TechCollect, the only AI-powered accounts receivable solution for community associations, just released a groundbreaking new report on Generative AI for homeowners and condominium associations. In this report, industry experts reveal how cutting-edge AI technologies are set to transform the HOA market by enhancing efficiency, automating routine tasks, and improving member engagement. This turning point in the industry addresses the increasing need for streamlined operations across over 370,000 HOAs and COAs.
“Community associations nationwide carry nearly $9 billion in delinquencies and collection costs,” explained Gar Liebler, Founder of Equity Experts and TechCollect. “The ability to leverage Gen AI can lead to substantial savings and more effective operations.” In fact, in reviewing data across the industry, it is projected that associations nationwide could increase debt collection without attorney involvement from $705 Million to $6.3 Billion when using Generative AI.
In addition to increased debt recovery, TechCollect also uncovered in their learnings how generative AI could drastically reduce the administrative burden that often bogs down volunteer boards. “From handling dues collections to simplifying complex legal and financial reports, AI solutions promise to relieve HOA boards of time-consuming tasks,” said Brent Bassett, Chief Product Officer of TechCollect. “We project that when using technology correctly, 90 percent of debt can be recovered without additional staff time or legal involvement. AI is no longer a luxury—it is an essential tool for forward-thinking associations in the community management space.”
As far as an AI-driven solution is concerned to handle delinquencies. TechCollect is the gold standard. “We started developing TechCollect after years of learning the best timing and contact methods to recoup payments due,” Bassett explained. “Then we took what we learned and ingested it into our Generative AI tools. The AI continues to learn about the best patterns for communication by learning the demographics and psychographics of the homeowner. With that, TechCollect drastically cuts time and improves the collection rate – all without this party communications.”
“At the end of the day, we do not want homeowners to go into foreclosure over a missed payment,” Liebler said. “No one does. By using Generative AI to our advantage, we focus on what matters most in the association management space – the needs of the homeowners.”
The full report, AI Meets AR, is now available for download here.
About TechCollect
TechCollect is the only accounts receivables solution in the community association management industry that leverages the power of generative AI to revolutionize the collections process for property management companies. Designed to make collections more humane and efficient through personalized communication plans, TechCollect empowers associations to manage delinquency with a cutting-edge approach that prioritizes both financial health and community harmony. With its innovative technology, TechCollect is setting a new standard in the industry, helping associations achieve success without compromising on compassion. For more information, visit www.techcollect.ai.
About Equity Experts
Equity Experts is a national leader in financial services dedicated to helping homeowner associations (HOAs), condominiums, and property management companies recover past-due assessments and bad debt. Since its founding, Equity Experts has provided innovative, results-driven solutions that go beyond traditional collections, focusing on preserving relationships while maximizing recovery. By offering a unique performance-based pricing model, Equity Experts ensures that associations of all sizes can access top-tier services without upfront costs. For more information, visit www.equityexperts.org.
