Commission a decision package with traceable evidence and an executable model—not just a market narrative. Define the decision, deadline, required specialist interfaces and acceptance criteria before appointing the adviser.
HVS’s public advisory scope includes market studies, feasibility, underwriting support and transaction-related work. Those categories help frame procurement, but buyers should specify exactly which deliverables their assignment includes. (hvs.com)
Our recommended scope requires:
- A reconciled historical earnings bridge.
- A documented comparable-set rationale.
- A property-specific demand and positioning assessment.
- Base and downside monthly cash-flow cases.
- A capital and working-capital funding schedule.
- Normalized operator or affiliation comparisons, where relevant.
- A risk register with unresolved evidence and decision consequences.
- A concise investment-committee brief and editable calculations.
Ask who pays the adviser, whether transaction success affects compensation, and whether referral or supplier relationships exist. Require these disclosures in writing rather than assuming that the word independent resolves conflicts.
For AI-assisted work, specify source verification, confidentiality, retention, permissions and human review.
What is not established: a validated market price for this exact scope or a fixed turnaround that works for every property. Request a priced scope tied to available data, site work, licensed evidence and specialist dependencies.