Complex and expensive purchases require thorough planning and analysis. You need to give these purchases much more attention than shopping for a $30 smartphone case. If you own a vehicle, house, condominium, or any other high dollar item, there comes a time where you will need to make a costly buy. This could include having repairs, maintenance, or upgrades performed on your property or possession. It’s often prudent to ask family, friends, or colleagues if they can recommend a trusted business that they have used previously for similar work. Additionally, a quick Google search can provide you some insights into the more popular relevant businesses in your area.
Once you have a few businesses in mind, it can be helpful and smart to obtain three vendor quotes from three different businesses for the proposed work. When you call these three companies, consider asking them if they will provide you with a free quote or estimate for the work. These quotes will provide useful information about the job at hand and help you understand the current market pricing for this work. Many of these companies will even come to your residence (free of charge) to quote the job, if necessary. Also, these vendor discussions will offer you some intel into how these different companies plan to approach completing the work. As the saying goes, the more knowledge that you gather, the better!
Now, you may feel a little “cheap” for requesting a free quote, but you shouldn’t. Let me give you a few reasons why. First, if the job is fairly expensive (let’s say $300 or more), most businesses will be happy to provide you a free quote. Companies are always looking for more customers and they want to win your business. Let them know that they are competing for the work with other companies. This keeps things competitive and should help you receive better pricing than just calling a singular vendor and gifting them the job. Second, it is often a standard industry practice for a company to provide a free quote or estimate. I have intentionally had several plumbers and painters come to my residence to offer free quotes. I wanted to see the pricing for the proposed job before I made a commitment to buy. It is amazing how much these quotes can vary in price (you will see!). Third, if a company believes in their products, services, and pricing, they will typically be willing to provide a free quote. If they are not willing to do so, it may be a red flag for doing business with that company.
Another nice benefit about requesting free quotes is that you are not obligated to make a purchase. If three vendors quote you sky high prices, maybe you should hold off on doing the job. Don’t feel bad if you forego making a purchase, ultimately you will be the one who needs to foot the bill! Sticking to your budget is extremely important and should be at the forefront of your mind. So next time that you anticipate a high dollar purchase, consider picking up the phone and getting a few free quotes before you proceed. Your bank account will thank you later!
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