damar
Member of DD Central
Posts: 110
Likes: 47
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Post by damar on Jan 2, 2018 15:40:24 GMT
Ok,
So a few of us are a bit miffed with PM, personally I am very miffed with SPV41 and the way they have handled the 2.5-3 month revaluation, with no communique with the owners.
Some of us think if we join forces, we can apply more leverage to PM, rather than as individuals, so I am canvassing as to how many people who use this site, would want to be part of a group that will try resolve the issues with PM.
I have no experience of doing this, but I am happy to have a go, but please be aware that once I have sold my last shares in SPV4 I will be out.
So how many of you are interested, if there is enough, then we can work out the best way to move forward.
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Post by propertycalf on Jan 2, 2018 16:17:35 GMT
I am very interested.
Just having a couple of like minded people together to protect the interests of their investments has to be an improvement.
PM may appreciate not having to repeat the same answers to the same questions and think a little more about their future decision making.
There is nothing sinister in ensuring transparency and being held to account.
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Post by Deleted on Jan 2, 2018 18:05:13 GMT
Yes, I am interested as well.
What courses of action might we be able to pursue to bring PM closer into line with expectations / decent practice?
In the meantime, let's collect as many people as possible here to start the group. Then maybe we can also get an estimate of our total combined assets on the platform.
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Post by propertycalf on Jan 2, 2018 19:12:25 GMT
Yes, I am interested as well. What courses of action might we be able to pursue to bring PM closer into line with expectations / decent practice? In the meantime, let's collect as many people as possible here to start the group. Then maybe we can also get an estimate of our total combined assets on the platform. Good idea.. Combined we probably hold a substantial lump of holding
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damar
Member of DD Central
Posts: 110
Likes: 47
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Post by damar on Jan 2, 2018 20:18:06 GMT
I have posted a message on all the posts commented on, in the last 2 weeks, to see what response we get.
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Post by Deleted on Jan 2, 2018 20:56:40 GMT
Thanks Damar.
At the very least, maybe we will be able to notify and advise on voting whenever a vote comes up on PM e.g. on whether to sell a property or continue to rent it.
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jnm21
Posts: 441
Likes: 166
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Post by jnm21 on Jan 2, 2018 23:42:39 GMT
I'm in, though I doubt my relatively small investment registers with them!
Power to the PM people!
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carolus
Member of DD Central
Posts: 204
Likes: 191
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Post by carolus on Jan 3, 2018 2:41:30 GMT
I'd be interested in being involved, although my current holdings amount to a few of the Buy-to-sells and the "revalued" buy to lets. However, as mentioned previously, I do like the idea of PM and if we can get them to take action to improve their service I might be lured back in in future. Similarly to jnm21 though, I doubt losing my (historic!) investment will bother PM too much, given it's (lack of) size.
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Post by propertycalf on Jan 3, 2018 9:10:58 GMT
I'm still quite committed to my investment on PM myself, I can still see potential if the company continues to strive to improve.
It shouldn't matter if a members holding is £10 or £100,000, if PM want to keep developing and expanding, they need to take comments on board and be held accountable on decisions or issues that are not so great.
Any members who get involved might decide they want to collectively applaud some things, it may not be 100% negative haha
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carolus
Member of DD Central
Posts: 204
Likes: 191
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Post by carolus on Jan 3, 2018 11:41:13 GMT
I'm still quite committed to my investment on PM myself, I can still see potential if the company continues to strive to improve. It shouldn't matter if a members holding is £10 or £100,000, if PM want to keep developing and expanding, they need to take comments on board and be held accountable on decisions or issues that are not so great. Any members who get involved might decide they want to collectively applaud some things, it may not be 100% negative haha I agree, important to take notice when they do things correctly - I'm quite happy with the return on the two buy to sell properties that have exited so far (although I may be less happy with the way some of the ones in Durham are looking!)
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Post by investor191 on Jan 3, 2018 20:05:13 GMT
Im in!
I think the communication from PM is a joke and I have lost faith and trust in the company. I have been selling out for sometime now and also only have 1 holding left in SPV25.
SPV25 has not produced any penny of income since July 2016!
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Post by Deleted on Jan 3, 2018 23:27:50 GMT
Ok, so maybe once we give this thread time (2 weeks?) to collect all interested people we can set up an email group to coordinate?
We can see how many of us there are, as well as roughly how much money we represent on the platform.
For me the last straw was (and I'm rephrasing it in my own words): oh it's New Year so we won't be bothering to process any rent after Dec 18, you'll have to wait until the end of Jan for that. What? Is this normal practice?
Without going into detail I have an interest in a lot of SPVs some of which are coming to term now. If none of those get sold and a decent payout made within the next few months, I'm going to be seriously pissed off.
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Post by sayyestocress on Jan 4, 2018 11:33:16 GMT
Im in! I think the communication from PM is a joke and I have lost faith and trust in the company. I have been selling out for sometime now and also only have 1 holding left in SPV25. SPV25 has not produced any penny of income since July 2016! Sounds like my experience with SPVs 47 and 50. 47 has never paid out (since listing mid 2016), it's recently tenanted but with ~£1.6k in debt to PM (interest free; how gracious of them!) it's not gonna be paying out for a while. SPV 50 has only ever paid out once (mid 2016) and is now recently tenanted but ~£5k in debt to PM! 47 would take roughly half a year of rent to clear the debt and 50 over a year! And to rub salt into the wounds PM value them at less than when they bought them and judging by past performance PM valuations are over-valued. These two investments are absolute garbage. They are not necessarily representative of all or the majority of PM's properties but PM should be ashamed of their performance. On a separate note did PM ever tell us of the result of the SPV 75 BTS vote? I.e. whether to auction it or keep it on the platform, converting the debt side into equity? I may have missed it but this vote was a fair while ago and would expect some communication from them...
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Post by sayyestocress on Jan 4, 2018 11:37:26 GMT
For me the last straw was (and I'm rephrasing it in my own words): oh it's New Year so we won't be bothering to process any rent after Dec 18, you'll have to wait until the end of Jan for that. What? Is this normal practice? This did not sit well with me, either. How is this acceptable for a supposedly professional company dealing with money/investments? I imagine this may screw over people who have sold shares between the Dec and Jan payouts; it shouldn't but we all know PM's accounting can be prone to errors...
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Post by queenvictoria on Jan 4, 2018 14:49:00 GMT
Yes I am happy to join forces with others to offer some help to PM to improve its property management and its customer communications.
I was surprised to read in the update provided for each property in December that the 2018 strategy was:
'In line with our ambition to maximise value for our members during and after the initial term, and to be effective property managers, we continue to monitor the most suitable exit options for all of the properties we manage. This may mean retaining the property for an additional term, or disposing of the unit privately, or on the open market. As you are the owner of the shares, you have day-to-day control meaning that we can’t do anything affecting the asset without your explicit consent.'
This is no strategy and if it was surely the same plan is not appropriate for each property.
I have around £10k invested in PM
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