If you’ve lived in a property that has a factor, then you’ll be well-versed in the world of property factoring. You’ll know what they do, what they don’t do – and what they should do!
However, if you’ve moved home and find yourself dealing with a factor for the first time, then it’s a good idea to do a bit of research on the company.
Here, Taylor & Martin answers some of your questions:
What does a factoring company do?
This will vary depending on what type of property you live in and what arrangements are in place. Essentially, a property factor is paid to manage and maintain all common areas of land and property owned by more than one homeowner. This will include common stairwells, hallways and lifts as well as the grounds and gardens.
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 will also organise any insurance required, depending on what is stated in the title deeds.
Why does a property factor have to get involved?
It’s not absolutely necessary to have a property manager to look after communal property. But it does make things a lot easier and can help avoid disputes between residents.
However, in some cases you must use the services of a property company because it is stated in the title deeds of the property that you must.
It could also be that there is an agreement with other homeowners to hire a property factor formally through a scheme such as Scotland’s tenement management scheme.
What are the key advantages?
Having someone to take on the responsibility of organising regular maintenance, cleaning and upkeep of communal areas of property and land means you don’t have to spend time doing it yourself. And it also means that you avoid potential disagreements over whose turn it is to do A, B, or C.
Your factor will let you know if there are any changes to the running of your building or estate, deal with any problems related to the quality of workmanship and arrange site meetings where necessary. Taylor & Martin prioritise clear communication, making factoring simple and life easier for all parties.
Why should I choose Taylor & Martin?
Well, first off, we’re very much a people company and we pride ourselves on our company ethos that we are here to look after you and your needs. For us, it’s all about that personal connection with the homeowners we represent.
While face-to-face meetings with homeowners haven’t always been possible due to the pandemic, there are other ways and we have found that Zoom has worked very well for us but we’re just as happy to speak to you on the phone if that is what you prefer.
We frequently tell homeowners that there is no “one size fits all” approach when it comes to property management. But being hands-on and personal is very much what Taylor & Martin stands for.
And, of course, we also recognise that different owners and different types of property require different factoring needs.
How should a factor liaise with homeowners?
Communicate, communicate, communicate! We hear lots of horror stories from homeowners who don’t feel that they are getting value for money from their factor – and this is not the basis for a good, ongoing relationship.
From Taylor & Martin’s perspective, it’s all about regular communication. And that means answering telephone calls and responding to emails in a professional and timely fashion. Being available for the people you represent isn’t difficult.
A factor should also make sure that bills are crystal clear, setting out exactly what you are paying for and why. If there’s a different charge on your bill, the factor should have previously informed you. They should be explaining in detail what work is required and why. Your factor should also get quotes from more than one contractor for any new work/maintenance required.
Want to find out more?
To find out more about property factoring and Taylor & Martin, get in touch today.