For many Nevada investors, like investors in most other parts of the country, foreclosure is not always an easy process. To this end, the HOA Collections (Homeowner Association Services), Inc. was set up to cater for all the foreclosure needs of such investors. Since the formation of the privately owned corporation by Mike Randolph, a man with a vast wealth of experience in the collection industry, the company has continued to experience a lot of growth both in terms of the total number of clients it serves as well as in terms of the collection figures recorded yearly. Very few other companies in the world, having started on the same scale as HOA Collections, can boast of recovering $138,000 within the first six months of operation and of pushing this figure to $4,000,000 annual recovery in one decade. Yet this is exactly what the company has managed to achieve under Mike Randolph.
The success that the company has enjoyed as well as its increasing popularity in the region can be attributed to two main factors. The first of these factors is the company’s unique approach when it comes to collections from home owners. The staff at HOA Collections understand that most of the defaulters normally do not default by intent but that more often than not, the default was unavoidable. As such, creating undue pressure on the defaulters would only be counterproductive. On the other hand, helping them analyze their financial situation may help them come up with a payment plan that is acceptable to investors and which they too can implement without further default. In addition, the alternative path when it comes to collection is usually litigation. Litigation however can become protracted and expensive not to mention that the outcome cannot be known in advance and it may well go either way. HOA Collections has taken all these factors into consideration and the company policy is to avoid litigation as much as possible as a first course of action. Instead, the company has staff dedicated to negotiating payment plans that are comfortable for both the homeowners making the payments and the investors to whom the payment is due. This approach speaks for itself in terms of the high collection figures that the company has managed to realize over the years it has been implemented.
The second factor to which the efficiency and success of HOA Collections can be attributed is the experience of the staff employed at the company. Led by Mike Randolph, the staff at HOA Collections have got a combined experience totaling to more than 75 years. Randolph himself has had a career in the collection industry spanning more than two decades, having joined the industry in 1990 at Transworld Systems. Here he was able to rise very quickly through the ranks, becoming promoted to Regional Manager in less than 8 years mainly because of his ability to generate high collection figures. This kind of skill, coupled with the company’s combined experience sets HOA Collections aside as one of the best licensed collection agencies in the world.
Delinquencies/Collections