The Community Association Manager licensing program took effect this July. Will it help with the long history of complaints from homeowners and documented irregularities in the operation of associations?
Examples of issues include:
*embezzling of funds
*minimum standards and requirements to become a manager
*non-disclosure of transfer fees charged during the sale of a property
*excessive or made-up fees for property violations
*requesting repairs and new work without verifying availability of funds
It remains to be seen whether the licensing program will help. There are more than 8,000 HOAs in Colorado that include 2.5 million homeowners. There were 1,440 complaints related to HOAs last year with 548 directed at community association managers per the Division of Real Estate. The expectation is also that more professional managers will do a better job at educating and advising board members, many of whom are volunteers. Now it’s not the licensing that is supposed to help, but the education, background checks and errors and omissions coverage requirements. Let’s see how this plays out.
Here are additional resources and references you may find useful:
- Division of Real Estate CAM Licensing Page
- HOA Information and Resource Center (2014)
As always, I can assist you with your real estate needs. Justemail at email@example.com or text 720-253-8513.