Frequently Asked Questions

Frequently Asked Questions

When will the MyFactor app be available?

The MyFactor Web App will be launched in the second quarter of 2013. If you would like to be kept informed of the launch date you can sign up here.

I’m a homeowner, how much does MyFactor cost?

Access to the MyFactor app will be on a subscription basis - paid either monthly or annually. There are two options available, one which provides the communication and social networking functionality and a more advanced option (aimed at those who are self-factoring) that provides features to help with general property management.

The first option costs £12/month (£120/year) for a single group of homes. For example, a typical Glasgow tenement “close” has eight properties so the cost to each homeowner is £1.50/month (£1.25/month for the annual payment).

The second option costs £20/month (£200/year) for a single group of homes. So, for the typical Glasgow tenement “close” with eight properties the cost to each homeowner is £2.50/month (approx. £2.00/month for the annual payment).

This low cost will be more than covered by savings you make from using the system.

Why charge a fee?

Although some companies might try and give the impression that they provide free web content or services it’s not the case – it all has to be paid for in some way. There’s an adage that says “If you’re not paying for the service then you’re the product, not the customer”. Nowhere is this more true than on the web. Web sites are expensive to run: most web sites are run by companies using them to market their products and services, so it’s an expense that’s accepted.

Companies which provide web-based services fund their sites in different ways. By far the most common is through advertising, either from directly paid-for adverts or from “click-through” adverts that are fed to the web site by a company such as Google or Facebook. When you click on a click-through advert, the advertiser pays Google (for example) who in turn pass a cut onto the website that displayed the advert.

Here at MyFactor we decided to have no advertising at all. This means that there is no way for any advertisers to put any pressure on us – you can always be confident of our independence. We think you’ll find MyFactor to be an invaluable way to manage your common property – and the low monthly fee will pay for itself many times over in terms of savings on both fees and repair costs.

Do I need a PC?

Actually you don’t. Many people have smartphones nowadays and these will be perfectly adequate for accessing MyFactor. Even if you don’t have a smartphone all is not lost – we’ll be introducing some basic functionality accessed through text messaging (SMS) later in 2013.

How do I change factor if I’m using MyFactor?

It’s easy – just notify your factor of your intention to change (giving the agreed number of days notice) then change your factor in the MyFactor control panel. All of your data remains under your control and the new factor can see immediately the history of your property. In fact, you can change between any of the factoring options depending on your circumstances – you have complete control and flexibility. A change of factor must obviously be a majority decision and this is safeguarded by the MyFactor voting system.

How does MyFactor differ from Facebook?

Facebook is a general social networking site that is unstructured and that generates revenue by targeted advertising – in other words it tries to find out as much about you as possible. MyFactor is a structured and, importantly, controlled social network that has been specifically designed for property management.

We do not monitor your activities, advertise or let any of your data be used by any third parties for advertising. On Facebook, identities are not necessarily verified and many people are reluctant to become a member due to privacy concerns. Registration with MyFactor involves the old-fashioned Royal Mail – a letter is sent out to each new member at the registered addresses. This letter contains a verification code that ties the physical address to the MyFactor user - so you can be confident that any users you are networking with have verified identities.

The security is also supported by the group nature of MyFactor – i.e. you will usually network with groups of users linked to a group of homes. Finally, MyFactor provides tools specifically for property management such as a quotation system, contractors directory and voting system.

I’m happy with my current factor, can I still use MyFactor?

Yes you can - in theory. But only if you can persuade your existing factor to become a MyFactor user. This does not cost your factor anything, so in principle there's no reason for them not to use it. Even after the legislation of 2012, some factors still charge homeowners for sending a letter - i.e. basic communications with homeowners are incurring large costs. By using MyFactor, extra charges like this can be avoided and communication can be improved.

Does MyFactor provide factoring services?

MyFactor doesn’t currently provide factoring services - our intention is to remain an independent provider of property management tools for homeowners and property management companies. An important aspect of MyFactor is in providing a means for a new breed of factoring company to emerge, and this is our hope. For factors, MyFactor provides a transparent platform for providing consistent and high quality property management services.