I had sticker shock earlier today when an electrician quoted me $23k for replacing 2 meter bases, feeder lines and 2- 200 amp panels in a duplex. He said materials costs are $12k and his labor will be $11k. Said he bills at $150.00 per hour because he is a master electrician.

Do you think it was his way of telling me that he didn't want the job?

I think that's a safe assumption. Next.

Jerry,

Did you tell him you are a Master Landlord?!

Great example of why “You get what you pay for” is a myth. His work would be no better than my $50 licensed electrician.

I recently did the same in my own home, 2 200 amp service panels, which including trenching to move the line from the pole underground, another 100 amp box and $400 of heavy wire for the new hottub, lights and outlets in the pool house, and some in house upgrades. Total labor and materials $4000.

Most contractors and subcontractors aren't clever enough to think beyond some very basic tactics. I'm generalizing here of course, but Ive see it many times. I would say there are a small number of things that may be going on here.

Number one, he just graduated and thinks he's hot shyt, Number two is he's probably really busy and doesn't want to do it, so he just threw a number out there to make it worth it.

Ha ha! That made me spit my coffee out!

Heck, my lawyer only charges $200 an hour.

Keep shopping.

There's the I (need) the work price

"I corrected him I was a good customer."

"Did you tell him you are a Master Landlord?!"

(Great example of why “You get what you pay for” is a myth).

These were fun comments. I've been hearing about shortages of hired hands all around. People are focusing on the high costs of Universities and how a telephone can be your knowledge hub for the future.

I didn't realize that the cry for people to go to trade schools was an effort to keep the trade labor rates in check.

Since I'm a licensed contractor I know the pain of over paying for major electrical work. Hiring an electrical contractor is like hiring any other contractor. Each one has a special set of skills. Some carry full insurance to protect themselves and the client.

Owners can obtain estimates based on the scope of the work to be performed. You can worry about the "Hourly Rate" or instead look at the value received.

I would note the following:

a) How long will the property be without power?

b) How long will the job take and how many skilled professionals will be on the job.

c) What is the replacement equipment rated and how many extra spaces will you have left for any later added electrical needs

d) Does the work carry a warranty.

e) Are permits included

Great comments from the responses so far! RobertJ's advice is spot-on: what are you getting--hourly labor or a well-done, professional job that will last beyond your lifetime?

But Brad's advice is also excellent: rates are negotiable. That's what makes the free market...free!

Btw, I AM a Master Land lord, and based on my calculations from last year I made $283/hour. So...if I pay him $150/hr and that enabled me to make $300/hr... *shrugs

This is a building that I bought and recently started renovations. These are part of a 6- unit complex & the other 4 are already done.

One of the skills landlords have to develop is to deal effectively with contractors and handymen. We know the work, the material costs and market rates. We are not your average home owners and some of us know more than your average contractor out there about code etc. Some contractors wont deal with landlords and that is fine by me. Many contractors understand that we have constant and year around work and charge accordingly to get repeat business. When someone will not give me a price or any idea of $$ over the phone, I tell them what I am used to paying for similar work before they come out and waste by time. I never get big companies who "have to see the job" before quoting as a company policy. I already know that quote will be outrageous. Those contractors are for people with deep pockets and no real estate knowledge where the sales people bring samples to your home and advertise heavily on television.

Forming relationships with qualified, dependable and fairly priced trades people is necessary in this business. Calling new people every time you have a problem will be another problem in its self.

If this were me .......I would hire an electrician to write the specification for a bid package. It would pay for itself