• About us
  • Lettings
    • Landlord Services
    • Help for Tenants
    • Properties for Rent
    • Property Investment
    • Report a Repair
  • Sales
    • Sales Services
    • Properties for Sale
  • Blog
  • Contact Us
Menu
  • About us
  • Lettings
    • Landlord Services
    • Help for Tenants
    • Properties for Rent
    • Property Investment
    • Report a Repair
  • Sales
    • Sales Services
    • Properties for Sale
  • Blog
  • Contact Us
request valuation
ARRANGE VALUATION

Property Factors: Are they worth the money?

  • November 20, 2019

As a Glasgow property investor you’ll probably already have a preference with regards to areas and property types. Regardless of your preference, you will more than likely have to deal with Property Factors. Since this is a subject we are asked about a lot, we have listed a few general points to bear in mind. As a Glasgow letting agent we deal with most of the main property factor companies, so have a broad experience of the property management services they provide.

Quarterly Costs
This is somewhat subjective and depends on the condition and age of the building, quality of the original build and what extra services have been selected – common buildings insurance policy, stair cleaning, gardening and window cleaning are a few extra additions.

Tenements
Traditional tenements, depending on the factors management fee, generally sit anywhere between £35 – £60 per quarter for a property that doesn’t have a common insurance policy in place. Should it have an insurance policy, you could expect to pay anywhere between £150-250 per quarter, depending on the Factor’s insurance policy pricing and what additional services have been added. Any on-going maintenance will also be added to the bill.

New Builds
Modern developments are more expensive in general, as although they may not need as much general upkeep on the building fabric (if it has been built well), they have more amenities which require periodic maintenance and servicing such as lifts, security cameras, parking garages, security gates and shutters, sprinklers and common aerials. They will also almost always have a common insurance policy in place as standard.

Maintenance Works
Depending on the condition of the building fabric, you may have to pay for a replacement roof or repairs, stone repairs, cladding repairs or internal redecoration to name a few. These are the type of works that have a significant cost and must be managed professionally. A factor should arrange for several quotes for this type of work. Depending on the scale and cost, they may appoint a specialist consultant to oversee the works and ensure the scope of works is being followed.

Issues
In some City Centre developments (generally with 50+ flats), we have noticed that the ones with a concierge service are more secure and have less issues with crime. They are also generally better kept and seem to have a stronger sense of community. Some modern developments that have not been kept well and don’t have a concierge have ongoing issues with squatters and anti-social behavior.

Pro’s for having a Factor

  • They have the legal provision to steer the owners in the right direction
  • They are in place to ensure the upkeep of the communal spaces and the safety of the residents
  • They will carry out works that may otherwise take months to organise between owners
  • Cleaning gutters, stair cleaning, lift maintenance, lighting, roofing repairs, garden upkeep, common insurance policy are all taken care of
  • A properly managed development will be worth more than a non-managed development, as years of wear and tear can be seriously detrimental to the capital value of the property
  • Quarterly bill detailing all the expenditure in one place
  • Value-added service removes the hassle of self-managing this amongst owners
  • They will chase non paying owners and will instruct debt collection agencies to pursue any debts
  • They are generally up to date with changing regulations and safety matters, such as the current issues with cladding following the Grenfell tragedy

Con’s for having a Factor

  • A bad factor can be worse than an owner-managed block, assuming the residents are actively involved.
  • If you are not happy with the service provided, you will need a majority approval to switch. This sounds easy, but the more people there are in the development, the harder this becomes.
  • If the factor is poor, the cost of the service does not provide value and owners sometimes take on some responsibilities themselves whilst also still paying the Factor.

To summarise, a good factor is worth their weight in gold. They are an impartial voice that should guide the owners in the right direction and will help maintain the capital value of your asset, maintain compliance with ever-changing regulations and ensure that your asset is appropriately insured in line with current values.

PrevPreviousHow to find a great tenant
NextPets in rental propertiesNext

Yates Hellier is one of Glasgow’s leading letting agents and estate agents. Our hands on service provides exceptional value to our clients. 

We provide a premium service to discerning landlords and sellers who appreciate a quality service with unrivalled attention to detail.

2 Woodside Place
Glasgow
G3 7QF

  • 0141 248 8726
  • [email protected]
Facebook Instagram Linkedin Youtube

© 2023 Yates Hellier
Letting Agent Registration Number: LARN1812011

  • T&Cs
  • Privacy & Cookie Policy

Yates Hellier: Glasgow Letting agents & estate agents

Client money protection Certificate

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings.

Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

This website also uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

By continuing to use this website, you agree to their use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.

Please enable Strictly Necessary Cookies first so that we can save your preferences!

Cookie Policy

How do we use cookies?

• We use cookies to track your use of our website. This enables us to understand how you use the site and track any patterns with regards how you are using our website. This helps us to develop and improve our website as well as products and / or services in response to what you might need or want.

• Cookies are either:

– Session cookies: these are only stored on your computer during your web session and are automatically deleted when you close your browser – they usually store an anonymous session ID allowing you to browse a website without having to log in to each page but they do not collect any personal data from your computer; or

– Persistent cookies: a persistent cookie is stored as a file on your computer and it remains there when you close your web browser. The cookie can be read by the website that created it when you visit that website again. [We use persistent cookies for Google Analytics.]

• Cookies can also be categorised as follows:

– Strictly necessary cookies: These cookies are essential to enable you to use the website effectively, such as when buying a product and / or service, and therefore cannot be turned off. Without these cookies, the services available to you on our website cannot be provided. These cookies do not gather information about you that could be used for marketing or remembering where you have been on the internet.

– Performance cookies: These cookies enable us to monitor and improve the performance of our website. For example, they allow us to count visits, identify traffic sources and see which parts of the site are most popular.

– Functionality cookies: These cookies allow our website to remember choices you make and provide enhanced features. For instance, we may be able to provide you with news or updates relevant to the services you use.

More information about our Cookie & Privacy Policy