will get worse before it gets better. And with foreclosures on temporary deferment during the shutdown, the typical methods communities use to collect are unavailable.
But there is hope for communities to navigate this new recession economy. Community associations are one of the few industries that can successfully weather economic depression. You just need to know what tools to leverage to keep the budget healthy.
The American consumer will be making choices: “Should I pay my Visa or Mastercard bill or my community association fees?”
This whitepaper explores the options that are available to community associations and reveals what actions you can take to not just protect your community, but to thrive in the new recession economy we are facing.