Individual Apartments and Townhomes
At XL Real Property Management, we take the stress out of owning high-end investment properties in New York City. We provide a full range of property management services so you can easily manage your luxury apartment from abroad or from another state. Just sit back and relax. We’ll take care of the rest:
- Expense Payment
- Monthly and Annual Accounting
- Statement Preparation
- Rent Collection
- Rent Invoicing
- State and Federal Tax Filing Preparation Assistance
- Apartment Turnover Services
- Boiler, Elevator and Life Safety
- Equipment Inspection and Monitoring
- Emergency Repair Assistance
- Renovation Oversight
- Repair and Maintenance Issue Resolution
- Unit Owner Meeting Attendance
- Board Application Assistance for New
- Furnishing Procurement and Inventory Services
- Lease and Lease Renewal Preparation
- Routing Property Inspections
- Tenant Requests
Legal & Compliance Governance
- Insurance Procurement
- Legal Service Assistance
- Mortgage Escrow Reviews
- Regulatory Filings and Compliance
Expense Tracking, Recording, and Review for Accuracy
We carefully review and analyze every invoice we receive prior to payment. We will check the invoice thoroughly for accuracy to confirm that there have been no errors in accounting, billing, or overage charges.
Monthly and Annual Accounting Statement Preparation
Detailed Income and Expense Statements On Time Every Month; Year-end Statement to Make Tax Preparation Easy
Tracking the financial activity of your asset is easy with our monthly and annual accounting statements. By the 15th of every month, you will receive our monthly owner’s statement detailing the income and expense activity of your asset, including receipts for ultimate transparency and ease of tracking. Track monthly statements and access financial reports for investors on our website. With done-for-you financial reporting, tax filing is simple and cost effective.
Your Tenants Will Always Know When, Where, and How Much to Pay
At least one week prior to the end of the month, tenants receive their monthly rental invoice via email or mail. The monthly rent invoice will include a detailed breakdown of any rent and applicable lease or utility charges. Tenants can also log in to our website at any time to check rent balances or to confirm that previous payments have been processed.
Online Rent Payment Makes Collection Prompt and Easy
Long gone are the days of waiting for checks to arrive in the mail so you can make your expense payments. Our online rent payment tool allows tenants to make a payment directly on our website ensuring quick, easy payments every month. Payments can be made via bank account or credit card with no additional fee.
To ensure timely rental payments, we provide email and phone reminders to tenants who have not paid rent by the 5th of the month. We will continue to follow up consistently until we receive payment.
State and Federal Tax Filing Preparation
Access Tax Preparation Discounts Through our Specialist Vendors
Due to the large volume of work we do through our vendors, our CPAs can offer discounts to our clients for tax filing in the U.S. We can also work with your accountant of choice if that is your preference, and we are here to help make any clarifications or reclassifications to operating statements as needed. With extensive knowledge of relevant tax law, our CPAs help you save money on tax payments and avoid unnecessary late fees and penalties.
Apartment Turnover Services
Apartment Pre-Inspection, Cost Efficient Pricing, and Turnover Work Oversight
We conduct pre-move-out inspections at least two weeks before the lease expires. Once the tenant has vacated the premises, our team checks again for any damage or missing items. We obtain estimates for repairs and replacements, and we facilitate any necessary deduction from the tenant’s security deposit. We also oversee completion of apartment turnover work such as painting, floor refinishing, basic maintenance, repairs, and other sprucing up that may be required. Our goal is to keep your expenses low and save you money wherever possible.
Boiler, Elevator, and Life Safety Equipment Inspection and Monitoring
Ensure Your Building’s Equipment Meets City Safety Requirements
We will coordinate and facilitate equipment inspections as recommended or required by law to keep your building safe and secure. Trust our team to help you avoid unnecessary fines and violations, prolonging the lifespan of your building’s equipment.
Is it Time for an Update? We Oversee Any Size Renovation to Boost Rental Income
In New York City’s competitive luxury real estate market, the key to maximizing return on your real estate investment is delivering the expected high-end product. When your property needs an upgrade to bring the apartment up to market expectation, we will oversee the project, no matter how big or small. We can save you a tremendous amount of money by maintaining strong relationships with contractors and supervising the project closely, and we use only quality vendors we can trust to get the job done right and on budget. Our team lifts the impossible task of long-distance construction project management off your shoulders and provides hands-on oversight of the renovation process so you can rest assured that your money is used efficiently.
