In this article, we’ll explore five proven strategies for maximizing arrear levy recovery. By adopting these strategies, managing agents and trustees can enhance their collection efforts and safeguard the financial interests of sectional title schemes.

Proactive Communication

Effective communication is paramount in levy recovery. Establishing regular communication channels, sending personalised reminders to defaulting owners can facilitate timely payments and minimize arrearages.

Leveraging Legal Mechanisms

When conventional approaches fail, leveraging legal mechanisms becomes necessary. Issuing formal letters of demand, pursuing legal action through the courts, and enforcing judgments against defaulting owners are powerful tools in the arsenal of levy recovery. Its crucial not to underplay the importance of this aspect.

Collaboration

Collaboration between managing agents, trustees, and legal professionals is essential for effective levy recovery. By aligning strategies and pooling resources, stakeholders can tackle arrearages more efficiently and achieve better outcomes for sectional title schemes. The more far apart these parties are from each other the more difficult it is to collect the money owed.

Conclusion

By implementing these top strategies, managing agents and trustees can enhance their levy recovery efforts and minimise the financial risks associated with arrearages. Proactive communication, legal compliance, and stakeholder collaboration are key pillars of successful levy recovery strategies.