Do you COMMUNICATE about payment?

A friend was telling me about a man who wanted his house painted. He interviewed multiple painters and made the selection. It was at that time that the painter told the homeowner that he expected to be paid in full in advance of doing the work. The homeowner said that he had NEVER heard of… Read More

Top 10 Misconceptions About Association Dues Collections

10. Factoring my receivables is a good business decision. Some ramifications have been boards not being in a position to make decisions and when they want that authority back, in most cases, it may means not only reimbursing the advance, but also costly administrative expenses. 9. Foreclosure is my only option for collection. There are… Read More

The 28 Day Payment Call

You know who the accounting person is at your client’s office because you called seven days after mailing the invoice. And now it is time to call that same person again. We call this the 28 day payment call. The seven day call only asked if the invoice was received. This call is different: “Hi,… Read More

Dealing with Call Reluctance

For many of my clients, attorneys and others, the phone can weigh 2000 lbs. I borrow the term “call reluctance” from the sales world but the psychology is the same. For many people, there is just a serious reluctance to call and ask to get paid. First of all, follow my system and the first… Read More

Establish Set Billing Practices

For thirteen years, I worked for an amazing architect. When I started at the firm there was no billing policy at all. My job was to take care of the office. This included accounts receivable. I admit it took me a while to fully understand the flow of an architectural contract. The more I learned… Read More

Contractors, Are You Ready To Get Back to Busy? Industry Predictions for 2014

Contractors, are you ready to get back to busy/crazy? Here are some construction statistics for 2014: Single family housing will grow 26 percent in dollars, corresponding to a 24 percent increase in unit starts, to 785,000.Multifamily housing will rise 11 percent in dollars and 9 percent in units. Commercial building will increase 17 percent, a… Read More

Checking Credit/References: Why is it important to your business?

Did you know that by pulling a credit report, you may learn valuable information that either makes you more confident in granting credit or leads you to a decision not to grant credit at all? What if you could see that they pay everything late; or everything on time? Would that change the limit of… Read More

Institutional Investors: Associations News Best Friend?

Whether it’s by personal experience, through articles, or just knowing about it from other communities, we’ve all heard about the nightmares of underwater homes where foreclosure cases are not happening in a timely manner. Yet while the economy is getting better, there are still outstanding balances and communities in need of assistance. Realty Track is… Read More

Why do you need to establish Credit Limits and Guidelines?

Why are you issuing credit? The #1 Answer is “Because everyone else does.” If you provide any services or products without full payment at the time of delivery, then you are issuing credit. A credit limit is a limit of dollar amount and time. Limits are not fixed. As you stay on top of your… Read More

What to expect when hiring a collection agency?

The answer is simple – Results and communication. Not all collection agencies are the same. Checking with your local Better Business Bureau is recommended. Additionally, selecting a firm is equally as important. As a full service collection agency, our primary success comes from two separate but distinct approaches. Our first focused approach is to be… Read More