History of a Property Factor
The history of factoring can be summed up in this extract from the Final Report of the Glasgow Factoring Commission, 2014.
“Factoring of residential properties in Scotland emerged from the tenement building boom of the late 19th and early 20th Centuries, and was especially significant in Glasgow, where landlords built and owned whole tenements. The factor was the landlord’s agent with authority to collect rents and manage tenancies. Private renting as a tenure went into severe decline from the middle of the 20th century with much of the original tenement stock converting to owner occupation. At the same time, a large proportion of the city’s population moved to new Glasgow Corporation housing, and to the emerging owner-occupied market beyond the city boundaries.
The principal role of the property factor in the tenement and other private housing built from the 1920s onwards became one of property manager. Nevertheless, despite major periods of demolition and re-building throughout the city, factoring of common properties remains a key feature of residential life, affecting around three-quarters of all households in Glasgow. The management of common property elements in these buildings is therefore key to the well-being of a large number of Glasgow’s citizens.”
In Scotland the Scottish Government regulates Property Factors and all Property Factors must be registered. It’s a criminal offence to operate as a Property Factor if you’re unregistered.
The Institute of Residential Property Management founded in 2002 has introduced relevant qualifications for people working in the factoring industry and many firms have assisted their employees in attaining these qualifications to improve professional standards within the industry.
Since 2012 all Property Factors must follow a Code of Conduct which sets out minimum standards of service – this was established through the Property Factors (Scotland) Act 2011. The Code of Conduct was recently revised with the new Code coming into effect in August 2021. Anyone operating as a Property Factor must supply owners with a written statement outlining the services they provide and the 2011 Act set up a judicial complaints procedure to deal with disputes that can’t be resolved through the Factor’s internal complaints procedure.
You can find more about the Act and the Code of Conduct here:
If you’re looking for a new factor – Get in touch today to speak to our specialist team who will be delighted to guide you through the process on 0141 739 4439 or enquiries@factorsdirect.co.uk
www.factorsdirect.verticaldev.org
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