hazellend
Member of DD Central
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Post by hazellend on Nov 29, 2017 18:30:38 GMT
One of my property's has a vote up for a "professional" tenant who they have enticed with one month free rent.
No mention of references, credit check or deposit etc.
Has anybody else experienced this yet and how did it work out?
I have so little faith in PM. Wouldn't surprise me if the professional tenant is an unemployed druggy, who leaves after 1 month having paid no rent and no deposit and trashes the flat.
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kaya
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Post by kaya on Nov 29, 2017 18:40:48 GMT
The 'one month free rent' tactic has been successful in getting several empty properties tenanted.
Have a little faith for goodness sake - your new tenant could be a professional drug dealer after all, and that is a very reliable income I understand.
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Post by sayyestocress on Nov 29, 2017 19:13:51 GMT
I would agree that the info provided to vote on is usually lacking,to the point where the vote feels like a formality rather than informed democratic decision. But I will say that as someone who's spread out reasonably well over pm's properties, that problem tenants are a minority rather than par for the course. I was originally sceptical of the one month free but it appears to have got some longish term empty properties tenanted, so I'm not complaining.
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hazellend
Member of DD Central
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Post by hazellend on Nov 29, 2017 19:45:41 GMT
Thanks all, will vote yes (does anybody ever vote no?)
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Post by propertycalf on Nov 29, 2017 19:58:36 GMT
Thanks all, will vote yes (does anybody ever vote no?) I haven't voted no yet and only ever had 1 tenant stop paying rent and vacate the premises without notice. And one situation where there was a vote on a 'couple' which fell through because 'they decided to part ways'! Luckily, most of my investments are paying regular dividend.
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jnm21
Posts: 441
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Post by jnm21 on Nov 29, 2017 22:48:49 GMT
One of my property's has a vote up for a "professional" tenant who they have enticed with one month free rent. No mention of references, credit check or deposit etc. Has anybody else experienced this yet and how did it work out? I have so little faith in PM. Wouldn't surprise me if the professional tenant is an unemployed druggy, who leaves after 1 month having paid no rent and no deposit and trashes the flat. You were so close, but it could be 18 month plus eviction costs to get them out!
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carolus
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Post by carolus on Nov 30, 2017 0:12:40 GMT
I would agree that the info provided to vote on is usually lacking,to the point where the vote feels like a formality rather than informed democratic decision. But I will say that as someone who's spread out reasonably well over pm's properties, that problem tenants are a minority rather than par for the course. I was originally sceptical of the one month free but it appears to have got some longish term empty properties tenanted, so I'm not complaining. Agreed on both points. With the votes on tenants, I'm not sure what further information could realistically be provided to make votes meaningful. I'm also struggling to think of a situation in which a vote might conceivably not pass other than when the potential tenant is so completely unsuitable that I'd like to think PM would not be considering them. It does seem to me that this is rather more for the benefit of people who want to feel like they're making decisions and are involved with the property than for much tangible benefit. As for the month of free rent, I agree it seems to be working out despite my initial scepticism. However, I remain unhappy about the fact that it seemingly wasn't communicated to us in advance. I think letting us know in advance would have given an actual possibilty of useful engagement and potentially reassurance for us. We could even have had a vote!
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Post by sayyestocress on Nov 30, 2017 9:05:29 GMT
I can appreciate that not everyone will have had a positive experience with PM, especially if they were concentrated in a few of the not so great performers, but I cannot recall a single property that has been vacated after a free month, let alone trashed in the process. I'd say your post is more misleading to potential new investors than some of PM's share valuations.
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jnm21
Posts: 441
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Post by jnm21 on Nov 30, 2017 9:08:31 GMT
True I suppose, but you'd have to be pretty green not to spot the joke!
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hazellend
Member of DD Central
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Post by hazellend on Nov 30, 2017 9:12:31 GMT
I can appreciate that not everyone will have had a positive experience with PM, especially if they were concentrated in a few of the not so great performers, but I cannot recall a single property that has been vacated after a free month, let alone trashed in the process. I'd say your post is more misleading to potential new investors than some of PM's share valuations. I personally would not encourage anybody to invest with PM due to my experience and I am probably one of their biggest investors.
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Post by sayyestocress on Nov 30, 2017 9:30:40 GMT
I can appreciate that not everyone will have had a positive experience with PM, especially if they were concentrated in a few of the not so great performers, but I cannot recall a single property that has been vacated after a free month, let alone trashed in the process. I'd say your post is more misleading to potential new investors than some of PM's share valuations. I personally would not encourage anybody to invest with PM due to my experience and I am probably one of their biggest investors. That's fair enough, but let's discourage based on facts and not fabricated scenarios. There's plenty of ammunition after all like some properties remaining vacant for a year, overoptimistic share valuations, "votes" stacked towards a particular outcome, occasional accounting errors etc. I personally continue to use PM despite this knowledge, though I do feel sorry for Mark from Edinburgh whenever I'm on the PM homepage 
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damar
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Post by damar on Dec 3, 2017 10:23:44 GMT
The facts, based on my experience, are poor returns and very poor communication, which is why I am getting out.
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benaj
Member of DD Central
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Post by benaj on Jan 8, 2018 18:20:48 GMT
One of my property's has a vote up for a "professional" tenant who they have enticed with one month free rent. No mention of references, credit check or deposit etc. Has anybody else experienced this yet and how did it work out? I have so little faith in PM. Wouldn't surprise me if the professional tenant is an unemployed druggy, who leaves after 1 month having paid no rent and no deposit and trashes the flat. To be honest, there are rent free offers available on the market but IMHO, these costs are usually offset by the rental income. Here's one example of one week free rent offer for a one bed flat in London: 234-236 Baker Street London EN1 £1,145 Per Month, No agent fees: - No admin charges - No inventory or check in charges - No referencing charges The amount of fees a tenant has to pay is staggering nowadays. Before a tenant moves in, he/she may have to pay at least £200 fees before rent and deposit.
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