Photo by Dulcey Lima on Unsplash
Leaders are under immense pressure today. As someone highly versed in the multifamily business, you’ve likely experienced the push to present an invincible façade. However, what if acknowledging shortcomings could build trust and yield substantial gains?
The Power of Vulnerability
Brene Brown, a well-known researcher, has established that vulnerability in leadership fosters trust and innovation. Trust is a critical asset in property management. When you are willing to identify and accept weaknesses, it encourages your team to be equally transparent. This, in turn, allows for quicker identification of issues that need resolution, and potential blind spots can be rectified before they escalate into costly mistakes.
From Weaknesses to Strengths
The counterintuitive approach of transforming weaknesses into strengths entails a two-step process. First, you acknowledge the flaw. Then, you redirect the energy and resources toward using that flaw as a unique opportunity for growth. Take, for example, an overly complex or complicated reporting system. Instead of sweeping it under the rug, acknowledge its shortcomings. Then, consider implementing AI-based analytical tools designed for the multifamily industry, such as REBA (full disclosure: RADCO Residential is a client of REBA), to simplify processes while yielding real-time, actionable insights. The key lies in utilizing technology to turn a problematic area into an asset that supports effective decision-making.
Leading through Innovation
Acknowledging weaknesses also opens the door for innovative solutions. Perhaps you’ve received feedback that resident engagement is lackluster. Instead of sidestepping the issue, consider adopting platforms like “Kingsley” (Also a client of Kingsley) that facilitate real-time communication between property managers and residents. Address the issue head-on by adopting technology that resolves the concern and positions your property as a leader in resident communication.
Elevate Your Team and Portfolio
Most importantly, acknowledging weaknesses sets the stage for a transformative leadership style called “adaptive leadership.” Adaptive leaders identify gaps and engage their teams in collaborative problem-solving, amplifying individual strengths and propelling the portfolio toward new heights. Consider platforms like “Teams” (RADCO Residential is a user of Microsoft Teams) that enhance team communication, fostering an environment where problems are collectively solved efficiently.
The real strength lies in acknowledging weaknesses and strategically redirecting focus to create unprecedented gains in the multifamily industry. It may not be the conventional approach, but it can unlock new dimensions of success for your portfolio, your team, and ultimately, yourself.