Written on: 18/11/2011
Although the legislation may be different in Scotland, the problems with ‘rip-off’ property factors (our equivalent of property management companies) are pretty much the same.
We are a small development of 11 flats who suffered four years of poor service and over-inflated charges from a property factor who quite frankly didn’t care less. It was a classic case of ‘maximum return for minimum effort’.
This prompted us to take the decision to go it alone and at a stroke saved 35% on our charges. We made significant savings in every area - and what came to light was just how much we were being exploited by the company concerned. Having said that, ‘going it alone’ wasn’t a terribly complicated process for us in view of the small number of residents in our development. But surely it must be worth the effort for larger blocks when you consider the financial savings to be made and the better service that inevitably results.
While the full services of Urban Owners aren’t yet available in Scotland, they were kind enough to give us free limited access to their basic ‘block website’ – and this has helped us with our organization.
New legislation is currently being introduced in Scotland to regulate the activities of property management companies – something which is long overdue. Only time will tell whether this will result in any improvement in the service provided by our property factors.
Irrespective of that, there is a huge need for the services provided by Urban Owners – and a great business opportunity is there for anybody North of the border who can offer their professional expertise.
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Written by PropertyChap
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