A guide to residential property factoring.

At Factors Direct, we try to make the factoring process as straightforward as possible. Understanding how we work is simple, because we are here to support you and provide factoring packages tailored to your needs, whilst adhering to the requirements detailed in your Deed of Conditions.

Per the Deed of Conditions, it is the owner’s responsibility to ensure the common parts of the building are kept up to standard, and Factors Direct is here to help owners do this effectively.

What is a factor?

Property factors maintain and manage the common areas of property and land owned by more than one owner. This can include stairways, common windows, lifts, common gardens, and paths. A property factor can be a private business, like Factors Direct or a local authority or housing association.

The factor is basically the ‘middleman’ who looks after the common areas of the building, along with arranging reactive and proactive maintenance works, inspections of the building, owner meetings, common insurance, and emergency out of hours services (if required).

Property factors are well regulated per the Property Factors (Scotland) Act 2011 and are required to register with the Scottish Property Factor Register. Moreover, residential property factors are required to comply with the code of conduct, which sets out minimum standards of practice.

Who uses a property factor?

Owners may need to appoint a factor per the terms detailed in their Deed of Conditions, or a factor can be appointed by a collective decision by owners to have one in place if there is no reference in the Title Deed. Lastly, owners can decide to self-manage the building. However, this can sometimes lead to problems with communication and maintenance if not all owners reside in the building.

Why appoint a factor?

If you do not have good property management, the building will most likely fall into a state of disrepair and lose value. The factoring process can be complex for larger repairs and developments with lifts and compliance systems in place. It can also be problematic contacting absentee owners for maintenance / required works to the building. At Factors Direct, we have professional expertise in both management and technical / compliance matters related to a building. We also have a large contractor database of local contractors based all over Scotland, who have been tried and tested to ensure works are conducted to a high standard at a good cost.

How do I change my current factor?

Changing your residential factor can often be perceived as a daunting task, but in reality, it’s a straightforward process. The first step involves reviewing your Deed of Conditions, which outline your rights and obligations, including your ability to change your factor. Most deeds will allow for a change if a majority of homeowners agree. Once you have the majority approval, it’s time to notify your existing factor about the change. You can typically do this via a written letter or email, ensuring you’ve clearly stated the date of termination for the contract, as per your agreement.

Why Factors Direct?

Our goal at Factors Direct is to give owners direct input into the management of their building.

We believe that every building deserves a factor that loves it, and our owners needs and interests are at the heart of everything we do. We are here to cater to your requirements as every building is different and our purpose is to build strong, honest, and lasting relationships with our owners whilst having a pro-active approach to property management.

With over two decades of experience in owning, operating, and managing residential properties across the region, our team is well-versed in the challenges and opportunities unique to Scotland’s real estate sector. Our journey in property renting and selling unveiled an urgent need for an enhanced factoring experience for our clients, leading to the inception of Factors Direct.

What sets us apart from our competitors?

Our fresh and new approach to building management. Factors Direct have an enthusiastic team ready to provide a hands-on service to our clients. We are eager to build relationships and establish ourselves as a reliable and forward-thinking factor. We don’t want to just be reactive; we want to be proactive and add value to our client’s building which is in their interest for the long run.

Contact us!

Changing factors is not just about switching service providers; it’s about upgrading to a superior, comprehensive service that protects your property investment. So, why wait? If you’re ready to make the change, get in touch with Factors Direct today. Our team is ready to assist and answer any questions you might have.

Experience the peace of mind that comes with a reliable, transparent, and proactive property factor. We are also more than happy to meet in person at your leisure.

Click here to contact our team.