The five quotes trap
Avoid the risk, fallacy, and the utter waste of time of getting five quotes on a renovation job. It’s just plain wrong.
Yes, you read that right.
It may sound prudent, but inviting a parade of salespeople into your home to quote up a storm is about as impractical and misguided as you can get. Believe it or not, you are actually exposing yourself to risk, while being under the impression that you’re mitigating it. More quotes do not equal more savings, or getting a better handle on the project. Rather, they equal more uncertainty with no way of knowing which sales rep – a trained master manipulator – is being straight with you.
The con-testants and the con-test
So, let’s imagine this contractor contest for a moment. There’s the doorbell. Bring in the first contestant. Now you’re the judge. How do you know who is telling the truth? What’s the real scope of the work? When you eliminate the lowest quote, do you legitimize the second lowest? How do you know you’ll get quality service and labour? Do you have the expertise to know the answers to any of these questions? Or do you just feel lucky?
Consider the source
Oh sure, you’ve read reviews online. Plenty. Do you know these people? Can you trust them? Are they even real? Have you seen the work they’re glorifying? You get where this is going.
Let’s look at it another way. Would you look for five quotes if you needed dental work? Based on reviews you have no way of vetting? No, you would seek out a credible recommendation from someone you know and trust.
More than words
So let’s break down why getting multiple renovation quotes makes no sense.
For starters, quotes and salespeople will tell you what you can easily find out yourself, the material costs. Just ask Mr. Google. You’ll get the same numbers.
What about labour? How can a quote guarantee the competency, professionalism and skills of the labourers? Let alone confirm things like criminal background checks or WSIB (Workplace Safety and Insurance Board) clearance. It can’t.
As for service, these master manipulators will promise you the moon. What happens in practice may be an entirely different story. There are no guarantees.
Bet on your lead horse
So, the five quotes odyssey is really an exercise in futility. Don’t go down this path, it’s a crapshoot. The greatest risk you run is not having a bona fide referral. When you have that, you have your lead horse. Not a shady sales merchant competition. In a fraction of the time it would take to form a list of renovation outfits to quote and meet with, you can ask people you know and trust to point you in the right direction. That’s time well-spent.
A qualified referral from a trusted friend or acquaintance is priceless.
So, focus your energy on getting the winning referral. You’re not after a quote – you need a contractor with a reputation built on a long-standing track record, one that executes a consistent process, with scale and provides a proven systematic method of accountability. You’re not going to find this with online roulette.
So, word to the wise – keep the master manipulators out of your home. Go with a lead-horse strategy recommended by a trusted source and tilt the odds in your favour. Beware of the five quotes.
GUY SOLOMON is the founder and CEO of Penguin Basements.