In Colorado, 2.5 million homeowners live in areas governed by Homeowner Associations (HOAs). While many HOAs provide fair and measured oversight to the homeowners in their areas, they can be the source of great distress when improperly handled.
Last year, according to the Denver Post, 1,440 HOA-related complaints were filed – of which more than a third (548) concerned association managers. “Chief among them were managers not maintaining a community, poor communications with homeowners and not following the governing HOA documents,” reports the Post.
To ease this problem, the state has enacted a new licensing requirement regarding professional HOA managers. Effective July 1, 2015, managers will be required to hold a license, pass a state exam and criminal background check, carry insurance, among other rules. The requirement doesn’t apply to HOA board members, who are often volunteers.
Many welcome the change. “What will come out of this are trained and professional managers,” the chair of the legislative committee of the Rocky Mountain Chapter of the Community Associations Institute told the Post.
Want to learn more about what is involved when purchasing within a HOA? Read our past blog here.
And start your property search for Denver real estate on our website here.