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Dynamic New Partnership Addresses the Issues of Delinquent Maintenance Collections in Condo and HOA Associations

Axela Technologies and mem property management announce a strategic alliance to bring innovative and effective collections solutions to condominiums and homeowner associations

​​​​​​​​​Axela Technologies, a specialized collections firm servicing the community association industry, has announced a strategic alliance with mem property management, one of the leading association management firms in New Jersey.

This partnership challenges the status quo of delinquent maintenance fee collection, utilizing cutting edge technology and personal engagement with property owners.

“Since the real estate meltdown a decade ago, recording liens and foreclosing on delinquent units somehow continues to be the default solution for community associations,” said Martin Urruela, CEO of Axela Technologies. “Times have changed, and today we are looking at a different dynamic. By embracing innovative and personalized collection methods, associations can recover what they are owed without having to send property owners straight to legal proceedings and eventual foreclosure. Our process is a much better way to address this issue, both from the human and financial side of the equation,” Urruela explains.

Axela’s platform automates many of the mundane and time-consuming aspects of any collections process, keeping costs low and also providing complete transparency to its association clients and their owners. Together with a process built on education and respectful engagement, Axela not only aims to collect past-due assessments but also work with owners to help them get back on track and stay in their homes. Axela strongly believes that legal action should be the last option, not the first.

mem property management shares this belief and has begun the process of onboarding all of their communities onto the Axela platform. “We’re taking a proactive approach, very different from the ‘sue first, ask questions later and send a big bill’ attitude of most law firms,” said Martin Laderman, founder and CEO of mem Property Management. “We’re adopting a new approach – working directly, collaboratively and respectfully with the owners, using a highly effective communications and negotiations strategy that has proven incredibly successful for thousands of associations nationwide, securing the outstanding assessments owed to community associations, while improving financial stability and cash flow.”

An association is only as effective as its ability to collect from residents who have fallen behind or neglected their financial responsibilities to the community. However, the cost and time associated with recovering these funds can be a substantial burden on associations, the on-time payers and their managers. Axela integrates with a variety of third parties, including most major accounting software providers, allowing for the seamless flow of information and transparency.

“We’re reshaping how communities across the country address the ever-present issue of delinquencies,” added Urruela, “and its good working with companies, such as mem, who put innovation and customer service at the forefront.”

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Axela Technologies is a collections firm that specializes in recovering delinquent assessments for the benefit of community associations. Axela reduces the cost of outreach and engagement by automating much of the standardized collections process, all while providing exceptional customer service and a centralized platform for all stakeholders in order to promote transparency and efficiency.

To learn more about Axela Technologies, please visit axela-tech.com or call 786.832.9849

mem property management supports a diverse range of communities throughout New Jersey. Through a series of strategic acquisitions and attracting the most experienced property management professionals in the region, mem has become one of the fastest growing private companies in the country, recognized in the prestigious Inc. 5000 list, while retaining the personalized touch and customized, hands-on approach that has contributed to its success serving multi-family properties in New Jersey.

To learn more about mem property management, please visit http://www.memproperty.com/ or call 201­798­-1080.

Source: Axela Technologies

Axela Technologies’ proprietary automated software platform helps community associations and management companies solve the delinquency issue

Axela Technologies’ proprietary automated software platform helps community associations and management companies solve the delinquency issue

Start-up offers alternative to costly traditional collections practices

Miami, Fla., June 14, 2018 — Axela Technologies–a Miami-based start-up that is a unique hybrid of collections agency, technology company and specialty finance firm–offers a proven and effective solution to community associations (Condos, HOAs and Co-Ops) and management companies currently faced with the daunting task of collecting on late and non-payment of fees from property owners.

According to recent media reports, the Miami-Dade County area in Florida is currently experiencing a four-year oversupply of $1 million-plus condominiums. This over-supply of high-end residences has led to an increase in non-payment of association dues and fees, a constant issue for many home owner associations and property management companies.

Historical data shows there is a clear inverse relationship between real estate values and delinquency rates (property values go down, delinquency rates increase). Property owners who find themselves in the unfortunate position of owning a property that is worth less than they paid for it are more likely to default on their community association dues and/or maintenance fees.

