Ask for a scoped quote tied to a decision, then compare the total appointment cost and usable output. No verified all-in diligence budget was established for the desk’s 30–150-room target; do not turn a general market guide into a fee promise.
Ask each proposed specialist to identify the contracting entity, named delivery lead, relevant experience, conflicts, included work, exclusions, information needed, site access, report recipients, reliance rights, turnaround assumptions, revision allowance, expenses and payment stages. Clarify whether the lender, owner or another party must commission the work.
Treat separately: public research and initial screening; licensed data; legal and accounting review; valuation; physical and environmental investigations; insurance work; design and cost planning; and operational transition. Add owner staff time, follow-up investigations and duplicated reports to the procurement comparison where they are material.
The useful economic question is not merely whether a specialist is expensive. It is whether the proposed scope can resolve a material uncertainty before a more expensive commitment is made. If the uncertainty is minor, reversible and within the owner team’s competence, a tightly controlled internal task may be sufficient.