Maintaining Luxury Apartments For Wealthy Investors

Dylan Pichulik began XL Real Property Management with one goal in mind- provide an unparalleled level of service and attention in a world dominated by companies that seem to have forgotten the basic principles of property management. Companies should be up to date with the latest property statistics and aim to gain customers from this. For example, Dylan has kept up to date with the latest lease accounting standards (learn more about IFRS 16 here) and many other elements of the property business to keep his company ahead of the game. As the chief executive officer of XL Real Property Management, and with a decade of experience, Dylan is responsible for overseeing the company’s operations and business development objectives.

What type of offerings do you provide to clients?

XL goes beyond just the laundry list of offerings for clients. Our services are designed so the role as the owner is only to sit back and relax – we take the stress out of owning investment properties in New York City and ensure we’re available 24/7 for our clients. Services include: rent Invoicing, rent collection; expense payment; insurance procurement; tenant requests; repair and maintenance issues; lease and lease renewal preparation; board application assistance for new tenants/renewals; apartment turnover services; emergency repair assistance; renovation oversight; unit owner meeting attendance; monthly and annual accounting statement preparation; state and federal tax filing preparation; furnishing procurement and inventory services; legal services; routine property inspections; mortgage escrow reviews; boiler, elevator and life safety equipment inspection; and monitoring and regulatory filings and compliance.

How much of an increase have you seen in business since the pandemic? How much of it is people who have left NYC, but plan on coming back?

We’ve seen about a 20% increase of business across the board and 50% of it is people who have left NYC but are planning on returning.

What do you predict the real estate market is going to see in 2021?
- Presently, I think there’s going to continue to be a very active sales market – especially because people are specifically worried they’re going to miss the “covid discount”. It’s similar to those who kicked themselves for not investing in the stock market. While it’s still too soon to tell, by summer we should see more activity and recovery in NYC. I also predict you can count on seeing an increase in bulk buying – going back to the covid discount, we’re having a lot of conversations with our clients about taking advantage of the market and rates for long term investments.
Can you give us an example of a client who you worked with during the pandemic?
- Of course – we worked with a gentleman who owns a condo in Midtown East but moved to Costa Rica to ride out the pandemic. He has an expensive art collection and engaged XL to do the following:
  - Perform weekly inspections to ensure no leaking of the apartment
  - Work closely with HVAC company to ensure equipment working properly so that climate is well-maintained in the apartment
  - Coordinate and oversee weekly cleanings of the apartment
  - Clear drains on terrace to prevent clogging
  - Clear snow from building up around drains to ensure proper drainage
  - Check mail weekly
  - Pay and review all operating expenses
Is there one example/instance you can share about an ill-intended renter taking advantage of the Tenant Safe Harbor Act?
- I think the Tenant Safe Harbor Act protected a lot of New Yorkers but with anything, of course there were people who took advantage of it. For example, we had a tenant that didn’t think it was fair he had to pay full rent because he was quarantining in Bora Bora.
How do you help investors enhance their profitability? What are the benefits to using XL?
- New York City is a complex market – 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 maximizes the income potential of assets to help enhance profitability with services such as lease renewal negotiations, volume pricing on operational expenses, trustworthy vendors, and insurance policy audits

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