ComplaintsforPerformance Asset Management LLC

• Initial Complaint

  11/15/2023

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Background: I was a tenant in one of their properties and they unlawfully kept a part of my security deposit. I have evidence showing I didn't damage the unit like they say. My unit was also supposed to include parking but I was forced by PAM to park on the street. The car got ticketed & towed. This week I've been contacted several times by a PAM rep who wants nothing more than for me to drop my claims/complaints against the business. I find it very tacky to ask that as it seems to me like they know they messed up on their end but want to cover it up. i'm still seeking the return of $225 (amount kept from security deposit) and am hoping to receive 50% of the towing costs I had to pay. I attached a copy of the email I sent them yesterday. After speaking to a ** DATCP agent, if they at least return the security deposit I'd be willing to update the review but I'm absolutely not deleting the original one because they earned it. You can't s**** people over and sweep it under the rug.

  

  Business response

  11/17/2023

  Hi ********, 

  Security deposit deductions are based on WI 704 statutes and the comparison of move in to move out conditions.  The deductions from your deposit were found to be necessary due to the conditions observed upon your exit. While we do not believe the deductions from your deposit were unlawful we are more than open to reviewing your proof and refunding you any deductions we find to be in error or unreasonable.  Additionally while off street parking was not included in your lease contract we are open to discussing a reimbursement for your tow fees however we would need additional information surrounding this.  We have reached out to you directly to learn more and resolve.  Please return our calls and texts when possible.  Thank you 

  Customer response

  11/21/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below..

   

  
  
  [I don't like how the wording seems as if I'm being unresponsive when I have been responding to ****'s texts. I simply let him know I can't be on the phone when I'm working, texted in when I was able and that he shouldn't text after 6 pm. I also let him know I was having family time over the weekend.

  
  I will be sending over the video footage i have regarding the damages being disputed, as well as any information regarding the tow. I only received an email address on where to send this info yesterday (11/20/23). The only thing else to be discussed is how to distribute any reimbursement. My bank uses Zelle and **** indicated they use Venmo. In my original submission I did say that a business check would also be a reasonable method. I also have concerns that if funds are deemed to be returned that there will be a delay. They were late in returning my original deposit back and I'll be honest and say I don't trust them to not do it again. I want an agreement that any funds will be returned by November 30.]
  
  Regards,
  
  *******************************

  

  Business response

  11/27/2023

  After further discussion and review. We have come to a payment resolution/ agreement with ********.  We will be sending out the agreed upon funds today via digital means.  Thank you 

  Customer response

  11/30/2023

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. They have returned the funds as promised. I thank them for resolving this matter and hope that everyone involved learned something valuable in regards to customer service, consumer rights.
  
  Regards,
  
  *******************************
  

• Initial Complaint

  05/10/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  PAM manages a property that I own in ****** **. Payment for rent collected is supposed to be deposited by the 15th of the following month. In April, I was watching my account for Marchs rent collected. PAM has deposited late in the past so I pay close attention. On May 1, I decided to file an inquiry. I received a text on May 2, that my message had been received and I would receive an update within 48 hours. On May 9, I contacted them for an update. As of May 10, I have not heard from them nor received my payment due me.

  

  Business response

  05/19/2023

  *****-
  
  Overall we have performed exceptionally well, keeping your unit occupied and collecting 84 months of rent since December of 2016.  We feel this review does not reflect our service but a one time delayed payment.  We truly hope you will consider the removal of this post so we can continue the fantastic relationship we have shared over the past 6 years.
  
  Prior to you posting this comment, the last communication we received from you was on 11/2/22 via your portal.  We wish you would have reached out via portal or call in order to resolve your concerns prior to posting this.
  
  We initiate our clients transfers between the 10th-12th monthly which includes any available rental income cleared at that given time.
  
  Your residents April rent payment did not clear until 4/17. Thus, these funds were sent to you on 5/10 including available funds from their May rent payment.
  