Axela’s “big data” offering

Axela Technologies brings to market online tools and solutions that allow community associations to automate and streamline certain accounts receivable collection practices. Pulling from various data sources, the platform relies on proprietary algorithms to underwrite the risk associated with delinquent accounts and predict future defaults and trends. Setting itself apart from traditional attorneys or collection firms, Axela will advance past-due amounts to qualifying associations based on the perceived risk profile of their receivables. This allows the association to defer the costs and to monetize doubtful or even perceived uncollectable debts that are stuck in their accounts receivable ledgers, with the benefit of not having to take out a loan.

“Axela’s innovative and comprehensive receivables management protocol has already attracted partnerships with some of the largest firms in the community association and property management industry,” said Martin Urruela, Axela Technologies Founder and CEO.

The company partners with property management firms and allows them to offer Axela’s products to their client base. It is a no cost solution to community associations and their management companies, and serves as a buffer between community managers and problematic homeowners, which can often lead to awkward, uncomfortable, and even hostile confrontations.

Communicating is key

Axela Technologies is an authorized data contributor to Equifax, meaning associations have the option to report both positive and negative payment information to the credit bureaus.

“Opting-in to our credit reporting service is an extremely effective way to incentivize timely payments” said Urruela. “It forces owners to prioritize maintenance payments the same way they would a car loan or credit card payment”.

Axela also establishes back-end integrations with numerous accounting software providers, which enables seamless data exchange with its customers. Axela’s web portal allows customers to not only track ongoing collections efforts, but also to customize any correspondence and action plans that affect their owner base.

Deja vu all over again

Florida is not the only state to experience the non-payment phenomenon. Markets in Massachusetts, Washington, Texas, California and New York are experiencing similar issues.

According to the latest Case-Schiller Index, demand remains strong, supply is short and economic conditions are making it possible for many people to bid prices up. While the housing market has confounded experts, what is not in question is that the index has now surpassed by 6.3% the peak of Housing Bubble 1 in July 2006.

“Property managers and community associations are seeing many of the signs they saw a decade ago,” said Urruela. “So, they are looking for ways to be proactive and to mitigate the potential costs and risks associated with bad debts before they become an issue. Axela provides these solutions.”

With an eye on expanding nationally, Alexa Technologies recently received an infusion of $1.5 million in seed funding from investors to accelerate expansion of its service and product offerings nationwide.

To learn more or for a demo, click here: http://bit.ly/2Mm7OcC

 

About Axela Technologies   

 

Axela Technologies provides automated solutions to help community associations manage and address their delinquent account receivables. Axela’s existing suite of products include several collections and specialty financing options designed to maximize the efficiency and effectiveness of the recovery process. Axela’s technology platform seamlessly moves collections through helpful & friendly engagement with delinquent owners that is entirely compliant with the FDCA, TCPA and FCRA.

Learn more about Axela at https://axela-tech.com.

Axela-Screenshots - Copy

Axela Technologies closes $1.5M seed round to modernize collection practices for community associations

MIAMI – Axela Technologies, a Miami-based startup, closed a $1.5 million seed round to expand their product offerings and accelerate nationwide expansion, the company announced Wednesday.

The funding round was led by Mark 2 Capital, a New York-based investment manager, who also provided the company with a revolving credit facility. Other notable investors include Dave Eisenberg, founder of Floored (acquired by CBRE), and Bobby Aitkenhead, founder of BlueKite (acquired by Xoom).

Axela develops tools and solutions that allow community associations to automate and streamline certain accounts receivable collection practices. Pulling from various data sources, the platform relies on proprietary algorithms to underwrite the risk associated with delinquent accounts and predict future defaults and trends.

Unlike traditional attorneys or collection firms, Axela will advance past-due amounts to qualifying associations based on the perceived risk profile of their receivables. This allows the association to monetize doubtful or even perceived uncollectable debts that are stuck in their accounts receivable ledgers, with the benefit of not having to take out a loan.

The company partners with property management firms and allows them to offer Axela’s products to their client base. It is a no cost solution to community associations and their management companies and serves as a buffer between community managers and problematic homeowners, which can often lead to awkward, uncomfortable and even hostile confrontations.

“Our services relieve managers and boards of directors from the timely and burdensome process of collecting from owners who pay late or not at all,” said Martin Urruela, CEO of Axela Technologies, who founded the company after serving on the board of his condo and watching helplessly as delinquency figures steadily increased month after month.

“It was very frustrating to learn that there were no effective means for collecting these past-due accounts,” Urruela said. “We would send them to our lawyer, which is the widely accepted protocol, but that didn’t work. As a result, we had to raise our maintenance fees, which just seemed unfair to the responsible owners who paid their share on time.”

