Are you looking to change your property factor? Perhaps you’ve been chatting to neighbours and discovered that they are also looking elsewhere, and aren’t interested in self-factoring.
Switching to Taylor & Martin can help reduce common frustrations and manager burdens, allowing owners and committees to enjoy clearer fees, better services, and prompt communication.
Taylor and Martin, which manages properties in Glasgow, Edinburgh, and Dundee, has created a step-by-step guide. This is for owners who are keen to protect the future of their shared properties, to educate households on their options and to break common misconceptions about the factoring industry.
How do you go about changing factors?
Changing factors is simpler than you think. Taylor & Martin will guide you through the process to make it as easy as possible:
- Initial contact: You can get in touch with us through an online form, email, or call.
- Submitting your documents: We require the declared value in relation to the common buildings insurance, claims experience for the last five years, and a note of any regular service.
- Reviewing our proposal: You share the proposal with the other owners, and we answer any questions. Once you are in agreement, please inform us of your intention to procure our services. We can also arrange to meet in person to discuss our proposal in more detail.
- Notifying previous factors: We’ll notify your factors, or provide you with the required wording for you to inform them.
- Service delivery: Once the notice period with your current factor ends, we’ll organise a meeting to get started.
However, there are a few intricacies to switching property factors, which are outlined in the questions below.
Do the Other Owners Have to Agree?
Not necessarily. It will help if most of the homeowners are in agreement about switching property factors, but the key requirement is that your Deed of Conditions is met.
Do You Need to Check the Deed of Conditions?
Taylor & Martin will check your Deed of Conditions. This will inform us if there are any restrictions on your development regarding the appointment or replacement of a factor.
Crucially, the Deed of Conditions may stipulate whether all the owners need to agree to a change of factor taking place. It may mention that a majority vote is necessary or even that a specific portion of the other homeowners (e.g. two-thirds) must agree.
However, we only require some key information to provide our advice, create a management proposal, and produce a written statement of services.
Is Switching Property Factors Difficult?
Research commissioned by Taylor and Martin found that six in ten tenement owners in Scotland have considered switching factors, but were put off because they believed the process was too difficult.
Many believe that the whole development has to be in agreement to make the switch and change property factors – but that’s not the case. We can even provide you with the wording you need to change your factor and guide you through the process.
Do You Need to Inform the Existing Provider of the Change?
It is advisable for you or your residents’ association to do so, and it’s always sensible to keep proceedings with the previous factor courteous.
That said, it may be that your Deed of Conditions specifies this as a requirement. We can help you with this to ensure a smooth handover.
Is There a Code of Conduct for Property Factors?
Yes. In fact, the revised Code of Conduct took effect on August 16, 2021. The code, under the Property Factors (Scotland) Act 2011, outlines the minimum standards of practice for registered housing associations and property factors, designed to protect property owners.
Now that you know more details on how to swap property factors, let’s showcase why Taylor & Martin is your best choice.
Why Should We Choose Taylor & Martin?
We are trusted by homeowners across Scotland to protect and care for their communal areas. We are dedicated to delivering complete peace of mind for our clients through a bespoke property management service, clear communication and exceptional standards.
Here are some benefits of choosing Taylor & Martin to manage your property:
Proactive & Personalised Service
Our management style is hands-on and personal. We recognise that different owners and different types of property have specific requirements and factoring needs.
So, if your development is a block of flats with communal internal areas, residents’ car parking and some shrubbed areas, the factoring requirements will differ radically from an estate with common grassed areas, children’s play facilities and mature trees that need regular maintenance.
Informative In-Person Meetings
We’ll organise an in-person meeting at a time that suits you, or alternatively, we can also schedule an online meeting.
Personal meetings will enable us to introduce ourselves to you, present our proposal, advise you on the way forward, and provide an opportunity for you to ask us questions.
Clear Value for Money
Individual owners tend to have different concerns about their factor of choice. What seems like a big deal to you may not even register on your neighbour’s radar.
Taylor & Martin strives to support every resident through:
- Clear invoicing: For full transparency, we provide clear and detailed invoices listing quarterly common costs.
- Regular meetings: Allows us to discuss any issues that can be addressed.
- No commission: We do not add markups or commissions to any insurance policies.
- Excellent service: Ensures our team undergoes regular training to meet industry standards.
- Our online portal: Streamlines management, maintenance, and repairs, giving you access to efficient communication channels.
Taylor & Martin: Elevate Your Property Management Experience
Michael Martin and co-director Marc Taylor founded Taylor & Martin in 2013, and it now manages thousands of developments across Scotland.
To ensure our premium service is transparent and cost-effective for clients, Taylor and Martin’s pricing structure is based on a flat management fee rather than commission.
Our service is an investment in the benefit of your most valuable assets. Contact us about how our bespoke service provides value for money and peace of mind to you and your neighbours.
Need some more help with how to change property factors? Give us a call on 01416731299 or drop us an email at info@taylorandmartin.co.uk