FAQs

Do you have questions about XL Property Management?

We’re here to help! Please browse through the questions below. If you don’t see the information you are looking for, please feel free to contact us at any time. 

Tenant Questions

Where should I send my monthly rent payment?

All monthly rent payments can be made online through our Payment Portal or can be mailed to the following address:

XL Real Property Management
555 Madison Avenue, 5th Floor
New York, NY 10022

What paperwork is required to rent an apartment through XL Real Property Management?

We require all applicants to show proof of monthly income of 40×1 month’s rent and show good credit and a clean housing court record. Guarantors may be accepted on a case-by-case basis. 

May I make changes to my apartment?

If you would like to make changes to your apartment, you must obtain written consent from us first. If you paint your apartment, you will be asked to restore the color to its original state when your lease ends.

Do XL Managed Properties accept pets?

Pets are accepted on a case-by-case basis.

What utilities am I responsible for as a tenant?

Typically, HVAC and hot water are included in the monthly rent. You will be responsible for setting up your own electricity, cable, internet, and cooking gas.

I am being relocated for work and need to sublet my apartment. What is the policy regarding sublets?

If you need to temporarily sublet your apartment, please call or email us to discuss your options. Due to NYC restrictions, we cannot permit sublets less than 30 days.

Do you offer furnished apartments?

Yes, some of our apartments are furnished. If you would like us to furnish an empty apartment, we will gladly do so for an additional fee.

My dishwasher is leaking. Who do I call?

If you require any maintenance to your apartment, please do not hesitate to contact us. If an emergency (such as a major leak) arises, please try contacting your super first, and then contact us. 

 

What if I find damage to my unit after I move in?

If you discover any damage to your apartment after you move in, kindly notify us within 48 hours so that it can be documented.

What form of payment is preferred?

We kindly request that your monthly rent payment is made through our online payment portal or via check. You can also set up automatic bill pay through your bank at no charge.

What notification should be provided if I decide to renew my lease?

If you intend to renew your lease, we greatly appreciate advance notice as early as possible. However, we ask for a minimum of 60 days’ notice.

 

What is the purpose of obtaining renter’s insurance?

While your landlord always carries insurance protecting the apartment itself, the landlord’s policy does not cover your personal property. You must obtain your own policy to protect against loss.

Owner Questions

I own an apartment, but I use it as a pied-a terre and not as a rental apartment. Could I benefit from the services of XL Real Property Management?
Yes. Even if you are not using the apartment as a rental property, you can still benefit from our services. When you are not living in the residence full-time, maintenance and repair issues can arise and expense payments are still required. When you are not using the property, we routinely check the apartment to ensure no issues (such as leaks or electrical problems) have arisen. We also make sure there are no unpleasant surprises awaiting your arrival and we mitigate any damage that may occur from an incident.
What is the difference between XL Real Property Management and the management company that manages my building?
Your building’s management company will handle the affairs of the building as a whole; however, they do not deal with the needs of your individual apartment. You, as the unit owner, are responsible for tenant sourcing, expense payment, and all issues that may arise within your apartment (even in the case of fire, flood, or other incidents that may have affected but did not initiate in your apartment). XL Real Property Management handles all of these responsibilities for you so you can enjoy stress-free ownership.
What experience do you have in residential real estate management?
Prior to the formation of XL Real Property Management, our principals’ experience included the construction, sales, marketing, asset management, and financing of over $1 billion worth of real estate in New York City and throughout the United States. This experience gives us deep knowledge of all aspects of the operation, acquisition, and development of real estate property.
Who can benefit from the services of XL Real Property Management?
Our services are designed to help foreign and local investors that own luxury residential real estate properties, but do not have the time to supervise the daily operation of their investment. Anyone who wants to enjoy the numerous advantages of high-end real estate ownership but is not in the position to oversee the day-to-day affairs can benefit from our services.
Do you guarantee monthly rent payments?
While we strive to ensure that all our properties are occupied with no down time, we cannot guarantee monthly rent payments. However, since the current vacancy rate in Manhattan is less than 1%, correctly priced apartments should rent fairly quickly.
What are the typical expenses you pay on behalf of the owner?
Typically, we pay common charges, real estate taxes, mortgage payments, maintenance bills, insurance, and special assessments. However, if additional items are requested, we can pay those as well.
Do you require approval of expenses paid by XL on my behalf?

Yes, we will seek approval to pay all expenses in excess of $350 if they have not been pre-approved by you.

How do I ensure that my apartment is rented to a qualified tenant?
Our team of management professionals will conduct a thorough search into the credit and housing court history of each tenant. We also request financial information such as recent tax returns and bank statements to ensure that each tenant is well-qualified.
Are you licensed to manage real estate in New York?
Yes, we hold a license as mandated by the New York State Department of State.
I would like to speak with some of your current clients. Can you provide references?
Yes, we would be happy to provide references upon request. There is even a good chance that we can provide information for a current client in your home country.