120914_IT_ Construction Design Building.jpg

The price of experience

Experience is invaluable in all walks of life, especially those areas where we ourselves lack experience.
However, when we lack experience, all too often the primary focus reverts back to basics, to something that we can all measure with ease: price.
Reaching a purchasing decision based on price can work – for example, a tin of Heinz Baked Beans. The product and quality are the same the world over, extremely consistent. However, the price can often be different from one shop to another, with no justification: product, quality and quantity are identical.
Whereas, if we draw a pa-rallel with airline flights, for example, Ryan Air versus Monarch, flying with Ryan Air will generally cost less than flying with Monarch. But, unlike a tin of beans, the product, quality and service are distinctly different. It could be argued that Monarch’s higher prices are justified by factors such as seat allocation, leg room, comfort, service, etc.
These two examples are fairly simplistic, everyday scenarios, whereby consumers are able to educate themselves and make reasonably informed decisions with a high level of success. But, what happens as the complexity of the product or service increases?
When dealing with something more complex or specialised, it is sound advice to consult an expert who is experienced in their field of work. For example, when planning for your retirement, unless extremely knowledgeable in the area of financial instruments and tax planning, one would seek advice from a financial adviser, someone who has been in operation for many years, demonstrating knowledge and experience.
The price (hourly rate) difference between a new financial adviser and one who has been around for many years can be significant. However, similarly to the flights example, this price differential is justified by years of experience, resulting in a better quality of service and product, ultimately meeting the demands of the client in a more dynamic way.
You might pay more per hour, but you will pay for less hours, and achieve a better result!
Similar comparisons can be drawn across many of the goods and services which consumers purchase every day.
Indeed, in the area of General Building and Property Maintenance there is a vast array of tradesmen out there, each with a varying level of knowledge and experience, which will ultimately be reflected in the price you pay.
Due to the lack of general knowledge in the building trades, many people revert back to basics, to something easy to measure: price.
This is an easy trap to fall into, and can often end up costing more money than if the more experienced/expensive tradesman had been employed.
It can be argued that experience is always worth paying for. An experienced tradesman will not only diagnose a fault correctly and provide a more efficient solution, but they will also be more innovative and creative when tending to general building projects, carrying them out in a timely, dynamic manner, dipping into their depth of knowledge and applying it to each individual situation. An inexperienced tradesman might charge a much lower hourly rate, but they might also take twice as long to do the job, or provide an unsatisfactory solution, costing yet more money to rectify.
By Brett Hawkins
|| [email protected]
Brett Hawkins is the managing director of GMT 24:7, a local expert in all areas of general building and property maintenance, with offices in Lagos and Almancil. | www.gmt247.eu