Recently I came down with a sharp knee pain diagnosed by my physiotherapist as a strained ‘miniscus’. After about 4 wks of pain, 2 wks of treatment and no progress my pain suddenly worsened by simply walking down the street. After speaking to my physio & a sports med Dr an MRI was recommended. This entails a 6 to 12 wk wait – in Ontario. Without going into a rant about how our blundering provincial gov’t is mismanaging a superb medical system I decided very quickly to travel 1 hr by car to Buffalo NY for an MRI the next day!! Results could be produced within 48 hrs, prior to this both the Dr & physio warned me of the cost ~$500 – ouch! To me this was worthwhile and good Value since as an active person who thrives on constant high end physical activity waiting that time to produce MRI results in Ontario would detract from my quality of life and rob me of time. This is the crux of the matter, that time is non-renewable, the money could be created or renewed. Time would be gone forever.
The same applies to my RE business. When evaluating a property, $5K more or less on purchase price is not significant when it is packaged in the financing and amortized over 30 to 40 yrs. Or when hiring a contractor or service provider the cost is secondary when evaluated according to the efficiency & professionalism of their work. If they do quality work and complete it quickly that provides good value because it saves me time both now by not ‘chasing’ them and later by not repeating the work. Anyone that has done a home renovation knows this very well ;)
VALUE comes from providing a quality product or service in a reasonable amount of time. Monday I was diagnosed with possible ligament tear, by Thursday I was looking at results. Compared to waiting 2 months and missing out on life, this was worth a paltry $500!
