New to Property Factoring? 7 Tips for Working with Your Factor for the First Time
If you’ve recently bought a flat or a new-build property in Scotland, you may be hearing the term property factor for the first time. A factor is a company responsible for managing and maintaining shared areas in your building or development for things like roofs, stairwells, gardens, etc.
For many homeowners, especially those moving into a managed property for the first time, working with a factor can feel unfamiliar. Understanding how the relationship works from the start can make things much smoother.
Here are seven practical tips to help you work confidently with your property factor and get the most from their service.
- Understand What Your Factor Does
Your property factor looks after the shared parts of your development as detailed within your Deeds of Conditions. This might include arranging repairs, cleaning communal areas, maintaining landscaping, and ensuring compliance with all relevant safety regulations.
At Taylor & Martin, we also administer insurance arrangements and are proud to receive no commission on any policies. We provide clear invoicing and clear communication on all maintenance and financial matters, so you always know what’s being done and why.
- Read Your Deed of Conditions
Every property that’s factored will have a legal document called a Deed of Conditions. This outlines items such as; what areas are shared, who is responsible for them, your apportionment share and what the factor is authorised to manage.
Take time to familiarise yourself with this document as it helps you understand exactly what areas your factor is responsible for and how costs are shared among owners.
- Get to Know How Charges Are Calculated
Factoring fees are usually divided into two main types:
- Management fees – covering your factor’s time and expertise managing your property. For full details regarding the services your factor provides, I would ensure you read their Written Statement of Services.
- Service charges – covering the actual costs of maintenance, cleaning, or repairs.
At Taylor & Martin, transparency is key. You’ll receive clear breakdowns of costs and regular financial statements. For any larger works, homeowners vote on the proposed works in accordance with the deeds before they go ahead.
- Communicate Early and Often
Good communication keeps everything running smoothly. Whether you have a query about a bill, a maintenance issue, or just want an update on ongoing work, your factor should be easy to reach.
At Taylor & Martin, every development is assigned a dedicated property manager, giving homeowners one consistent point of contact who understands their property and its needs. Your property manager is supported by our wider team, ensuring you always receive prompt, informed assistance.
We encourage homeowners to contact us directly by phone, email, or we can even arrange a face to face meeting if you wish ensuring we can respond quickly and help resolve any issues before they become problems.
- Attend Meetings and Read Reports
Taylor & Martin arrange periodic meetings and send detailed communication to update homeowners on developments. These are a great opportunity to ask questions, review ongoing works, and have a say in how your property is managed.
Engaging with these updates helps you stay informed and ensures decisions reflect the priorities of all owners.
- Know How Repairs Are Handled
Routine maintenance and emergency repairs are part of everyday property management. Your factor will usually have approved contractors to ensure reliable and cost-effective work.
At Taylor & Martin, we work with trusted contractors to ensure high standards across all jobs. For larger projects, we’ll obtain multiple quotes and keep you informed at every stage.
- Take Advantage of Your Onboarding Resources
When you first become a client, your factor should provide information to help you get started, including how to contact your property manager, when to expect invoices, and where to find key documents.
New Taylor & Martin clients receive a clear welcome pack, access to our online portal, and dedicated support from our client services team. We want every homeowner to feel confident and well-informed from day one.
Building a Positive Partnership
Working with a property factor is ultimately about partnership. Clear communication, transparency, and mutual respect go a long way toward keeping your development well maintained and your investment protected.
At Taylor & Martin, we’re proud to support homeowners across Scotland with reliable management, honest communication, and a commitment to doing things the right way.