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Post by propertycalf on Dec 16, 2017 11:12:00 GMT
Regardless of the reasoning behind it, I'm uncomfortable with the idea they will just choose to sell off investments, mid term for their own reasons.
Nevermind taking those properties off the secondary market.
So every SPV that might make them cash they'll pull? While us members just buy and sell shares of the remaining investments, hoping for smaller returns or the day they choose to pull that particular investment.
Definitely not as transparent as I would like!
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damar
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Post by damar on Dec 16, 2017 18:48:07 GMT
Regardless of the reasoning behind it, I'm uncomfortable with the idea they will just choose to sell off investments, mid term for their own reasons. Nevermind taking those properties off the secondary market. So every SPV that might make them cash they'll pull? While us members just buy and sell shares of the remaining investments, hoping for smaller returns or the day they choose to pull that particular investment. Definitely not as transparent as I would like! it makes you wonder who ones the property, the shareholders or PM....................
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Post by propertycalf on Dec 17, 2017 0:29:24 GMT
They should be custodians managing the investments on the investors behalf for a fee, like a fund manager.
If the whole democratic philosophy is bypassed, the model becomes extremely unpalatable.
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damar
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Post by damar on Dec 17, 2017 8:05:16 GMT
They should be custodians managing the investments on the investors behalf for a fee, like a fund manager. If the whole democratic philosophy is bypassed, the model becomes extremely unpalatable. I agree, they should be contacting the shareholders to suggest an early sell, or at the very least, contacting them to tell them that they are going to take them off the market to get them revalued, and then give updates on the progress, eg; we have had two valuations back we are waiting on a third, which we are promised on xxxx. communication leaves a lot to be desired
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Dec 21, 2017 7:44:11 GMT
Below is an answer form PM about my question as to why one of the HMOs is taking so long to re-evaluate. I'm afraid it's not cutting any mustard with me. I've now dwindled my holdings in Pm dramatically by selling at small losses & only invested in ones where I would only incur big losses or are frozen!
Hi,
I hope you are well today.
The reason you are unable to purchase or sell shares on the secondary market at this time for this SPV is because the property is currently undergoing revaluation.
This is happening across a number of the SPVs at this time to ensure the projected return figure displayed on the site is as accurate as possible.
Once the figure from the revaluation has been provided to ourselves, the information on the website will be updated reflecting the new figure and purchases for this property will be made available again on the Secondary Market.
We unfortunately do not have a time frame of when this is going to be completed due to the size of the task at hand, rest assured once we have the information, the website will be updated accordingly.
Thank you for continued patience during this process.
Please get in contact if there is anything else I can assist you with.
Kind Regards
*******
Property Moose
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oldtimer
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Post by oldtimer on Dec 21, 2017 7:59:37 GMT
I had exactly the same reply a few weeks ago.
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kaya
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Post by kaya on Dec 21, 2017 10:17:53 GMT
I think this situation may reflect a positive change by Propertymoose to fundamentally review how various figures are presented, especially share valuations. Things have been allowed to slip IMO, and these mass-reappraisals are a hopeful sign of positive change.
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jnm21
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Post by jnm21 on Dec 21, 2017 16:36:13 GMT
kaya, I would agree that this is positive, if they were not taking control of OUR properties away from us to do whatever they are doing, with the audacity not to even tell us what they planned to do in advance (let alone asking our permission)! I wonder what would happen if the SPV voted to change the management agent?
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damar
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Post by damar on Dec 21, 2017 20:56:11 GMT
kaya , I would agree that this is positive, if they were not taking control of OUR properties away from us to do whatever they are doing, with the audacity not to even tell us what they planned to do in advance (let alone asking our permission)! I wonder what would happen if the SPV voted to change the management agent? I have some more info from them. i am still unimpressed, so I have raised an official complaint. As per Jessica's email, a number of PLC property companies are undertaking valuations. The firms include Savills, Allsops, Knight Frank, and JLL. Due to a number of companies being involved, it is more complex than a simple desktop valuation. We agree that you can get a desktop valuation done relatively efficiently, but dealing with big firms is unfortunately not that efficient. Furthermore, this is part of a wider strategy and we aim to do everything we can to maximise value for members and we are exploring all options on behalf of our members, as is in line with our aim to increase potential value.
This means as well as gathering information on these units, we are also creating a plan for them. This could mean that we ask shareholders to vote on any of the following options:
- let the terms mature and process the exit vote as usual (business as usual)
- sell the properties on the open market
- sell the properties privately
For these properties, we are preparing to send a vote that will instruct us to seek sales early in January. As above, this doesn't mean that there will be any action for some time, and those properties that are performing will hopefully continue to do so. In terms of valuation, some of the properties will have increased in value, others reduced in value, and others may have stayed the same. I appreciate the 'market value' is whatever someone will pay for the shares on the Secondary Market. However, I also believe it is important to ensure information is updated to assist both buyers and sellers.
In terms of us only revaluing some of the properties at this time, the reality is that all of the properties on the platform are going through the process that I've described above, and for the reasons described above. The next batch is likely going to be removed early in Q1. In relation to our platform performance, this is not something our members need to worry about, and we are not having cashflow issues - speculation the forum platform is quite unhelpful and does not represent the firm!
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p2ploser
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Post by p2ploser on Dec 27, 2017 21:12:28 GMT
In answer to the original question, it appears it takes propertymoose more than two and a half months to revalue a property and still counting. Thank god these guys don’t value your property when you want to sell. You’d never manage to get it on the market. I can suggest some good surveyors if that helps, ours took 24 hours to value!
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damar
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Post by damar on Dec 28, 2017 17:39:17 GMT
two and a half months, and we now have an update on the platform, well that was timely.......
maybe someone complained about the lack of information.
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Post by sayyestocress on Dec 28, 2017 17:43:47 GMT
In answer to the original question, it appears it takes propertymoose more than two and a half months to revalue a property and still counting. Thank god these guys don’t value your property when you want to sell. You’d never manage to get it on the market. I can suggest some good surveyors if that helps, ours took 24 hours to value! In their defence hmo's are likely more difficult to value than a normal house, and the valuers have more than one to do and the festive period likely isn't helping matters, though it is dragging on a bit isn't it?!
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damar
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Post by damar on Dec 28, 2017 18:07:36 GMT
In answer to the original question, it appears it takes propertymoose more than two and a half months to revalue a property and still counting. Thank god these guys don’t value your property when you want to sell. You’d never manage to get it on the market. I can suggest some good surveyors if that helps, ours took 24 hours to value! In their defence hmo's are likely more difficult to value than a normal house, and the valuers have more than one to do and the festive period likely isn't helping matters, though it is dragging on a bit isn't it?! I agree the festive period will slow them down, but that only started a week ago, two at the most, so that means they have had two months, more than long enough to revalue a HMO or 10.
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carolus
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Post by carolus on Dec 29, 2017 11:20:33 GMT
In their defence hmo's are likely more difficult to value than a normal house, and the valuers have more than one to do and the festive period likely isn't helping matters, though it is dragging on a bit isn't it?! I agree the festive period will slow them down, but that only started a week ago, two at the most, so that means they have had two months, more than long enough to revalue a HMO or 10. My suspicion (which I have put to PM, but about which I have received no response) is that "revaluation" is being used in a fairly generous sense and potentially includes refurbishments etc to prepare the properties for sale. The idea that a straight revaluation is taking several months is not something I can believe. These two are the last buy to let properties that I hold now.
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Post by propertycalf on Dec 29, 2017 20:53:41 GMT
Being revalued doesn't justify the withdrawal of the properties from the secondary market function in my view.. Not even mentioning the length of time
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