This is going to be a short post today, one that is however very important to think about. How much is your time worth? Sure it’s invaluable in terms of in life and living sense, but I’m talking about strait moola, bread, scratch, dough, dinero, cash!
As I meet more people because of my real estate investing, and these people get to know that I’m proficient with computers and setting up websites, I get asked for help. Do you know how much places like Geek Squad or one of those other computer repair shops ask for their services? I really have no idea because I’ve always fixed my computer myself.
I am always caught off guard when someone asks me how much I would charge for helping them out. There is a moment of silence on my part as I debate between (1) Free, (2) So Cheap it’s ridiculous, or (3) a guess on what’s a fair price. What ends up happening is that I’m afraid to offend the other person so I throw out option 3 and just go with 1 or 2 . It’s like giving an investment offer to a home owner but on opposite ends of the latter, why do we do this to ourselves?
Thinking about this last night, I realized why I never felt comfortable giving someone a price for my time & knowledge. The reason is that I’m not prepared and need to do research on what a typical price is for computer work or setting up a website. I don’t want to charge the same prices as Geek Squad, but I do want to be compensated fairly for the both of us. Maybe I should ask, “if I were to be able to fix your computer in 2 days, what is the most you could offer me?” Hehe, I kid but not really.
This should also hold true for us as real estate investors. If you stick to it long enough, you’ll eventually be asked to “mentor” someone. My feeling is that you should be ready for that question and come up with “your worth” right now, so you can confidently give your price.
So, how much is your time worth?
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Comments 1
Great question, Scott! I think it’s different for everyone.
Sometimes people will just throw out a price of what they’re willing to pay you – it’s definitely happened to me. Though, I find there are some things that just cannot be measured by money alone.
In many cases, what’s more important is the relationship and the type of person that I’m dealing with. Though, it’s always good to have something to compare to (i.e. rate for type of service rendered, etc).
Perhaps, checking out the local rates in your area will help. I find most folks tend to go with people they know and feel they can trust – it’s not always about price alone.
People who see value in what you do will usually not even question the price – as long as it seems fair and reasonable. Thanks for posing this question! 🙂