Walker Sandford answers the question: What is a Property Factor?
Property management & housing laws vary between Scotland and England.
In Scotland, where a property has more than one owner, such as in tenement blocks or houses divided into flats, and where there are parts of the property that have common ownership, then the title deeds may state that owners have to hire a property manager, otherwise know as a Factor.
So what is a Property Factor exactly?
A Factor takes on the role of superintending a property on behalf of its owners.
It is a role that has a wide range of responsibilities, and contrary to some of the controversial press comments so often levied at factoring firms, when you think about it clearly, you can see that the primary role of a Factor as a property’s manager is to make the life of the owners easier.
What are the benefits of hiring a Factor?
The fact is that a property factor is there to lighten the load of individual owners by taking up the hassle and pressure for dealing with a properties every day management issues.
When a Factor is at the helm owners get to delegate tasks such as:
- Organising common insurance for the building
- Hiring, supervising and paying day-to-day maintenance employees, such as a caretaker, cleaner or gardener
- Organising owners’ meetings so you can make clear decisions about the running of the building
- Inspecting the building at agreed intervals and arranging to get any necessary maintenance work carried out
- Arranging for repairs to be carried out, including getting quotes, hiring contractors on behalf of owners and overseeing their work
- Dealing with any complaints owners have about contractors, the maintenance or repair work
- Taking charge of a properties joint maintenance bank account
- Collecting payments from all the owners of a property for works carried out in jointly owned areas
and last but not least,
- Chasing up individual owners in a property who do not , or will not pay their portion of repair and maintenance bills.
When you look at Factoring like that it would be difficult to deny that a Factors role is a hefty responsibility. It is not one that most individual owners wish to carry which is why they opt to delegate it to seasoned professionals.
To top it all, these duties must be carried out within the confines of the law, and coordinated with the joint wishes and instructions of the majority of owners.
Now when you consider that, it’s easy to understand some of the controversy surrounding a Factors role because the very action of serving the best interests of the majority means that more often than not, there is a minority whose nose has been put out of joint – and we all know that it’s more common for people to moan and complain about the things that rile and irk us then than to say thank you or shout about a job well done.
Are all Property Factors the same?
Here at Walker Sandford we pride ourselves on having a good understanding of all aspects of the property factoring business. As a client, you are dealing with a company with high values, ethical standards and integrity.
This is the cornerstone of our business:
- Sound advice
- Transparent reporting
- Detailed invoicing
- Clear communication
We uncompromisingly represent your property and the majority’s interests, and are proud to bring you a guarantee of service excellence.
Have your say…
We are always delighted to hear your comments, questions and experiences about Factors and Property Management. We enjoy healthy and intelligent debate about the role Factoring plays in maintaining and managing properties across Glasgow and Scotland, so do take a moment to comment on this article in the box below.