Owners often ask "Why do we need a Factor ? "

The answer is straightforward - one flat or shop can not exist on its own. It needs

• the common walls to keep it standing
• the common roof to protect it from the elements
• the common close to access the flat
• the back court for bins and drying areas etc etc......

Therefore it is good practice for a person or an organisation to take on the role of Factoring or Managing the building to protect all the common parts of the building which form an intergral part of every individual or organisation's investment in their property. The Scottish Federation of Housing Association's has recently produced a Good Practice Guide to Factoring

Why did Parkhead Housing Association take on the Factoring Services?

As a landlord the Association already manages budgets, inspects properties , appoints contractors, instructs works and pays invoices for its own properties , therefore it made sense to extend this to the common areas too offering owners a service based on the Association's knowledge of the buildings and its organisational skills.

At present, the Association factors the majority of tenements where it also owns flats and the factoring service encompasses nearly 400 owners of both residential and commercial properties. The majority of owners participate in the full factoring service with a minority of individual house owners only taking advantage of competitive buildings insurance.

The Association produces some leaflets to fully explain the Factoring Services :

• Information for Owners of Residential and Commercial Properties
• Building Insurance Information for Owners
• Information for Owners about Managing Factoring Bills /Accounts

Each of the above is included in every new owners Welcome Pack and can be accessed by selecting the News & Publications Tab above.

There is also a very useful free booklet called Common Repair, Common Sense produced by Consumer Focus Scotland which is available by visiting this web site www.consumerfocus.org.uk/scotland/publications or telephoning them on 0141 226 5261.