Axela establishes back-end integrations with numerous accounting software providers, which enables seamless data exchange with its customers. Their web portal allows customers to not only track ongoing collections efforts, but also to customize any correspondence and action plans that affect their owner base. Axela is also an authorized data contributor to Equifax, meaning associations have the option to report both positive and negative payment information to the credit bureaus.

“Opting-in to our credit reporting service is an extremely effective way to incentivize timely payments,” said Urruela. “It forces owners to prioritize maintenance payments the same way they would a car loan or credit card payment.”

With many industry experts predicting a correction in speculative markets, associations are expected to feel the financial strain if current trends continue and the number of delinquent owners rises. According to company leaders, Axela’s product offerings can serve as a form of financial assurance during turbulent times and may play a key market role for community associations in the coming years.

ABOUT AXELA TECHNOLOGIES

Axela Technologies provides automated solutions to help community associations (Condos, HOAs and Co-Ops) manage and address their delinquent account receivables. Axela’s existing suite of products include several collections and specialty financing options designed to maximize the efficiency and effectiveness of the recovery process. Axela’s technology platform seamlessly moves collections through helpful & friendly engagement with delinquent owners that is entirely compliant with the FDCA, TCPA and FCRA. Learn more about Axela at https://axela-tech.com.

For Media Inquiries contact:

 Justin Mayfield
Tel: 813.279.8335
Cell: 336.338.2855
Email: justin.mayfield@judgepr.com

funding

TOPS Software Partners with Axela Technologies to Provide Community Associations with Fully Automated Collection Solutions

TOPS Software announces new integration with Axela Technologies to provide TOPS users with additional options to collect on delinquent assessments.

TOPS Software, LLC, leading provider of accounting based community association management software for Condo, Co-Op and Homeowners Associations, has announced its partnership with Axela Technologies, a collections and specialty financing firm. This integration will allow TOPS customers to automatically share data points like homeowner delinquency status and historical metrics directly from their TOPS products, including their cloud-based solution, TOPS [ONE].

TOPS [ONE] unifies accounting and management into an all-in-one platform for every aspect of Condo, Homeowners Association and Co-Op management. This is accomplished via TOPS Connect, TOPS Software’s Application Program Interface (API), through which client data can be securely connected to numerous industry service providers.

“TOPS Software is pleased to offer a platform to our clients that can seamlessly integrate with industry service providers like Axela through our TOPS Connect API,” says David Black, Partnerships Executive at TOPS Software. “The more integrations we provide, the more options clients have to service their customers and build their business.”

Axela Technologies, a licensed and insured collections agency available in all 50 states, has developed an automated solution that empowers associations to manage their collections processes—specifically delinquent accounts receivable. Axela’s proprietary algorithm pulls from dozens of external data points to underwrite and analyze the risk of recovery, and advances funds based on the perceived risk.

“Our partnership with TOPS Software will allow community associations across the country to access our services to improve their cash flow, taking the burden of collections off the backs of property managers and boards of directors,” said Mitchell Drimmer, Vice President of Axela Technologies. “The partnership further strengthens TOPS’ position in the marketplace and showcases their commitment to embracing innovative technologies to better serve their clients.”

Axela’s solutions serve as an efficient and effective alternative to engaging community association attorneys. “We manage a collections process, NOT a legal process,” said Mr. Drimmer, “and it’s all merit based. If we don’t collect our fees and costs when a unit settles out, the association does not have to pay us anything.”

This partnership will open new doors for associations looking for innovative ways to not only rectify their collections process, but to better understand the process as a whole so that they can make decisions for the future of their collections needs.

ABOUT AXELA TECHNOLOGIES

Axela Technologies provides automated solutions to help community associations manage and address their delinquent account receivables. Axela’s existing suite of products include several collections and specialty financing options designed to maximize the efficiency and effectiveness of the recovery process. Axela’s technology platform seamlessly moves collections through helpful & friendly engagement with delinquent owners that is entirely compliant with the FDCA, TCPA and FCRA. Learn more about Axela at https://axela-tech.com.

ABOUT TOPS SOFTWARE

TOPS Software helps community association management professionals save time and effort in managing condominiums and homeowner’s associations. TOPS technology empowers management companies to focus on growing their business and delighting their clients while reducing their labor costs. Learn more about TOPS at http://www.topssoft.com.

 

For Media Inquiries contact:

 Justin Mayfield
Tel: 813.279.8335
Cell: 336.338.2855
Email: justin.mayfield@judgepr.com

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