Cost Clear – How much does it cost?
At London PS we believe being cost clear and cost conscious are key to managing our client’s properties. We don’t like to spend resources – time and money – unnecessarily. Therefore, when we need to repair something that has broken, we are not afraid to ask “how much does it cost?” Not knowing scares us more than knowing.
We experienced recently the story of an acquaintance whose 30 year-old Sub-Zero freezer broke down and they called a certified engineer to repair it. (If you haven’t heard of Sub-Zero, they produce very high quality kitchen appliances.) The engineer replaced a part and fixed it. Throughout the process, neither the engineer (nor our acquaintance) spoke about the cost of fixing the appliance.
The surprise came when a bill arrived for nearly US $4,000 (GBP 3,200) $4,000?! Sub-Zero refrigerators costs vary, but they start at $7,500 (GBP 5,900). Given the age of the original appliance (30 years), the engineer should have spoken to the owner from the outset. He should have mentioned the cost of the repair relative to the price of a new appliance.
At London PS we learn from these situations and make sure that before we commission work and start repairs, we always ask “how much will it cost?”
P.S. Efficiency Tip. Be cost clear and cost-conscious.