• Initial Complaint

  05/08/2023

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  When I rented from PAM MKE in February I expected a ready to rent unit per the lease contract. The unit however was not move in ready. Outlet covers were missing, the place was filthy, and there were nails sticking up from the flooring. The toilet rocked. The hand rails to the basement are falling off, the washer leaks, the door hardware to the residence is installed poorly. There's no communication despite them saying they will rectify the issue. They asked me for a $ amount I would like. They said they would escalate to management and have it taken care of. They nearly completely ignore any inquiries and only respond at the bare minimum to make you not check up on the status of your complaint for another week. It's been months and they have yet to do a single thing correctly. They one time sent a contractor to install blinds the guy was a slob and cut blinds over my bed and left a mess in my entire house. They said they would send a new guy to do a correct job but never did.

  

  Business response

  05/19/2023

  ****,
  We agree that our team could have done a better job with the move in conditions, primarily the deep cleaning. You submitted a maintenance meld request on the evening of 2/5 regarding your concerns with the move in conditions. We assigned a vendor to resolve the issues on the morning of 2/6, however you informed them that you handled the items yourself. Without the opportunity to rectify the concerns, we are not able to provide physical or monetary resolution. We have attached the photos which you included in your initial request.
  
  We sent an agent to meet you in person in April to understand the depth of your continued issues and further resolve any other pending maintenance related issues, which were assigned and completed promptly including the blinds which had previously been installed incorrectly.
  
  We recently offered you a lease renewal which included a rent increase per the owner's request and to accommodate your request of adding another occupant and 2 dogs, which you did not agree with and began threatening ** with city violations and legal action.
  
  Overall, your communication with our team members has been extremely aggressive, threatening and vulgar from day 1. With your lease ending 7/31 and you not accepting the lease renewal, we hope to peacefully and amicably part ways. Per state statutes, your deposit will be returned to you within 21 days of move out minus any deductions deemed legally acceptable per the lease and statutes. Based on our recent visits, we do not expect any deductions as the condition of your unit was well kept.
  
  We have included multiple communication screenshots, your provided move in condition photos in addition to our unit photos taken prior to your move in.

  Customer response

  05/22/2023

  [A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me. 

  PAM has pointed out that it took about 2 months to have someone talk to me in person for their failures. Stating that it took them until April to have anyone from management reach out to me. PAM knows full and well that if one of their tenants left a place in the condition my rental was in when I moved in they would be aggressive and threatening to them and seek payment or withhold security deposit. I'm satisfied knowing that they willingly chose to operate their business like this and can sleep at night doing so. I can only imagine how many other people are in the same position but don't feel as comfortable speaking up. The recent reviews for PAM show a sharp decline in their service in the last year or so. The fact that the St. ******* mayor and alderwoman know about PAM and were already aware of their business practices speaks volumes.A rental from PAM means when you move in you have to clean all night to make the place comfortable, you have to put your own outlet covers on, you have to hammer down nails sticking out of the floor, the hand rails in the stairwell are loose, the basement floor is wet from leaking washers, and that they will send second rate hacks to come fix anything. The ***'s handyman they sent was extremely rude to all the females at the residence but astoundingly nice to me(male) and was one of the most unprofessional people I've met.
  PAM is the kind of place that does showings while people still live in their residences. probably because they're not doing well enough to run their company as competently as their peers. People come to do a showing ring the bell, are very surprised when I answer and say "we didn't know it was occupied we're so sorry for interrupting" PAM seriously tell the clients you're showing what's up so they don't feel awkward. this is 101 level stuff.
  

