Updated: Oct 18, 2021
As you likely know, having a healthy cashflow is the backbone of operations of your strata community, and so it is important that the cashflow is maintained.
1. Send a letter of demand 7 or 14 days after the levies are due (do not wait for a final notice to be sent. You could also send another letter after the final notice is issued).
2. Charge penalty interest (punishment to those who pay on time, reward to those who pay on time).
3. Arrange a reasonable payment plan (reasonable is the key word, so that the debt eventually catches up to their debt). 4. Inform your strata community in AGMs of consequences to their finances if members do not pay on time. 5. Pass a resolution that authorizes the strata community to automatically issue legal proceedings if a member fails to pay on time or enter into a payment plan.
I hope that this has given you the bird's eye view of the 5 collection methods so that your strata community's cash flow is healthy, so that you can enjoy your asset - one of your large investments in your life.