What to Look for When Switching Property Factors
When it comes to managing property, the role of a factor is vital. A property factor ensures that communal areas and shared responsibilities are handled efficiently. However, not all factors provide the same level of service, and many property owners consider switching to a new factor to ensure better management and value. If you’re thinking about making a change, here are some key elements to look for when switching property factors.
Authority to Act
One common issue property owners face with factors is unexpected charges. Most factors have an “authority to act,” meaning they can instruct repairs up to a certain value without consulting the owners. The problem? Owners are often caught off-guard by charges they weren’t aware of. At Factors Direct, our authority to act is capped at £250 + VAT. However, we go a step further—regardless of the cost, we notify owners in advance of any repairs that could affect their bills. This way, there are no surprise charges, and owners remain informed and in control.
Regular Inspections
Routine inspections are essential for maintaining any property. However, how these inspections are conducted and communicated can make a big difference in the quality of service. At Factors Direct, we inspect properties every three months and, unlike many other factors, we inform owners ahead of time. We also offer the opportunity to meet us on-site to discuss any concerns. This proactive approach ensures that issues are addressed promptly and transparently, helping to maintain and even increase the value of your property.
Utilities Management
The cost of utilities is another area where property owners can lose out if not managed properly. Many property owners complain that their factor has allowed their utility accounts to lapse into expensive “out of contract” rates. At Factors Direct, we tender the market yearly to ensure that utility contracts are always up to date and provide the best possible rates. Every penny counts, and we are committed to ensuring you are only paying what you should be, with no unnecessary costs creeping in.
Contractor Flexibility
Another key issue for property owners is the choice of contractors. Often, factors use their own pre-approved contractors, and the quotes provided can be significantly higher than what an owner could arrange independently. Where we differ is in our willingness to work with contractors recommended by our clients. If you have a contractor who offers a better deal, we are happy to collaborate with them, provided they meet our insurance requirements. This flexibility allows us to save our clients money while maintaining the high standards of work expected.
Transparent Communication
Effective communication is at the heart of any successful relationship between a property owner and their factor. At Factors Direct, we believe communication is key to our service. We provide weekly updates to all property owners, ensuring they are fully informed about ongoing issues, repairs, and any developments related to their property. We also adapt to our clients’ preferred communication methods, whether through email, phone, or even WhatsApp groups. Our goal is to maintain a seamless flow of information, so you always know what’s happening with your property.
Switching property factors can seem like a daunting task, but choosing the right one can have a significant impact on the management and upkeep of your property. At Factors Direct, we pride ourselves on being transparent, proactive, and responsive to our clients’ needs. From giving you control over repairs to offering flexibility with contractors and ensuring clear, regular communication, we are dedicated to making property management as smooth as possible. If you’re considering making a switch, these are just a few reasons why Factors Direct could be the perfect choice for you.
Ready to switch to a factor who puts you first? Contact Factors Direct today for a free consultation and discover how we can help you manage your property with ease and confidence.
