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Unless you’re careful in choosing a management company, you could end up with someone like Jeffrey S. Koger. In November, the 39-year-old Herndon, Va., man pleaded guilty to bilking about $3 million from 400 homeowners associations in Northern Virginia, according to the Washington Post.
As chief financial officer of Koger Management Group in Fairfax, Va., Koger collected association dues from homeowners.
Self-managed HOA’s are becoming more prevalent among community organizations due to the power inherent in their structure. Using a self-managed HOA as opposed to more traditional HOA arrangements can lower the operational costs of a homeowner’s association board and staff while lending more authority to the voices of the community residents. A self-managed HOA can handle all of the responsibilities from property management to legal issues, keeping items transparent and accessible to necessary personnel within the community and the standing homeowner’s association. The benefits of a self-managed HOA differ from those of a traditional arrangement in a number of ways, most of which are to the advantage of the budget and the community awareness of HOA policies and procedures.