I often justify hiring people to do things for me by considering the opportunity cost of doing it myself; if I pay them X, it allows me to earn Y.
My 'working' life began as a consultant, so billable time was the key to life. Every spare minute had the potential to bring money in to the firm. We were taught not to waste our time, and to find ways to make it, if not billable, then at least productive.
Have you ever wondered what your time is worth? MSN Money has created an Hourly Rate Calculator to help you determine how much an hour of your time is worth. By putting in some basic information (stuff you can probably enter off the top of your head), you can figure out a rough estimate of the value of an hour of your time.
This information will not change my life, and probably not yours either, but it is a fun exercise. And it might just help you justify hiring the service to mow your lawn!
Holly Weatherwax, Associate Broker
EcoBroker,Graduate of Realtors Institute,Accredited Buyers Representative,e-pro
If I can assist you with the purchase or sale of property in Northern Virginia, please visit my website: www.greatexperience.net , my blog Real Estate and Reston or email me at hollyweatherwax@mris.com. My direct number is 571-643-4902.
I believe buying or selling real estate should be a GREAT EXPERIENCE!
It is go to know that there are tools out there thAt tell me how bad my decision making is !!! I do a lot of the work I do especially the outside work for the ZEN of it
I used that calculator thingy and it came up with 3 cents an hour!!!! I guess my wife has been right all these years when she discusses my net worth! ; )
I use to tell people it takes 125 working hors on average to sell a listing. Now, that has more than doubled. Time is more valuable than anything to me.
Holly, I'd love to calculate that, but don't have the time. And can't afford to make this calculation. Just kidding!! I have a feeling most agents would only be depressed at the results. For me, my family is more important than wasting time on anything. So, I take each work hour more seriously these days. Great reminder to be efficient and outsource wisely.