Q: I noticed that some apartment communities are split between private owners that might be a small percentage of the community and the rest are apartments managed by a third-party management company. My question is when the management company takes on the management of the HOA and the privately owned units, does the manager need to be licensed?
I’m seeing this a lot lately, and I’m curious about the requirements.
A: The apartment manager would need to either have a provisional CAM license or have a CAM license in order to manage a homeowner association.
Q: I have a condo listing that is not selling, and the owners are on the fence as whether to drop the price and sell it or keep it to rent as an investment property. They already have some qualms about the HOA and some of the property might be coming into some real budgeting issues shortly that could adversely affect owners. I would like to give them the best information I can find to help with their decision. I would be grateful for any input you are willing to give.
While I have you, I have an unrelated question. My niche in property management is fully furnished, mid-term rentals. I work frequently with relocation companies that help to locate temporary housing for people with insurance who have a loss from fire or flood. With so many HOAs in the valley, it can be challenging to provide housing for these folks while staying in compliance with HOA minimum rental term requirements. Do you feel there could be a way to make an exception to the minimum stay requirements if the tenant is working through a licensed property manager and has a documented loss? I would imagine it would need to come from the state somehow? Interested in your thoughts.
A: Without any specific information, the clients need to stay informed. They should attend all board meetings and request copies of the minutes for each meeting. They should request monthly financial statements per NRS 116.31151. They should have the latest budget and reserve study for the association, which again must be requested in writing to the association per NRS 116.31151.
As to the second question, unless an association has an exception to the occupancy requirement, the reader would not be able to receive an exemption from the regulations.
Barbara Holland, CPM, CMCA, AMS, is an author, educator and expert witness on real estate issues pertaining to management and brokerage. Questions may be sent to holland744o@gmail.com.
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