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Post by wiseclerk on Oct 4, 2016 14:31:07 GMT
I am not investing on PM, but 5% SM fee sounds staggering. Really?
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pom
Member of DD Central
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Post by pom on Oct 4, 2016 14:37:50 GMT
I am not investing on PM, but 5% SM fee sounds staggering. Really? As best I can tell it's the same as THC, tho can't claim to have looked that deeply (they offer to try sell your £1000 shares for £50 each... never been clear what they might sell them for if they were able to find a buyer tho). So much as I hate having to compare to THC, it's not *that* unusual.
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littonowl
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Post by littonowl on Oct 4, 2016 15:34:20 GMT
I am not investing on PM, but 5% SM fee sounds staggering. Really? Yeah, I was expecting 2.5%, like on PP. Surely their costs on these transactions can't be twice that of PP..? Incidentally, I can't even see the SM, is it currently in test mode, or should it be visible to all now?
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pom
Member of DD Central
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Post by pom on Oct 4, 2016 15:43:24 GMT
I am not investing on PM, but 5% SM fee sounds staggering. Really? Yeah, I was expecting 2.5%, like on PP. Surely their costs on these transactions can't be twice that of PP..? Incidentally, I can't even see the SM, is it currently in test mode, or should it be visible to all now? If you sent back the form then you should see sell options in your list of holdings on your dashboard, and for buying scroll down on the property page and those with availability are clearly highlighted. If you didn't send back the form then you won't have access until you do. If you did and still can't see anything email them.
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littonowl
Member of DD Central
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Post by littonowl on Oct 4, 2016 15:52:38 GMT
Yeah, I was expecting 2.5%, like on PP. Surely their costs on these transactions can't be twice that of PP..? Incidentally, I can't even see the SM, is it currently in test mode, or should it be visible to all now? If you sent back the form then you should see sell options in your list of holdings on your dashboard, and for buying scroll down on the property page and those with availability are clearly highlighted. If you didn't send back the form then you won't have access until you do. If you did and still can't see anything email them. Thanks pom. When was the form sent? I only joined PM about a month ago.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 4, 2016 16:00:40 GMT
If you sent back the form then you should see sell options in your list of holdings on your dashboard, and for buying scroll down on the property page and those with availability are clearly highlighted. If you didn't send back the form then you won't have access until you do. If you did and still can't see anything email them. Thanks pom. When was the form sent? I only joined PM about a month ago. Beginning of August, so probably before your time. Id email them
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littonowl
Member of DD Central
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Post by littonowl on Oct 4, 2016 16:23:01 GMT
Thanks, ilmoro, will do.
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pom
Member of DD Central
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Post by pom on Oct 4, 2016 16:30:16 GMT
I think the change of terms forms only applied to the older investments - think anyone that only joined recently doesn't actually need them. Either way, get in touch with them and tell them you can't see the SM stuff  |
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ben
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Post by ben on Oct 4, 2016 16:52:32 GMT
I have not bothered sending the form back was under the impression it was only for the older ones and not the newer ones though.
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
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Post by Neil_P2PBlog on Oct 4, 2016 17:04:13 GMT
I think only the desperate to sell will trade with a 5% charge.. If they put it to something more reasonable (e.g. PP 2% fee + 0.5% stamp duty), volumes would be a lot higher and they'd probably make more overall.
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lofty
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Post by lofty on Oct 7, 2016 7:35:44 GMT
Has anyone bought or sold something through the secondary market yet? This is something I've been keen to see for a while (not that I'm desperate to bail out - its just nice to know there are other exits other than just waiting) and it looks fairly straightforward and easy to use. But, this morning, I looked at spending a few extra quid in some of the more interesting properties and discovered that PM fee at 5% and thought better of it - that's a sizeable chunk for moving a few records around in a database. Other sites are charging a fraction of this (and some p2p sites don't charge a fee at all). I think I'll just be patient and wait for some newer properties to become available. That said they're a bit of a rarity nowadays - maybe PM are settling on making 5% profits off the transactions on the secondary market...  |
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dc
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Post by dc on Oct 7, 2016 7:49:33 GMT
I was thinking of purchasing some pieces yesterday, but like you I was put off by the 5% fee.
I would only buy if shares if they were offered at a discount.
It does however at least give an early exit option - if you need it.
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Post by propertymoose on Oct 7, 2016 8:33:26 GMT
Hi all 4 pages on the SM already and we haven't event properly announced it! I did expect as much though. We all appreciate that the secondary is not yet 100% there in terms of user experience but it involved a lot of technology development which is invisible to our users. The fee was set at 5% initially so as not to encourage trading before we announced it to everyone on the site. Obviously, the system was fully tested on our side but there is always a risk when deploying to a live environment - especially with nearly 17,000 users! By deploying and opening it up in stages, we could stress test the systems and servers on our side which we're now happy with. There has been no formal announcement of the secondary market yet but many of our eagle-eyed members, of course, spotted it and we have actually seen a lot of trading volume already which is great. So you all know the plan: 1) we will be formally announcing the market-place to the membership base early next week and were going to drop the fee to 2%. As there is already a lot of discussion, I'll do it later today ahead of the weekend. 2) over the next 2/3 weeks, we will be working on the user experience and level of information that is displayed to all members when viewing an existing property. This will include a live/current position and historic assessment of rental performance and estimated capital growth. If anyone has any specific suggestions please do drop me a line via email. In terms of the Power of Attorney, this was only for existing investors and related to your existing shares. You will see a pop up when you next log in so just follow the instructions as we've made the process much simpler for everyone. Also, as a lot of people are asking, there will be more property coming online next week. Have a great weekend. Andrew |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 7, 2016 8:59:45 GMT
Not announced yet? - you mean apart from the email announcing it or did noone else get that?  |
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Post by propertymoose on Oct 7, 2016 9:29:49 GMT
Just those that signed the POA. You were lucky!  |
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