How We Work
What is XL Real Property Management?
Launched in 2012, XL Real Property Management is a residential management company that focuses on serving the needs of absentee owners who hold investment condo and coop apartments in New York City. With a particular focus on luxury apartments, XL is here to provide you with the meticulous management services required of high-end properties. By keeping our finger on the pulse of technology, we have streamlined the way investment apartments are managed, thereby ensuring your rental income is maximized, while keeping operating expenses to a minimum.
What are the services offered by XL?
At XL Real Property Management, we take the stress out of owning investment apartments in New York City. Our services are designed so your role as owner is to sit back and relax. We will take care of all the rest for you.
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What are the fees for using XL as my property manager?
Our standard fee for service is 5% of the gross rental income of your investment. However, as an XL client, you will be entitled to receive discounts on all operational services you would typically encounter as an owner, such as insurance, contractor and legal fees, which can substantially offset our management fee.
What are the benefits of using XL?
In a complex real estate market like New York City, hiring a property manager to represent your individual apartment or small building is vital to having a prosperous investment experience. With all of the challenges that real estate investors face, XL Real Property Management is here to maximize the income potential of your assets.
While there are countless ways our property management services can help enhance profitability, here are some of the top:
Lease/Lease Renewal Negotiation
Staying up-to-date on market pricing is key to maximizing rental income. We carefully review neighborhood comparable pricing to ensure your lease and lease renewals are in-line with market expectations. When negotiating the terms of your lease, we ensure that we are obtaining the most favorable terms to you possible, helping you to avoid making costly mistakes that could invite future exposure.
Volume Pricing on Operational Expenses
At XL, the benefit of having a portfolio of apartments is that we are able to secure discounts for our clients on everyday operational expense items. From painting and repair work, to insurance premiums, to legal and accounting services, allow us to help save you money by taking advantage of our bulk buying power.
Reliable, Trustworthy Vendors
Apartment turn-over and other maintenance/repair expenses can add up to sizable line items in any investor’s budget. Knowing the right vendors for maintenance/repair work can make a significant difference in the overall pricing of any project. With an extensive database of licensed and insured contractors and technicians, we are able to ensure that all projects are completed by knowledgeable, trustworthy vendors at low prices. Our local representation prevents our clients from being taken advantage of by opportunistic contractors.
Insurance Policy Audits
Our experience has shown us that insurance coverage is one of the most complicated topics in real estate investing. While insurance is necessary for all of our clients, we often find that they are either over insured, underinsured, or inappropriately insured. Most frighteningly, many clients do not find out that they are insured incorrectly until it comes time to file a claim against their policy. Allow our team of experts to review your current insurance policy to ensure that you are correctly insured for the type of asset you own. Doing so could make all the difference in the world in the event of an accident.
Opportunity cost As the saying goes, “Time is Money”
Rather than endure the labyrinth of the New York City real estate market alone, allow us to save you the hassle, headache and inconvenience of self-managing your assets. Our efficient operations, including online rent payment and digital statements, will allow you to streamline your investments and reclaim your time for other investments.