At its last meeting, the Association’s Board agreed to consult factored owners in tenemental properties on an increase in the factoring management fee of 3.8%.
The Association continues to make every effort to ensure that we provide the best factoring service we can. The Management Fee covers the administration costs of a variety of duties including:
All insurance premiums, repair costs, etc. are passed on at cost to the Association.
To meet our obligations as your factor, we continuously assess our standards, methods, and the cost of delivering this service to all property owners. The setting of the management fee is based on several factors including the management cost per unit, staff overheads, business expenditure, and the rate of inflation. It has been identified that the cost of delivering the factoring service currently exceeds the income generated. In accordance with our Terms and Conditions, we are consulting on an increase to the management fee of 3.8% with effect from 1st April 2025.
You can provide feedback on the current proposed increase by following this link – https://forms.office.com/e/0YdjYJjqW9 – and completing a short survey. The survey will be open until close of business on Tuesday 4th February 2025.
Our Board will make the final decision on any increase to the management fee, taking account of this consultation and the needs of the business. The Board is scheduled to meet on Tuesday 11th February 2025.
Yours sincerely,
Craig Russell
Director of Customer and Community Services