  
  Regards,
  
  ***************************
  

• Initial Complaint

  03/02/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Do not walk, run away from this property management company. We were Performance Asset Management LLC (located at ***********************) clients from 2019 until January 2023 when we had finally had enough. The list of grievances is long, but it really boils down to the following: 1. Breach of contract - We amended our property management agreement to require that we be notified for all maintenance and expenses related to managing the property, and we were frequently and repeatedly charged for things that we were never notified about and had to chase after PAM to get answers for. 2. Zero communication - You will only hear from PAM if they think you owe them money. Need to get in touch with them about literally anything? You have to use Calendly to make an appointment weeks in advance, or else it's impossible to speak with anyone on the phone. Sent them a message in the owners portal? Except to wait at least 48 hours for a response, if you ever get a response at all. The fastest, most efficient communication we received was when we terminated our agreement. If only all of our communication had been so efficient. 3. Crazy fees - Our management fee included the first 30 minutes of all service calls and reasonable hourly rates for PAMs team of contractors. Still, we were charged things like "Changed common area light bulbs and inspected light switch" ($110), "Snow removal" (a total of $343.60 in January 2021, even though it's in the tenants' lease as one of their responsibilities), and more. We also learned they charge tenants extra for the "convenience" of using an online payment portal, though from the sound of it, tenants also have trouble getting in touch with them. Owners are not made aware that tenants are being asked to pay more than what is in their lease. Maybe owners with larger portfolios get better service? We felt both ignored and taken advantage of, and each time we went to visit the property, it seemed like it was in worse and worse shape.

  

  Business response

  05/19/2023

  ***,
  
  We managed your property for over 4 years
  We collected 99% of rent
  We kept your maintenance at 8.25%
  We kept occupancy at 95%
  
  -Your expectations and negative comments do not reflect the above market performance we provided for your property.
  
  -maintenance notifications were provided for any service requests via the ************ system in real time (when we received it, you received it). When a meld is sent, and you do not object to it, we must provide service. For the designated times you were not notified and had issues with the charges for work performed, we promptly and graciously resolved it with you with either further explanation and/or financial credits to your account.
  
  -we strive for all communication to be done via the portal or scheduled call. Based on our communication history we provided responses to all communication within our standard 2 business day response policy.
  
  -For your clarity, our contractor relationships are highly qualified and insured. This comes with a higher cost than an average DIY handyman.
  
  -For your clarity, we do not charge residents extra fees outside of rent, late fees and NSF fees. It seems as though you are referring to credit card or cash payment options we provide to residents which come with a card/ payment processing fee which goes directly to the designated financial service.  If residents use a checking account for rent payments there is no fee to them as we cover the per transaction cost for ACH.
  
  -Every resident we have is valued that same way whether they pay $400 or $4000/month.   That's the service that we strive for every resident and investor to get from us.  We certainly are not perfect but are always responsive to our challenges.
  
  We wish you the absolute best in your real estate journey

  Customer response

  06/12/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  Dear PAM,

  Your response assumes that property owners care solely about the market performance of their properties. I concede, with gratitude, that your team usually collected rent on time and maintained high levels of occupancy, which is the bare minimum for a good property manager. You took good listing photos and screened residents effectively. For this, we were grateful. This does not, however, excuse the frequent breaches of contract, the poor communication, collecting fees from tenants without our knowledge (which demonstrates a lack of transparency in your business dealings), or the other issues outlined in my original complaint. Your claim that you do not charge residents fees outside of rent is not corroborated by the testimonials of current and past residents, with whom we are now in frequent contact even though we also have a new property manager. Your claim to have responded within 2 business days to all requests is patently false, but since terminating our contractual relationship, I no longer have access to our previous correspondence and cannot show the often multiple follow-ups over several weeks to get a response from your team.

  The bottom line: you frequently charged us for maintenance or services we did not approve in violation of our rental agreement, which was crystal clear. Said charges were only reversed if we complained, and most of the time, they were reversed. But rather than feeling like we were in partnership with you and working towards a shared goal of profitable real estate investing and sound property management, we felt we were in a constant struggle, having a keep an eagle eye on our statements to make sure we weren't being overcharged and getting the runaround when we asked for an explanation. 

