ETHICAL PROPERTY FACTORS:
Aquila Management Services were set up to end the old adversarial conflict between property owners and the property factor. Traditionally, property factors existed to manage the common maintenance and repair of multiple properties. This includes cleaning, maintenance, landscaping and repairs. They usually bill you throughout the year, often leaving you wondering where your money went.
Did You Know
Traditional Property Factors take a commission on your home insurances?
WHY ARE AQUILA DIFFERENT?
It’s very simple:
Aquila will carry out the following:
1. We will serve notice on your existing property factor for you.
2. Once notice is served, Aquila will form a co-operative, comprising all the owners in your communal property area. The co-operative will form an operating committee comprising 1 chairman, 1 secretary, 1 treasurer and up to 4 ordinary members. This will change annually.
3. Aquila will open a co-operative bankbook on behalf of all the owners. As an owner you will have 1 share in the ownership of the co-operative bankbook. Aquila will not have access to the co-operative bankbook.
4. Instead of paying the factor directly, all owners will pay their share monthly into the new co-operative bank book (you will effectively own that money).
5. The co-operative will appoint Aquila as its official factor.
6. Aquila will take instruction only from the co-operative (spending and management).
7. Aquila will manage the following on behalf of your new committee:
d. Electricity Bills,
e. Communal Lighting,
f. External Landscaping, Gardening and Planting,
g. Site Security.
h. Issuing letters, notices and quarterly statements.
Any commission on insurances and works are returned by Aquila to the co-operatives bank account. Aquila works for a single transparent fee only.
Your property will end up with a growing bankbook which you manage. We find that such management allows money to be accrued and for improvements to be made i.e. new doors, re-carpeting, painting, etc.
With lowered factoring fees, self employment amongst owners, removal of factoring commissions and your own growing bankbook, your co-operative will quickly reap the benefits of switching away from the traditional property factoring method.
Aquila Management Services, having become the newly appointed factors to 4-82 Muiryhall Street and 53-67 Dunbeth Road, Coatbridge have raised £230,000 on behalf of the owners to begin the process of rendering and improving the blocks of flats.