Paul R. Steinfurth is a long-time member of the team at Style Holdings, LLC – a comprehensive, full-service real estate firm that oversees and pursues properties in the southeast, including multifamily units found in Florida, Ohio, Alabama and Georgia. As a widespread organization, Steinfurth and his colleagues at Style Holdings must display a strong understanding of their practice in order to deliver optimal results to their clients, as well as optimize investment opportunities. This company has had the great ability to establish, maintain and improve a series of multifamily properties, enabling it to establish a strong holding within a smaller real estate market niche—particularly among those who seek slighter units, such as condominiums.
Whether a multifamily space specializes in condo ownership or apartment rentals, every type of property requires exceptional asset management when it comes to maximizing the longevity and fiscal viability of the operation. Although some landlords or property owners may choose to pursue property management through their own independent actions, it is important to consider the following benefits of hiring a management firm:
- Ensures More Desirable Occupants
When individuals own or operate a multifamily property that holds many units, the primary goal is usually simply filling the space to increase the rent-based revenue stream. However, according to Paul R. Steinfurth, finding occupants to occupy a unit can present many problems; some may prove inconsiderate tenants, others may fail to pay rent on time and many may decide to move, creating a constant need to find tenants.
A skilled property management firm, however, will utilize intensive tenant screening processes to ensure that a prospective resident is not only financially reliable, but is likely to respect the property in its entirety. Property management teams understand how to make a space more attractive to prospective tenants, which means that if they can secure a renter, there is a higher chance that the new occupant will reside in the space longer. By using comprehensive background checks, property management firms can also decrease the likelihood that a tenant will engage in illegal activities, destroy the property and cause less general problems.
By allowing a property management company to take charge of the tenant applicant process, the owner or landlord faces less pressure about identifying troublesome warning signs and experiencing rental scams.
- Streamlined Rent Collection Process
When it comes down to the bottom line, the goal of owning a multifamily property is maximizing rent collection and avoiding problems of late or faulty payments. While some individual landlords and owners may choose to collect rent independently from each tenant, this approach can heighten risk for improper payments. A property management firm, on the other hand, typically employs some sort of streamlined rent collection system that ensures tenants pay on time and all funds are collected in one comprehensive process. In today’s industry, many modern firms utilize online software payment systems, making it even more convenient for both the tenants and the property owners to manage rent collection.
- Greater Security for Out-of-State Owners
Those who own or invest in multifamily properties will find that it is difficult to immediately address the numerous amounts of issues that can occur. Whether it is a maintenance issue or problem with a tenant, out-of-state parties are unable to offer direct and convenient solutions, especially if they own a multitude of properties across the country. However, Paul R. Steinfurth explains that property asset management teams can provide complete coverage when it comes to handling the issues that multifamily spaces can experience. By trusting in a reliable, results-driven company, owners and investors can experience a greater peace of mind when it comes to maintaining the vitality of their properties.
- Ability to Pursue Other Investment Opportunities
In most cases, those who invest in property are usually looking to continuously expand their portfolios in order to maximize revenue. However, if an individual has invested in a multifamily property, it is likely that they will become distracted by the varying needs that the space can require. Every time an owner or investor must address a financial issue, property damage, maintenance need or marketing strategy, he or she is taking away from the time they could use to pursue other investments.
Property management firms can prove a worthy service in this regard, as they can provide full-service care of overseen properities, therefore eliminating the need for the owner or investor to dedicate a great deal of time to the asset. With that in mind, property management firms can provide individuals with more freedom to pursue new investment opportunities and expand portfolios for greater fortitude in the real estate market.
Paul R. Steinfurth: More about Style Holdings, LLC
As a promising leader at Style Holdings, LLC, Paul R. Steinfurth has helped grow this family-ownedproperty management firm into an enterprise that successfully provides comprehensive services to the assets it oversees. For more than 25 years, Style Holdings has operated in the multifamily real estate market and had successfully acquired and renovated more than 4,000 units in 42 investments. Today, the company continues to make progress in the industry, as it currently oversees a portfolio of about 2,000 units, increasing it with approximately 500 units or more each year.
Through the company’s acquisition of Southeast Residential Group, LLC (SER)—a wide-ranging management company—Style Holdings, LLC has strengthened its offerings and has become a fully-integrated real estate firm. SER carries a significant history of property asset and construction management, which has implemented operations tailored toward innovating spaces but minimizing costs through low-overhead solutions. In addition to the management and construction strategies employed by SER, this firm has taken aggressive approach to marketing—typically through incorporating modern, digital strategies—that has allow Style Holdings, LLC to experience an advantageous hold on the promotion of managed assets.
Ever since Paul R. Steinfurth joined the Style Holdings team, he has displayed a strong passion for maximizing business while simultaneously upholding quality service to clients. While Style Holdings has already made a significant impact in the “value added” aspect of multifamily real estate, the efforts of Steinfurth and his associates continue to help the company reach new goals for expansion. Today, Paul R. Steinfurth and his team at Style Holdings remain focused on promoting the value of smaller multifamily properties, while at the same time leasing units in an efficient manner to achieve lower concessions.
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