CREJ - Multifamily Properties Quarterly - May 2016
The Denver market added 20,000 new apartment units in the last two years. And given that many new construction homes in Colorado are held within a covenant community, a.k.a. homeowners’ associations, there is a huge and growing need for professional managers. Even though traditional schooling may be a distant memory for many multifamily property managers and community managers, there are new reasons to hit the books or take in a lecture for learning. Two big changes came about in the last year. One is the new requirement for HOA community managers to be licensed and to engage in continuing education. The other is the effort of the multifamily industry at large to recruit and train new multifamily managers and personnel to meet the growing demand. Given the increasing need for their services, one might assume managers are becoming more complacent. Nothing could be further from the truth. Now is the time for managers to back up their experience with the appropriate credentials to stay competitive as these markets grow, evolve and start to shake out. It will only be a matter of time before those who are not keeping up with the new standards will start to feel the squeeze. Many managers would agree that the experience one needs to be effective – from dealing with people to anticipating issues, addressing problems and getting things done – really can’t be taught. Nor can a passion for this business; once it gets ahold of you, it doesn’t let you go. That said, very few people in this industry set out to be here. Many stumble upon the profession at some point before or after college, with varying backgrounds and levels of training. As of July 1, HOA community managers in Colorado will be required to meet new continuing education minimums. Multifamily managers don’t have the same licensing requirements, but may choose to hold certain professional designations and most have a continuing education component. Community Association Managers International Certification Board and Community Associations Institute – Rocky Mountain Chapter provide the information and opportunities for HOA professionals, while National Apartment Association Education Institute and Apartment Association of Metro Denver deliver designations and education to keep up with new laws, regulations and best practices. The CAI, CAI-RMC, NAA and AAMD tradeshows offer courses on site for credit. Department of Regulatory Agencies requires community association managers to retain proof of continuing education completion certificates for a minimum of four years and provide proof of completion upon the commission’s request. They also offer a number of free courses to real estate professionals including home energy efficiency, home energy score and saving home energy. Continuing education offers an opportunity for everyone to maintain and increase comprehension and competency. It also helps build community and comradery among managers and with vendors, business partners and other experts who share their insight. These seminars are offered in person and online and delve into the different specialties that all relate to the successful operation and oversight of a property and those who reside there, with all of its maintenance, financial, legal and interpersonal considerations. Thus, education and credentials give objective delineation around what may be subjective skill sets. I believe educational requirements at their best reward those whose heart is really in it and who know how to apply common sense for best results.