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Post by propertymoose on Sept 13, 2016 15:30:35 GMT
That is certainly a danger and all agents are required to hold funds in a segregated client account to minimise such risks. In this case, there is not an agent default thankfully. Just a delay due to unforeseen circumstances.
Very valid and relevant point though and one that plays into the announcement we will be hopefully be making over the next few weeks.
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damar
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Post by damar on Sept 13, 2016 20:14:45 GMT
Hi,
I am sure everyone who invests in this one has now had the email, I got some more information for the property that I am interested in.
SPV 45- Unfortunately, as you are aware, we have experienced some problems with the management agent in recent weeks. They are going through some personal issues and an accumulation of understaffing and family illness has meant a few delays. We appreciate that this is inexcusable and as a short term solution, Property Moose are making payment of the late rent today and will deduct this once the agent sends over the true amount.
I have asked again about knowing the name of the agent, and the same for future properties, but I have still had no response.
If collectively, we own the property, surely we can decide or at least have a say in the agent, and I can see no reason why we cannot insist on a change if we feel the agent is not working in our best interest.
We are the customer of the managing agent, not the other way around.
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Post by propertymoose on Sept 14, 2016 8:12:33 GMT
Damar - I understand your frustration and you are correct, if 75% of the investors in that SPV vote to remove the agent then we are required to remove ourselves from the management process. The contracted agent with the SPV is Property Moose Ltd but we then subcontract to the local agent who collects the rent and then pays that to us. If you would like us to raise a vote with the investors of the SPV to remove Property Moose Ltd as the management agent then please send an email to me at andrew@propertymoose.co.uk with the relevant agent you would like to appoint and I will make the necessary voting arrangements.
I do not believe that we have had the opportunity to discuss the matter either and, unfortunately, I can not identify your account from your forum ID. If you would like to send me an email with a time that suits you for a call, I would be more than happy to discuss this with you on the phone.
We are all striving for the same thing and like to work with our members to find solutions.
Andrew
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pom
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Post by pom on Sept 14, 2016 9:28:50 GMT
Well I know which way I would vote. I invest in PM because I don't want to have to worry about management agents - if I wanted that much control I'd be buying whole houses. Yes we expect PM to get it right, but "stuff" will happen and it won't always be instant to fix. I had 3 payments that were late this one time and am now up to over 20 that turn up month after month, a tiny fraction of my monthly rent. This all feels like a bit of an overreaction to me
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Steerpike
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Post by Steerpike on Sept 14, 2016 9:52:55 GMT
Well I know which way I would vote. I invest in PM because I don't want to have to worry about management agents - if I wanted that much control I'd be buying whole houses. Yes we expect PM to get it right, but "stuff" will happen and it won't always be instant to fix. I had 3 payments that were late this one time and am now up to over 20 that turn up month after month, a tiny fraction of my monthly rent. This all feels like a bit of an overreaction to me Yes, indeed. I am currently in extended discussions with letting agent, builder, tenant association, tenant, estate management, and considering an NHBC claim concerning issues with one BTL. Very time consuming and exactly the reason I am now investing in PM rather than more BTL.
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oldtimer
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Post by oldtimer on Sept 14, 2016 10:07:38 GMT
Completely agree with both Pom and Steerpike. I thought about getting into BTL a couple of years ago but decided to go with PM instead. I am very glad now that I did.
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adrianc
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Post by adrianc on Sept 14, 2016 12:04:01 GMT
This all feels like a bit of an overreaction to me Indeed. If the delay of rent from one PM SPV/property is a major issue, then I suspect there's an egg/basket imbalance.
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arbster
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Post by arbster on Sept 14, 2016 12:34:33 GMT
It seems to me that damar's beef is with the "local agent", not with PM, but it doesn't appear that the investors in the SPV have any say over who PM appoints as their local agent. Is that correct?
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adrianc
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Post by adrianc on Sept 14, 2016 18:31:13 GMT
but it doesn't appear that the investors in the SPV have any say over who PM appoints as their local agent. Is that correct? Correct.
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damar
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Post by damar on Sept 16, 2016 12:40:34 GMT
Hi,
Just to be clear, my issue is (or was) the poor performance of the letting agent, and the poor communication from property moose about the situation.
I would of expected that as PM has already experienced late payment from the agent, the pertinent investors would be notified, informing them of the situation and saying if it happened again, the rent would not be paid until they received it. That way everyone is kept in the loop.
I have been renting property privately for over five years, and so far I have had experiences of three letting agents, one bad, two ok. I have never experienced a letting agent withholding rent, so my opinion, which is based on my experiences and my own view of how a letting agent should work, is that the letting agent is performing poorly.
This is why, I feel we should see the intended letting agent, so that we can decide if that is an agent we want to mane a property we invest in. At no point have i suggested that the property management is taken away from PM.
Have a good weekend
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littleoldlady
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Post by littleoldlady on Sept 20, 2016 17:28:25 GMT
Just for clarity, I am sure that damar is referring to the local agent sub-contracted by PM. In fact whenever anyone on this forum refers to the agent they mean that one and not PM. If I am wrong let me know and I will delete or amend this post. |
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jonah
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Post by jonah on Sept 24, 2016 8:23:33 GMT
I suppose that this episode underlines the danger of agent default, unless there is insurance this is effectively unsecured debt. As a total newbie here... can you expand upon that agent default means in this context? Do you mean the local 'on the ground' agent? I assume the risk would be the gap getting another agreement in place and the property being unmanaged for that period or are their other consequences and or losses possible?
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Steerpike
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Post by Steerpike on Sept 24, 2016 8:28:52 GMT
I suppose that this episode underlines the danger of agent default, unless there is insurance this is effectively unsecured debt. As a total newbie here... can you expand upon that agent default means in this context? Do you mean the local 'on the ground' agent? I assume the risk would be the gap getting another agreement in place and the property being unmanaged for that period or are their other consequences and or losses possible? Yes, that but also the agent running off with the money that the tenant has paid in rent.
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jonah
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Post by jonah on Sept 24, 2016 8:30:35 GMT
That hadn't occurred to me. I need to learn more before heading into these waters I suspect.
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pom
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Post by pom on Sept 24, 2016 9:27:37 GMT
It can happen but at least on PM we'll know about it pretty quickly and what they're doing to address thanks to the monthly updates.
In contrast it appears to have actually happened on one of my THC toedips, first I knew about it there was in the annual report....and I probably won't know if they've reclaimed the cash until the next annual report....(unless I make a real nuisance of myself but as I'm basically just waiting to get money back at the end of term with no intention of investing further I really can't be bothered).
At the end of the day there's always risks... but I still prefer the diversity possible with PM's SPVs than having to worry about whole houses.
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