  Regards,
  
  ******** ****

• Initial Complaint

  02/25/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I applied to rent an apartment paid 38 dollars for an application fee, I also requested a copy of the report that was filed on me which is something they offer. I have not received a copy, there is no human to talk to everything is automated. The links they send me don't work, the passwords they send me don't work so I feel like I just got robbed for ************************************************************************ worried because this totally seems like a scam. Any help you could offer would be greatly appreciated.

  

  Business response

  05/10/2023

  Hi ****,

  We apologize for any trouble you've had reaching **. We've checked our records and could not find any recent communication from you. However, we be happy to refund you the application fee. We will issue you a refund this week. Please allow 5 business days for the payment to process and show up win your account. If you do not see it within 7 business days, please email ** at ***************************************

   

  Thank you,

  PAM Team

• Initial Complaint

  10/26/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  PAM Rentals is refusing to give me any money back for my security deposit. The main reason is because the stove is "beyond repair". Funny thing is that I rarely used the stove (I do not cook) and it worked perfectly fine on the rare occasions that I did use it. They deducted $650 from my security deposit because of the stove which is absolutely ridiculous. Even if there was a minor issue with the stove it could easily be fixed/repaired. I want proof that the stove was actually "beyond repair" and proof that it couldn't just be easily fixed. They also deducted $75 from my security deposit due to the blinds being damaged. The blinds were damaged before I even moved in and they know that. I did not do additional damage to any of the blinds.

  

  Business response

  11/23/2022

  Hello ****,

  A legal 21-day deposit transmittal was mailed out via certified mail explaining the deductions made to your deposit. Photos were also forwarded via email. 

  We did state that if you feel these deductions were made in error, you may forward us an itemized list of which deductions you are challenging along with any photos or evidence to support this. We have not yet received this. Additionally, we emailed you a check in form to complete within 7 days of your move in and return to our team. This would have documented any pre-existing damages; however, we did not receive this as well. 

  If you have further questions or concerns, you may email our team at *************************************

  Thank you,

  PAM Team

  Customer response

  11/23/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  [Please type your response here.]
  
  Regards,
  
  ***********************

• Initial Complaint

  10/25/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  PAM managed a property for us and kept a $500 cushion of money for any needed repairs. Our relationship with PAM ended and we never received our $500 back or any explanation on why this money was withheld.

  Customer response

  11/16/2022

  I have not heard from performance asset management regarding my complaint. 

  They have made no effort to resolve this matter

  

  Business response

  11/23/2022

  Hello,

  All remaining funds were transferred over in September during the scheduled draw, including the $500 portfolio minimum that was used to cover maintenance costs during our time as managers. Our records show that there are no funds currently owed to the owner. 

  Thank you,

  PAM Team

  Customer response

  11/23/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  hello,

  The response from PAM is a lie. Attached is PAM's ledger account for September. This shows a $600 balance owed to us. We paid management fees for September at the beginning of the month.  9/27/22 PAM ended our management agreement. We owed no management fees to PAM, please review management fees shown paid on spreadsheet for September. Furthermore, we had no outstanding Maintenace requests/ pending or completed in the portal. If PAM disagrees with this, please provide the documents as I have. 

  PAM owes us $600 per their ledger provided within their owner portal.

  We have the documentation and PAM owes us $600. period. again, this information was provided with PAM's own portal system. 
  
  Regards,
  
  *****************************

  

  Business response

  02/17/2023

  Hello ******,

  Our records show that all available funds were paid out and your account was actually left at a negative balance. We attached a report which shows your account's ending balance in September. There were some invoices entered before the draw that was initiated. We bill invoices as we received them from the contractors, and these were entered right before the draw payment was initiated. We hope this clears things up. 

