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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

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.

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.

Following the links on the right hand side to find out more about the services we offer our owners.