Emergency Repair Assistance
We Protect Your Interests Around the Clock, Whenever Emergency Strikes
Our team of experts is available 24 hours a day, 7 days a week to handle any apartment or townhome emergency, keeping small issues from becoming catastrophic repairs. Each tenant can contact us through our direct emergency phone number if the need arises. Our crisis management team will contact the right people in the event of an emergency, and we will maintain an on-site presence to protect your interests at all times.
Repair and Maintenance Issues
We Get Maintenance and Repair Jobs Completed Quickly, Correctly, and at the Best Price
A quick response keeps small problems from evolving into big headaches. We assist with maintenance of HVAC systems, sprinkler systems, irrigation systems, and more. Our goal is to help you find insured, reliable vendors at the best possible price, ensuring each job meets our meticulous quality standards.
Unit Owner Meeting Attendance
Know What’s Going On in Your Building Even When You’re Away
If you can’t be present at the annual unit owner’s meeting of your condominium or co-op building, one of our team members will attend in your place to keep you informed of the operating affairs. We take detailed notes of all information distributed at the meeting and provide you with the latest updates. We also help you decode any issues that occurred during the meeting and help you stay on top of relevant conversations that are taking place.
Board Application Assistance for New Tenants/Renewals
We Track Board Applications to Avoid Costly Delays in Approvals
We carefully track board packages to ensure timely preparation and processing, and we assist you with completion of the board package and preparation of any needed checks or deposits. If you require renewal lease approval, we will work with you to ensure completion and assist building management with questions or clarifications.
Furnishing Procurement and Inventory Services
Renting Your Apartment Furnished? Protect Your Inventory with Detailed Records and Tracking
If you would like to rent your apartment furnished, our in-house decorators can provide expertise on furnishings based on the specific needs of your asset. Once furnished, we track all inventory and keep detailed records to protect your investment. Tenants sign an inventory statement upon moving in so there are no disputes when the tenant vacates the apartment. We will also replace any broken or missing items so they are available for the next tenant.
Routine Property Inspections
We Keep Tabs on Your Property So You Don’t Have to Worry
When your luxury apartment or townhome is not occupied by a tenant, our team makes routine inspections to make sure everything remains in good condition. We maintain the safety and security of your asset and check for maintenance issues. If a deficiency is found, we photograph and report it to you so you can keep tabs on the condition of your apartment.
Lease and Lease Renewal Preparation
Never Use an Inadequate or Incorrect Lease Again
We provide proper lease documentation to ensure you have the paperwork protection you need. We tailor each document to the specific requirements of the apartment or townhome, and we prepare lease renewals to properly document tenant extensions and assist on both rent stabilized and free market leases. Our team stays well-informed on any legal changes to guarantee that you are up-to-date on current regulations.
We Field Tenant Requests So You Can Avoid the Hassle
Let us lift the burden of handling tenant requests off your shoulders so you can enjoy peace of mind without the stress. We know exactly what residents expect and we have extensive experience in handling tenant requests. Our custom request tracking system saves you time and money, keeping your tenants satisfied. With same-day response, tenants know their requests have been received and they can conveniently contact our team 24 hours a day, 7 days a week by phone, email, or through our website.
Legal & Compliance Governance
The Protection You Need, When You Need It
Proper insurance coverage makes all the difference when your asset experiences a loss. Given the complexity of insurance, it is critical that you have adequate coverage with a credible carrier that will pay claims when required. We help you obtain quotes, find the right insurance policy at a competitive rate, and guide you through every step of the process.
Our Experts Ensure You Never Have to Worry About Legal Issues
Our team stays up to date on all changes in NYC housing laws so you always stay compliant. If a legal issue arises, we offer in-house legal counsel to assist you at a discounted price. In the event that a representative from the landlord is needed in court, we can attend on your behalf and provide updates of all events.
Mortgage Escrow Reviews
Avoid Bank Overcharges with Properly Calculated Escrows
On occasion, banks miscalculate funds needed for insurance or property tax escrows. If you have mortgage escrows with a bank, we can review them to confirm completeness and accuracy. We will also ensure that the bank refunds any excess funds that are not required.
Regulatory Filings and Compliance
Leave the Paperwork to Us
From DHCR filings to HPD registrations, we assist with all paperwork required by the city of New York for the operation of your property. Although property filings can be daunting, we have streamlined the process so you can easily stay in compliance with NYC guidelines. We take care of your paperwork so you can avoid simple mistakes that could result in costly fixes.