  Thank you,

  PAM team

• Initial Complaint

  10/04/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am a former investor/client seeking to have my remaining credit balance returned to me ($1518.04). This balance represents rents collected from prior tenants and account contributions from me, less fees/expenses charged by PAM. I have attempted to contact ************************* (a representative of the company) and I have also called/texted the companys direct line as listed on their website. Please note that when calling PAMs direct line, you are instructed to either leave a voicemail or a text message that will be acknowledged in 24 hours. I sent text message to **** on 9/28 and another to the companys direct line on 9/29 to ensure that there is proper audit trail of the timing of communications. Neither **** nor the company has acknowledged my messages.Additionally, my investor portal login is no longer active for me to leave a message. However, I saved a copy of my account dashboard as of 9/21 displaying my credit balance. I will also note that during the brief period that I was a client, communications with me and with prior tenants was poorly managed, and always required multiple follow-*** for responses. Tenants continued to receive messages of unpaid rent and late fees that were sent in error, even after I contacted PAM to correct in their system. I have saved all messages exchanged in the investor portal during my time as a client as well as messages from tenants to substantiate this commentary. I would appreciate a response and my balance returned so that this situation can be resolved amicably.

  

  Business response

  11/23/2022

  Hello,

  All available funds were transferred over to owner during the scheduled monthly draw on October 10, 2022. All owner payments are transferred over once a month on the 10th of every month.

  PAM is a digital company and conducts daily communication online via the portal, or email at **************************************** and responds within 1-2 business days. Portal was disabled as the contract had ended. Our records show that all funds were paid out in full last month. 

  Thank you,

   

  PAM Team

• Initial Complaint

  09/14/2022

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  We have emplyed PAM over the past few years to manage a property we own at *******************************. Due to negligant care of the property, questionable expense charges and poor communication we notified PAM on 8/25 of termination of services. I am taking over the management of this property and requested all paperwork and keys necessary to take over the management of this property. Specifically I requested leases, onboarding paperwork with documentation of the units, contact information for tenants, keys to the proeprty, proof of insurance documentation etc. Normal information that would be shared with a new property manager.After I inquired several weeks later I was sent the names of the current residents, an onboarding documentation from a tenant who hadn't lived at the property for over two years and a lease for tenant who had left. There was nom mention of how to access the property. I contacted PAM and they said an error was made. I was sent current leases and told they were checking on the keys. A week later I still don't have the keys. There was no onboarding documentation. When I inquired they said the tenant must not have completed the form. I can't believe there is no documentation stating the condition of the unit upon starting the lease. This is unacceptable on any level and PAM is obviously stalling in providing me information. I can not make a smooth transition without all the information and as "professionals" in the industry they know how this works, or should know. Adddionaly the business kept the security depost as a fee for a new tenant when the agreement we signed says that if a residents does not stay two years they do not charge a fee. The past resident only stayed one year.

  Customer response

  09/29/2022

  I have heard from the company.  The owner called me  on 9/16/22 and we discussed my complaints.  He told me he would be working Friday night and Saturday and would follow up with me which he never did.   

   The company did send me the keys to the units.  Outstanding is an issue with the security deposit for the lower unit. I also received copies of the lease and move in information. 

  
  

    Our agreement states that if tenants do not stay for two years that the management fee is waived (this amounts to the security deposit amount).   The tenants in the lower uit did not stay for two full years and PAM kept the security deposit as a management fee.  I first notified PAM of termination of services on 8/25.  There has been plenty of time to refund the security deposit AND pay us any monies held for expenses.  PAM has not done this.   

  
  

  This whole process has been difficult and I have had to persistently follow up with promises of getting back to me and no follow up from PAM.   
  

  
  

  --
  

  How You Train Makes the Difference!!
  
  **************************, Founder and Head Coach

  

  Business response

  10/20/2022

  *****,

  
  1. In August you repeatedly requested personal contact and application information for the residents at the property, which we refused to provide due to privacy and communication standards. After you continued to push back, we      suggested you begin searching for a new property manager. Not all client relationships work out. We were grateful for your business. Based on your requests we were not the right company and felt it was best to transition you        out of PAM.

