Factor (Scotland)
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In Scotland a factor (or property manager) is a person or firm charged with superintending or managing properties and estates—sometimes where the owner or landlord is unable to or uninterested in attending to such details personally, or in tenements in which several owners of individual flats contribute to the factoring of communal areas.
Factors can be found in solicitors firms, employed by chartered surveyors, property companies and building firms. Property factoring has a wide range of responsibilities and roles. Typically, a person would encounter a factor when renting property or subcontracting for a building firm.
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[edit] Duties
[edit] Dealing with the property
A factor could also be expected to deal with property repair, maintenance, cleaning, landscaping and snow removal, to be coordinated with the Landlords wishes. Such arrangements may require the factor to collect rents, service charges and pay necessary expenses and taxes, making periodic reports to the owner, or the owner may simply delegate specific tasks and deal with others directly.
A factor will often employ the services of a property services company to carry out the duties associated with the upkeep of the property (e.g. garden care, stair cleaning, car parking, etc.).
[edit] See also
- Factor (agent) for mercantile and colonial factors
- Property manager for a general discussion on the background to property management
- Solicitor for an explanation of the role of a solicitor
- Property for a general article on property
