5 things to consider when choosing a strata debt collection agency
Debt recovery remains one of the biggest challenges for most modern-day businesses, big and small. Strata properties are no different when it comes to collecting levies
Owners corporations need timely levy payments to keep the strata property running like clockwork. This would include a range of costs to ensure regular upkeep, timely maintenance, administration, management, cover fees for regulation and compliance.
As a committee, when you are more concerned with running your day-to-day business, you may not have the expertise or bandwidth to worry about debt recovery. Seeking the help of debt collection experts can take that burden off your shoulders, so you can focus on what you do best.
Here are 5 things to consider when choosing a debt collection agency partner:
- Agency reputation and accreditation
- Technology innovations and digital solutions
- Tailored solutions, personalised engagement
- Integrated solutions – a one-stop-shop
- Value for money
Agency reputation and accreditation
Credentials do matter, especially when you don’t know where to turn in the time of crisis. While evaluating debt collection agency partners, it’s important that you do your homework about the company’s industry standing – how long they’ve been in business, their track record, their areas of operation, how they’re perceived in the market, their spectrum of offerings and problem-solving expertise.
Moreover, you should look for ISO Quality Standards that speak for the company’s accreditation and industry standing.
Take Kemps Petersons Receivables for example – with an ISO:9001:2015 Quality Standard, over 70 years of experience and branches across the states of New South Wales, Queensland and Victoria, Kemps Petersons Receivables is one of the longest-standing and largest debt collection agencies in Australia.
Technology innovations and digital solutions
Along with credentials, you should consider what sets a debt collection agency apart from the rest. A good debt collection agency not only gives the best service to customers, but also stays attuned to the market’s needs and continuously evolves with the changing times. They should be able to automate the run-of-the-mill day to day processes, so you can get timely and consistent reports as and when you need them to make important strata decisions.
While looking for the right partner, you should consider if they are covering all the customer touchpoints to give you a better experience. Are they tech-savvy and prompt? Do they offer flexible payment options? Is there a unique online service hub for personalised engagement? All of this makes a difference for easy, convenient and timely engagement.
Tailored solutions, personalised engagement
How does a company remain consistently relevant to clients? By having a finger on the pulse of the customer’s needs and providing customised solutions. Every business is different in terms of their operations, goals, policies, and so on. So, their problems are just as different from one another. Having a ‘one size fits all’ approach is not always the best tactic.
At Kemps Petersons, we challenge the status quo, invest in technology that enhances our staff’s efficiency and continue to diversify. But most importantly, we cater to our clients’ needs with a personalised approach, so they always have the best of what we have to offer in a way that suits them best. The key lies in using technology with a personal touch.
Integrated solutions – a one-stop shop
Most debt collection agencies will cover the usual bases regarding debt recovery and receivables management. So why choose one over the other? What more do they offer that make them the go to agency?
An agency that has a flexible approach and aligns its offerings to match your specific needs, even if it means going off the beaten path when needed, can make all the difference to your business.
Ultimately, it depends on what your business needs are.
Once the problem happens, debt recovery comes into the picture. Wouldn’t it be great if your business can get an additional benefit of credit assessment services so you’re aware of the credit worthiness of a potential customer even before you sign them up?
Kemps Petersons take cares of your problems before they become problems. We also engage with our in-house legal team – Kemps Petersons Legal – to provide clients with the necessary legal consultation. Having timely legal support can solve a horde of problems that could otherwise become full-scale legal battles draining your resources and peace of mind.
Value for money
Whether it is recovering debts as low as $500 or conducting deeper investigations for defaulters who have moved to a different location, Kemps Petersons always ensures the client’s needs are prioritised.
Here, we have a fair and competitive pricing model to suit the needs of our clients. We do not charge a commission if no receivables are collected. Plus, each client has a dedicated account manager to ensure there is clear communication throughout the process. So, if you must take your pick, you should go with an agency you can count on, that understands your needs and goes the extra mile to deliver quality results every time.
If you’d like to find out more on managing the financials for your strata property, download your free Community Living guide. Or if you’re stuck choosing a strata debt collection agency, our Kemps Petersons Receivables expert team can help, click here.