  2. We rectified and resolved all billing errors and/or charge grievances during our management of the property which were few and far between over the course of 4 years.
  

  3. All security deposits were transmitted to appropriate parties.

  4. All requested documentation was provided. As previously mentioned to you, the residents were sent a check in form upon their move in, but never returned the form to us. We provided you timestamps and screenshots of this.

  5. Keys were mailed out to the address you provided.

  6. Overall, we successfully managed the property since late 2019, placed high quality residents with limited vacancy and provided consistent monthly income. We wish you the best on your real estate journey.

  Customer response

  10/20/2022

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and have determined that this does not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
  
  Pam is delusional in how they think they managed the property.  The landlord has the right to know who resides in their place of residence.  You sited Privacy Laws but don't state the law (because there isn't one).  All management companies provide copies of applications to owners of the property.

   

  You did not succesfully mange the property.  You over charged for services, allowed for duplicate bills to be made which I had to catch, the resident in the lower unit trahsed the blinds and didn'tn pay for the last months rent.  The current resident tried to get these replaced and you didn't respond to them.  I just paid to have them replaced at a cost of $408.  This is something you should have managed.  The furnace in the basement was last serviced in 2012.   Twice I had to notify you that the lawn was not being taken care of, once after the city of M<******** sent my mother a letter. So don't kid yourself that you did a good job. 

   

  It took me two months of arguing with you to start to return the security deposit which you INCORRECTLY kept.   I can't begin to tell you how many times you told me it was returned and it wasn't.  Just last week you told me it was paid out on the 10th.  After I threatened a lawyer the money magically appeared in the ledger on the 17th as pending.

   

  You deserve every complaint and bad social media post I have provided and will continue to provide.   A quick review of your ****** reviews shows I am not the only unhappy property owner or tenant.   

   

  Best wishes to you, I'm glad to be done with your servicesPlease type your response here.]p
  
  Regards,
  
  ***********************

• Initial Complaint

  08/18/2022

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I've made calls and communications via portal about fees charged to my account that are unlawful. I've asked for invoices and have documented time stamps that proves no invoices were uploaded or provided as deemed necessary on the PAM website for Vendors. My dryer was repaired, I needed a repair in the past-no charge. 2 months ago I created a meld (6/19). I see a charge on 8/9 for almost $500.00 and late fees accruing. No one has responded to me with documentation or reasoning on this charge. It should have been disclosed prior to maintenance. If I wanted to pay that much for a repair, I would have just bought my own dryer. I've never had issues with PAM before, but taking advantage of a resident is absolutely unacceptable. To continue to bill me for "late fees" for an initial fee that was never disclosed while my questions are being ignored. Creating unnecessary nuances to ANY residents peace of mind should not be taken lightly. I genuinely hope this will be resolved; as a resident of 2 years I am dismayed by the lack of communication. My outlets were not up to code, no GFCI in the bathroom this was very concerning and I simply reached out to have it corrected. I asked for an explanation because it couldve caused me electrical shock if I was not careful. I never received an explanation or anything regarding this issue. Thankfully, it is repaired now, but it almost seems like retaliation of some sort that they are now charging me for a dryer repair that couldnt have possibly added up to the amount Im being charged.

  

  Business response

  09/02/2022

  Hello, 

  We apologize for any miscommunication or confusion over the charges. The repairs were requested for dryer and washer which is not the owner's property, nor is it included in the lease or the listing that was advertised. This means any dryer/washer repairs are the resident's responsibility. Invoice was added to the ledger as a maintenance charge with a description included. A notice should have gone out to you about this charge via the portal, we apologize if it was not received. After reviewing the situation further, we have agreed to remove the fee from your account. This charge was already removed from your ledger. We appreciate your patience and understanding.

  Thank you,

  PAM Team

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