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COLORADO REAL ESTATE JOURNAL
— August 5-August 18, 2015
Property Management News
Colorado’s community association man-
ager licensing requirements went into
effect July 1. The law requires community
association managers and management
firms to be licensed by the state.
The regulation was first under study in
the 2012 Sunrise Review: Common Interest
Community Association Managers, con-
ducted by the Department of Regulatory
Agencies. The recommendation from the
review and ultimate intent of the new law
is toprovide additionalmeans of consumer
protection to the 1.18 million residents liv-
ing in over 9,100 community association
neighborhoods in Colorado.
Managers must complete 24 hours of
prelicensing education that is focused
on the practice of community associa-
tion management. Managers can meet
the requirement by obtaining a Certified
Manager of Community Associations cre-
dential, awarded by Community Asso-
ciation Mangers International Certification
Board. In order to be awarded the CMCA,
managers must demonstrate a compre-
hensive understanding of the practice of
community association management and
agree to abide by a standard of professional
conduct. Managers must demonstrate a
knowledge of Colorado’s laws concerning
governing common interest communities
and complete a state background check.
Additionally, the law requires all active,
licensed community association manage-
ment companies to have a policy of errors
and omissions insurance to cover all acts
requiring a license. Every active designat-
ed manager licensee must have a blanket
fidelity bond covering the dishonest acts of
all employees in the company. Further, the
law provides means of consumer protec-
tion by implementing repercussions for
managers who act outside of the best inter-
est for their community.
The Community Associations Institute
has a web page dedicated to details and
information on how to obtain the Colorado
community association manager license,
.
s
4.79 percent reached in the third quarter of
last year.
Absorption was strong during the quar-
ter, according to the summary, with a gain
of 311 occupiedunits –more than offsetting
the last two quarterly losses – resulting in a
four-quarter total absorption of 377 units.
The average rent for the metro area
increased by $20 in the second quarter to
$849 per unit and $1.04 per square foot – a
new high. The 12-month increase is $48, or
6 percent higher than a year ago.
At the time of the report, four sales closed
in the quarter with a total of 955 units at
an average price of $60,288 per unit and
$82.43 per sf – down considerably from
first-quarter figures as the newest property
to trade was built in 1986.
However, Apartment Insights noted that
buyer interest is still strong, resulting in
a steady pace of sales of apartment com-
munities.
“All signs point to continued steady
improvement in the rental market,” the
report commented.
n
LaPlata
recently renewed and expand-
ed its office lease at 1755 Telstar Drive in
Colorado Springs.
It signed a 6,116-sf lease with landlord
DAR Briargate LLC.
Greg Phaneuf
of
Colorado Springs
Commercial, a Cushman & Wakefield
Alliance
represented the landlord.
s
