Recover unpaid assessments with NRS' Rental Receivership program.
Our experienced team of former and current HOA board members, developers and managers are keenly aware of how unpaid assessments result in capital projects being delayed, reserves not being fully funded and your budget not being met. HOA’s rely on NRS to efficiently manage their distressed units and collect unpaid assessments with NRS’ custom Receivership Program.
This custom program allows NRS to legally collect rent on existing leases and lease the vacant units of your chronically delinquent owners. NRS pays that rental income directly to your association until the delinquent owner assessments are paid in full.
NRS Case Study: Sand Lake Private Residences:
Took over from prior receiver that paid very little of the collected rent to the association. NRS paid the association almost $30,000 in rent by the second month. Because of this source of income, the association has been able to fund $500,000 plus in capital expenditures and has strengthened their reserves.
Legal battles are often more involved with the Lien Foreclosure Process because owners will lose their property in foreclosure. With our NRS Receivership Program, owners only lose their right to their rental income until their assessments are paid in full.
We currently manage, maintain and lease hundreds of individually-owned condominium units and rentals across numerous properties, associations and states.
To guarantee your assurance, NRS provides professional liability and fidelity insurance and surety bonding.
Our monthly management fee described in our NRS Receivership Agreement is based in part on average monthly rent and includes:
For one reasonably low monthly property management fee per unit, NRS will oversee the entire process including marketing, showing and leasing your vacant units, renewing current leases, collecting your monthly rental income in a timely fashion, managing evictions and producing your detailed reports and statements.
• Improves monthly accounting and detailed reporting
• Creates incentive to renew units and minimize vacancy costs
• Simplifies association budgeting
Recover Your Unpaid Assessments Faster
The Lien Foreclosure Process can take years before your assessments are recovered. With your NRS Receivership Program and Rental Income Collections can start in as little as 60-90 days!
We'll Cover all Your Delinquencies
Our NRS Receivership Program creates a “blanket” receivership over your entire property which allows NRS to lease and collect rental income on all rental and vacant units with unpaid assessments. That rental income is then delivered directly to your association foregoing the need for an expensive lien foreclosure on each individual unit and keeping your units full with qualified residents. Additional units can be added quickly and easily.
For reassurance and peace of mind, NRS provides professional liability & fidelity insurance with each receivership and a $100,000 surety bonding for your association. Satisfaction is guaranteed with our 30-day termination clause if not completely satisfied with our service. NRS thoroughly understands the rental receivership process and is ready to support your association's receivership needs.
Dramatically Lower Legal Costs & Better Association Cash Flow
On average, the Lien Foreclosure Process costs about $3,000 per individual unit meaning that to recoup your association’s unpaid assessments on 10 delinquent units would costs $30,000 in legal fees! The total cost of our NRS Receivership Program is about $12,000 which is recovered with our monthly management fee taken from the rental income collected per unit and not from your association. Since there is no additional legal cost for additional units, your association receives a 60% savings on just 10 units and an 80% savings on 20 units!
Contact us today to recover your unpaid assessments!
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Our Main Offices:
10 E. Ontario St, Chicago IL (map)
8927 Latrec Ave, Orlando FL (map)
54 25th St. East, Ste E, Williston, ND (map)