There are several threads on the subject of property secrets. Their fees Their service. Their impartiality. Their hype. Their offer. Having spent the last fourteen months independently building an Eastern European property portfolio, this is our perspective As early subscribers and followers of property secrets we have had the option to buy into their deals from the very first, in Prague. Instead, we chose to go it alone, feeling that we could do as well, if not better ourselves… What a full time journey. Often without a common language, we explored countries, cities, districts and streets, we “read” websites and newspapers, we found agents, developers, lawyers, tax advisors, mortgage brokers, managing agents, rental agents… and negotiated with all. We worked out where the deals weren’t (and were) and more. We bought off plan and grand 19th century apartments to reconstruct. We found architects, builders, cabinet makers, floor layers , appliance suppliers.. and negotiated with all We applied for permits for a renovation in Kafkas home city…and waited…and waited…and waited. No negotiation. The journey has been unbelievably long, arduous and totally unpredictable. As is often the way, the fiction looking forward, and the reality looking back have little in common. It has involved every human emotion, and then some. We are now close to our target, a lot older, a little wiser. And the question is, would we do it again… when there were alternatives? The answers too are not simple. Everything exists in a duality, and has its antithesis in its thesis. It has been exciting, stimulating..and frustrating as hell. It has eaten up every spare moment, in act, thought and conversation. As a pure career move? Crazy. Way more money, stability, predictability down that road. As a life experience,.. the jury is out, experiences normally require perspective, and we are still too bound in the mire But we love property, from the boardroom to the smell of dust and the sound of a drill on site. We have been involved in it in one way or another for the best part of two decades. We have learned unbelievable amounts in the last fourteen months and not just in terms of property and business, but also in a more holistic life sense, a better understanding “how it all works”. I ramble a bit, but my point is near. We come back to the offerings of property secrets. If the above description is for you, then go, but go with the knowledge that all is uncertain. Finding the deals is not easy, but is do able. Finding all the reliable partners needed is not easy, but it is doable. Stitching it all together is not easy, but it is do able. But if through choice or circumstance the above is not for you, then I find the more virulent complaints against Property Secrets puzzling We have never bought a thing from them, but have followed their path with interest. As I see it, this is their offer.. …They are investment advisors, finding countries, cities, districts and streets, and publishing their data and findings. They are agents, finding credible and safe developments and developers, and safe financial structures for funds They are partners, finding, vetting and proceduralising all the professional help needed, from lawyers to kitchen installers. And they are at hand to cajoule, investigate and process manage all the way along. And it seems their offer continues to expand, from offering comparable data, to management services. If anything, it seems they offer too much for the money… That is not to deny the failings. As an organization they need to find the balance between information and sales pitch, and I am not sure they have that right. They need to treat their customer base with a little more respect. They make mistakes in the way some deals or aspects of them are handled, partially I think because some customers expect too much of them, and they try to rise to all occasions and over deliver. They will continue to make mistakes. What organization doesn’t? The way they deal with them is more to the point. But those from property secrets who we have met and heard speak at shows seem impassioned, hard working and intelligent with a really professional company ethos, and they deal with their critics openly So the full circle. Were we to do it again, would we “go it alone”?. The answer I am afraid is enigmatic. Looking back from our current perspective to the starting point, we look with the full knowledge gained, and realize how precious that is. Had we been able to look forward to the present from the point at which we commenced, the conclusion is far less clear.

As someone with less experience, my concerns with PS are: It only makes sense for them to offer block deals, which are only to be found in off-plan developments. These are likely to be away from city centres, and may be more difficult to rent. As an individual investor, you can seek out individual apartments in more attractive locations. Their fees usually wipe out the discount they have negotiated - so, if you have the time and energy, you could source similar deals yourself, for similar costs. Maybe this was different in the early days. Yes - the hype is sometimes a little over the top for me, and makes me feel uncomfortable. Its up to them to strike the balance though - they *are* trying to sell a product here, so its only reasonable for them to accentuate the positive. Just my thoughts.

Minsk says the fees cancel out the discount and if you have the time and energy you can source the deals yourself. What price the time and energy though? For many of us there is simply no prospect of going it alone and the only way is via an agent such as PS. Of course their service will cost and if it costs what they can save then at least that has some inherent logic to it. My only gripe with PS is the hype. When I get daily emails with new found information about the deal about to close I lose my faith in it. I read someone from PS on another thread saying these we genuine new revelations not facts stored up to released just before close of play. I can't contradict him it does mirror a tactic used by other people pushing difficult to sell products. For this reason I don't think PS should use it. I have bought into several PS deals and I am still put off by the hype. There must be others who have not yet put a toe in the water who are equally dissuaded.

Hi Nick and Minsk, that is precisely our point - that we are not sure it is worth the time (and energy) involved to go it alone - even if you have it! I didn’t think it was put so subtly. It takes huge amounts of both and, depending on the number of units you are proposing to buy, it is highly arguable whether any potential extra gains are worth that effort vis a vis using that effort in other profitable endeavours. In the rising markets of E Europe, off plan seems to offer a smart investment. Finding classical 19th century apartments with all the right attributes (decent area/street/price/floor plan / building condition etc) is extremely difficult, and then one has to reconstruct the interior, another resource consuming exercise. Plus, for Eastern Europeans, new buildings are cool. Having have lived in crumbling, old buildings (including panelaks) for decades , they want smart, new buildings. That preference has quite a way to run. Examining Property secrets offerings in the areas we know, most are actually fairly solidly located for both sales and rentals – not all, but most. You are right, the discount covers the fee, but that leaves you about even. I don’t see that as a negative point against them! In all honesty, we think the Property Secrets offer is pretty strong. It’s the hype they need to work on.