Rogue Factors
I put a post up on the blog site ages ago - about how to deal with a rogue factor - but forgot to follow this up.
So here are some practical steps that people can take - if you are dealing with one of these cowboy factors.
The key thing is to set up a Residents Association and draw up a list of demands - for everyone to organise and rally around.
In this case a 'Charter' - which had the effect of running the rogue factor out of town - in double quick time.
Like many other things in life the answer is: educate, agitate, organise!
1 Meetings
We believe that there should be at least two owners meetings per year with the Factor – one of which will coincide with the Residents Association Annual General Meeting (AGM) – and all owners will be invited to attend
2 Annual Budget
We believe that the annual Maintenance Budget should set at the AGM by the owners – having received a written report and any further advice from the Factor, as necessary
3 Consultation
We believe that Factor should work with and consult the Residents Associations in between meetings – as the need arises - to deal with any ongoing and unforeseen issues
4 Year End Accounts
We believe that the Factor should present proper Year End Accounts to the Residents Association and the owners – showing all monies collected and how these funds were spent
5 Services and Charges
We believe that Residents Association and all owners should be consulted on the level of and cost of various services (e.g. cleaning) – to ensure proper value for money
6 Invoices
We believe that the Factor must allow the Residents Association and the owners to inspect all invoices – on request
7 Remuneration
We believe that the Factor is entitled to be properly remunerated for providing a professional service to the building and the owners
8 Property Managers Association
We believe that the Factor should be a member of the Property Managers Association (Scotland) – and agree to abide by their Code of Practice and disputes procedures
9 Going Forward
We are prepared to with any Factor who is prepared to sign up to this Charter. We are asking the owners in the building to give the Residents Association their support – and to put these effective arrangements in place.
So here are some practical steps that people can take - if you are dealing with one of these cowboy factors.
The key thing is to set up a Residents Association and draw up a list of demands - for everyone to organise and rally around.
In this case a 'Charter' - which had the effect of running the rogue factor out of town - in double quick time.
Like many other things in life the answer is: educate, agitate, organise!
1 Meetings
We believe that there should be at least two owners meetings per year with the Factor – one of which will coincide with the Residents Association Annual General Meeting (AGM) – and all owners will be invited to attend
2 Annual Budget
We believe that the annual Maintenance Budget should set at the AGM by the owners – having received a written report and any further advice from the Factor, as necessary
3 Consultation
We believe that Factor should work with and consult the Residents Associations in between meetings – as the need arises - to deal with any ongoing and unforeseen issues
4 Year End Accounts
We believe that the Factor should present proper Year End Accounts to the Residents Association and the owners – showing all monies collected and how these funds were spent
5 Services and Charges
We believe that Residents Association and all owners should be consulted on the level of and cost of various services (e.g. cleaning) – to ensure proper value for money
6 Invoices
We believe that the Factor must allow the Residents Association and the owners to inspect all invoices – on request
7 Remuneration
We believe that the Factor is entitled to be properly remunerated for providing a professional service to the building and the owners
8 Property Managers Association
We believe that the Factor should be a member of the Property Managers Association (Scotland) – and agree to abide by their Code of Practice and disputes procedures
9 Going Forward
We are prepared to with any Factor who is prepared to sign up to this Charter. We are asking the owners in the building to give the Residents Association their support – and to put these effective arrangements in place.
