Brent Bassett has a knack for tackling tough industries. During the Great Recession, he led the charge in automating foreclosure communications and processes for banks and mortgage companies, revolutionizing how the process was managed. Now, as the Director of Product at TechCollect, he’s turning his attention to HOA/COA delinquencies. While it might seem like Bassett gravitates toward challenging times, it’s his blend of technological innovation and legal expertise that truly sets him apart.
Forged in Crisis: Automating Foreclosure Notices
“We couldn’t hire people fast enough.” During the Great Recession, Bassett was working as a Senior Business Analyst at NDeX, a provider for technology and processing services for default firms across the country. “When foreclosures became the unfortunate norm, we went from 1200 files a month to 12,000 files a month. There weren’t enough personnel to hire to help us handle all of the new cases, so we had to find a way to automate the process.”
Working tirelessly to handle the crisis, Bassett worked with his team to implement a fully automated workflow system that managed incoming foreclosure notices. “There’s a lot of behind-the-scenes work that has to happen with a foreclosure, such as determining if the homeowner is actively in the military or if they have filed for bankruptcy. At NDeX, we realized there was a way to automate all that work in a manner that was efficient for our team and incredibly cost-effective.”
Crisis to Concept: Taking Innovation to TechCollect
After spending time in the foreclosure world as well as working on the payments side of associations, Bassett joined TechCollect in 2023. He was brought on to help take the organization’s product roadmap to the next level through new innovations in generative artificial intelligence for community association management companies. “Using AI in the collections space for HOAs and COAs is a game-changer,” he explained. “But the industry has its own set of unique requirements that need to be appropriately captured, so using an untrained language learning model to populate debt communications for homeowners is not only inefficient, but risky.” Bassett, of course, is referring to the multiple changes in legislation that occurs across the U.S. for homeowners’ associations. “There are states that have very specific regulations for when we can communicate an overdue payment. This needs to be recognized by our system.”
After a rigorous eight months developing and training HOA AI to specifically handle accounts receivables, Bassett was proud to unveil a new way in which management companies could handle communications on past due payments. “Through our AI-based workflows, we determine the communication preferences, timing, and likelihood in which that homeowner will need attorney involvement to recover debt. Even though we’re using state-of-the-art technology to process these communications, we’re still doing so in a more humane manner. That’s because we’re focused on the needs of the homeowner.”
The determination of the workflow that works best to recover debt from the homeowner is based on multiple factors uncovered by TechCollect’s AI methodology – from response times throughout the day to social media usage and more. Not only does this process collect debt faster and easier, but it provides additional revenue streams for property management companies.
“We believe that by processing collections communications in this manner, as the tool progresses, we can recover up to 90 percent of all debt prior to attorney involvement. That means more revenue for management companies and communities, period.”
The Roadmap for the Future
Bassett has already transformed CAMs for good through his development of TechCollect’s solution. “I recently met with a board of directors who were telling me how hard it is for them when a homeowner’s file goes to an attorney. Because of attorney fees, a $1,000 late notice can easily become a $3,000 late notice – and since it’s now in the hands of the attorneys, the board can’t do anything to help. It feels good to know that we at TechCollect are building solutions that really help homeowners and board members avoid these hardships.”
Even with the current success, the team at TechCollect is just getting started in AI innovation. “We’re continuing to flush out what we can do to enhance the experience for homeowners and managers, including ways in which we can have a hybrid of AI and an employee communicate one-on-one with the homeowner when a payment is past due.” Other elements that Bassett is researching include training against bias and adding more layers to protect all data. “We already have a very robust and secure system. It is my top priority to keep that system secure as the world continues to innovate.”
Brent Bassett’s journey from automating foreclosure notices to revolutionizing HOA/COA delinquencies at TechCollect showcases his unique ability to merge cutting-edge technology with industry-specific needs. His work is already transforming the collections process, making it more efficient and humane while protecting homeowners and management companies alike. As he continues to innovate with AI, Bassett is setting the stage for the future of community association management. For a deeper dive into how artificial intelligence is reshaping the industry, check out our latest report Where AI Meets AR.
