When it comes to your property, there are a lot of things to understand and keep on top of. But we’re here to help. So what is a property factor? What do they do and how do you know they’re the real deal?
We believe that factoring should be simple, so in this article we’ll tell you everything you need to know about property factoring in Scotland.
What is a property factor?
Put simply, a property manager’s job is to manage and maintain all common areas of land and property owned by more than one homeowner. This includes stairwells, hallways and lifts as well as the actual grounds and gardens of a property.
This land may be owned jointly by all or several of the homeowners or by someone else. For example, the factor as a land-owning management company.
A factor can operate as a private business or a registered social landlord. In some cases, like local authority housing, the council acts as the factor for the properties it owns.
While it’s not absolutely necessary to have a property manager to look after communal property – it does make things a lot easier.
When it comes to regular maintenance, cleaning and upkeep – having someone to organise the work and keep all homeowners up to date can save a lot of hassle and avoid potential disagreements.
What does a factoring company do?
Factors take care of communal areas of property and land. This can look like supervising any day-to-day maintenance, organising owners’ meetings to keep home owners up to date about the running of the building.
They also handle regular maintenance and repair work, organizing contractors to carry out work and dealing with any complaints that owners may have.
This also extends to managing disputes that can arise between owners and handling the necessary common insurances for the building. At Taylor & Martin, we facilitate this through an insurance broker to ensure you get the best deal.
What about Taylor & Martin?
Taylor & Martin provides a property management service for homeowners across Scotland who want a hands-on, personal service.
We understand every property is different. That’s why our factoring service is tailored to each property.
We facilitate a range of property management services, from day-to-day maintenance to varying levels of repairs. We ensure communal areas of properties are maintained to a high standard.
Scottish property factors register
Firstly, all factors in Scotland must be registered and be on the Scottish Property Factors Register. In fact, it’s a criminal offence to operate as a factor if you’re unregistered.
Secondly, each factor must follow the Code of Conduct which sets a minimum standard of the service it gives to homeowners.
Looking into a property management company? Here’s what to look out for on the register:
- who the factor may be for a certain property address or area of land
- the contact details of the relevant factor
- the current number of properties managed by the factor
The register and all relevant information must be kept up to date at all times which is the responsibility of the factor.
Your home is your most precious asset, which is why it’s important to make the right checks to ensure you’re in safe hands.
To find out more about Taylor & Martin, we encourage you to visit our website.
Do property management companies pay for repairs?
Factoring companies don’t pay for repairs but instead search for the best contractor to complete the jobs which need done.
Our role is is to ensure that our clients are happy and the properties we maintain are kept to the highest standards. And that means regular maintenance. Our services are designed to deal with time-consuming property maintenance and take the stress out of being a homeowner.
Communal areas can quickly cause issues for homeowners like you, which is why having a factor you can trust saves you time and energy. When it comes to repairs and maintenance we use our trusted list of contractors to ensure your property stays in top condition.
How much are factoring fees?
There can be a lot of mystery surrounding the property factoring market. So Taylor & Martin set out to make things clear and simple.
We make sure your building is very well maintained. You can rest easy knowing every aspect of property management is being attended to, from day-to-day maintenance and running repairs to emergencies and major works.
As a result, we believe in simple, upfront pricing. Which is why you’ll always get a straightforward breakdown from us with no mysterious mark ups.
To find out more – you can click here to read what our tenants say.