Unit Owner as a CAM

Started by GaryL3 • 7 replies • 1332 views

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GaryL3 (Florida)
Posts: 32

Posted:

I am the owner of a condo in Florida. Our association is on it's third property management company in the last six months and the current one appears to be the least competent of all. As I have an extensive accounting background and experience in the building trade, I was wondering if I got my CAM license is their a restriction against an owner managing the complex?
I am confident I would be the best manager this complex ever had.

BonnieG1 (Nebraska)
Posts: 1,186

Posted:

I wouldn't advise it. We have an owner (who is also a board member) who is our manager. I don't even want to go into detail about problems this has caused. She is a relatively good manager, but there is much bad feeling about her being the manager and getting paid almost $600.00 a month. (43 units).
Surely the board can take time to researh managing companies. The same company that manages does not have to do the bookkeeping.
We were caustiously trying to go outside for managing and bookkeeper, Managers were contacted that would be separate from an accounting firm. Of course one company could to both.

GaryL3 (Florida)
Posts: 32

Posted:

The problem is the portfolio managers that work for these companies are spread so thin they do a terrible job for all their clients. They overpromise and underdeliver.

GaryL3 (Florida)
Posts: 32

Posted:

I guess my question still stands...is there a restriction against this type of arrangement or does the condo board have full descretion as to who they hire?

RogerB (Colorado)
Posts: 5,067

Posted:

Quote:

Posted By GaryL3 on 03/04/2011 6:50 AM
I guess my question still stands...is there a restriction against this type of arrangement or does the condo board have full descretion as to who they hire?

There is no restriction unless it is in your association's governing documents. However, I think it would be a conflict of interests to be the CAM and be on the Board. I suggest you discuss this matter with the Board members and get their reaction.

GaryL3 (Florida)
Posts: 32

Posted:

I'm not talking about as a board member, just an owner and someone who lives in the community.

JanetB2 (Colorado)
Posts: 4,219

Posted:

Hi Gary:

It would be up to the board if they wish to hire a homeowner into the position. Even though a homeowner has a vested interest and would put the HOA hopefully above anything else, there is also the issue where a board will not go this direction due to potential conflicts and how to resolve. It creates hard feelings when a homeowner is "hired", then does not fully function and needs to be "fired"; therefore, this potential situation is generally avoided.

GaryL3 (Florida)
Posts: 32

Posted:

That makes sense. Thank you.

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