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Collections Strategy 2011

Collections Strategy 2011. No costs for associations Less risk for associations Transparency Guidance provided to Board’s when needed Competitive pricing to home owner. Red Rock Financial Services. Mission Statement:

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Collections Strategy 2011

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  1. Collections Strategy 2011 • No costs for associations • Less risk for associations • Transparency • Guidance provided to Board’s when needed • Competitive pricing to home owner

  2. Red Rock Financial Services Mission Statement: To assist our Association clients in maintaining the fiscal health of their community, by collecting the funds assessed by governing documents, and throughout that process treat all our collection customers with dignity and respect.

  3. Who is Red Rock

  4. Red Rock Financial Services • No costs for associations • Boards no longer have to selectively pursue collections due to cash flow issues • The HOA collects 100% of the assessments • Red Rock collects their fees when owner pays • Less risk for associations • HOAs don’t lose legal fees when bankruptcies or bank foreclosures occur • Web based portal for boards and managers • Boards and managers can check status at any time • Charts and graphs to track progress • Timely Reporting • Ease of reports for board meetings • Collection information for the homeowner

  5. Red Rock Financial Services • Customer call center • Trained customer care associates • All calls are recorded • Calls frequently screened for quality assurance • 2 group leader’s and management on staff to handle any customer concerns • Education • Board Training • Willing to attend Board meetings • Provide collection analysis and direction • Guidance provided at Board meetings when needed • Competitive pricing • Boards still make foreclosure decisions

  6. Steps in the Collection Process

  7. Collection Timeline - TX A homeowner has 180 days to redeem to the property (90 days for a condominium)

  8. Collection Fees

  9. Why Red Rock Financial Services

  10. Education • Workshops • Board Training • Willing to attend Board meetings • Provide collection analysis and direction • Real time collections data availability

  11. Technology

  12. Payment Processing (It’s your Money) • Process all payments • Partial payment • Personal checks (may delay ACH for 10-15 Days) • Payments processed per homeowner request, even if it pays only the association. • ACH transfer funds next day • Provide detailed reporting on all funds collected during the month • Collect late fees and interest while in collections Cost • No cost to the association • No start up

  13. Conclusion – Red Rock • Provides the highest level of customer service • Real time reporting = transparency • Fast access to cash • Action on 100% of the HOA’s delinquent homeowners • No long term contract • We think like you do • No Cost to the HOA

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