The client and the professional will always have that moment of truth: how much for the services?
I have had a fair share of clients who have experienced what it is like getting a “bargain” for legal fees. What they thought was a “smart move” or “good fortune” in negotiating the price to almost rock bottom, eventually turned out to be the worst decision they’ve made.
Think about it, would you hire a dentist to do a root canal on you for 1/10 of the usual price? If you say yes to that, you sure have a lot of courage in your chest or you are just plainly missing some screws in your head. Have you ever heard of the saying: if it is too good to be true, then it probably is.
Evaluating the pricing of a professional services is not the same as doing grocery where a consumer generally goes for the lowest priced item so long as the product gets the job done.
When it comes to professional services, it is a totally different kind of decision-making process.
You have to evaluate the professional’s competence, experience, and background. When it comes to these three things, you will learn that not all professionals are created equal.
If you are an experienced buyer, you’d also figure out that the quality of services and the experience varies from professionals and those who just happened to have lucked out in getting a license.
There are those who dedicated to their craft ever-seeking to improve their knowledge, skills, and experience. On the other hand, there are those who rest who think they can always rely on the shiny plastic called a license.
How do you spot the distinction? There are several ways to do so. For purposes of this article, I am focusing on the pricing.
The basic rule in hiring a professional and evaluating their pricing is that: You get what you paid for.
In our earlier example, would you not be curious at the slightest why the price is 1/10 of the usual or average price? What kind of tools or procedures would be done to make sense of the price? Does the professional even have a license? (There are many fraudsters out there so you know.)
Whereas, having assessed the qualification of a professional and having learned the value of the services to be done, the price would serve to support as to the quality of services that you can expect. You will likely be taken cared of throughout the engagement with all your concerns addressed promptly and competently.
There will always be someone out there who will do it for less. You should be asking him/her why does it cost less? If s/he cannot give you a satisfactory answer, it should be a red flag for you.
On the other hand, professionals who know what they are worth will be able to show you the value of the requested services resulting in such price.
In closing, I recall a good saying about paying for cheap services: if you pay peanuts, you get monkeys.