Following the completion of their formal training, professional practitioners - including doctors, lawyers and architects - engage in Continuous Professional Development to maintain and enhance their knowledge, technical skills and performance. While property investment has yet to be recognised as the specialised profession that it is, providing housing to millions of South Africans, professional property investors appreciate the value of staying on top of their game.
Continuous Professional Development (CPD) can be defined as "any process or activity that provides added value to the capability of the individual through an increase in professional knowledge, skills and personal qualities necessary for the appropriate execution of professional and technical duties, often termed 'competence'". In today's rapidly evolving world, CPD is absolutely essential to ensure professionals stay on top of their game and remain abreast of the continuous changes in trends, regulations and technology, as well as improved or new products and services. In fact, in many professions, a minimum number of recognised CPD hours have been legislated as a requirement for continued practice.
It is true that the property investment business model is so simple and streamlined that many investors may feel that CPD is not necessary. Yet, although there are no formal CPD requirements in the property investment field, those property investors who take a professional approach to their property investment portfolios recognise the benefits of continuously improving their knowledge and skills.
"There are many ways in which property investors can keep their knowledge and skills razor-sharp," comments Dr Koos du Toit, CEO of P3 Investment Group. "These include desktop research, reading industry newsletters and publications, attending workshops and seminars and reading the latest books and reports published on the subject of property investment. However, there are two crucial issues investors should consider in doing so. Firstly, investors need to avoid an "information overload" that clouds the real issues and can result in what is termed "analysis paralysis" and, secondly, to ensure that the source of the information they are receiving is credible and trustworthy."
The sheer volume of new information that becomes available everyday has resulted in the coining of the term "information overload". Many professionals - regardless of the industry they operate in - are simply overwhelmed by the number of emails, magazines, newspapers, books, conferences, seminars, workshops and webcasts pertinent to their field of specialisation. Too much information can hamper effective decision-making, as professionals fall into the trap of "analysis paralysis" - the over-analysis of an issue, challenge or opportunity that results in a paralysis in which the person is unable to make a decision or take action.
"Of course, every professional wants to have a good understanding of the issues and possible solutions relevant to a certain challenge before making a decision. But too much information may simply obscure the real issues and hamper effective decision-making," notes Dr du Toit. "One way of preventing both an information overload and analysis paralysis is to carefully select the sources of the information. Is the publisher of the news or reports you are reading credible? Are the event organisers and speakers at a conference or seminar recognised and respected in the industry? Does the organisation providing you with training, tools and resources have a solid reputation and track record? Are the people who are interpreting the impact of trends, developments and new regulations on your industry suitably qualified or experienced? It may take a bit of time and effort initially to separate the experts, specialists and authorities from the rest, but, in the long run, verifying your s
ources will save you a great deal of time and potential problems by eliminating information overload and analysis paralysis."
Busy professionals are strongly advised to join a professional organisation that can be trusted to verify the credibility of information sources - whether books, e-newsletters, magazines or events, to interpret new developments and changes accurately, and to provide a trustworthy and credible environment for CPD that will enhance - and not detract from - their competence and professional performance.
"There are a number of organisations that property investors can join to stay on top of their game," concludes Dr du Toit. "This is highly recommended, but the key is to ensure that you choose a credible, trustworthy organisation with no ulterior motives other than to assist you in achieving your professional goals."
