How much would you charge for this freelance UW project?
How much would you charge someone who asked you to do a full UW of a mid-level NYC prospective hotel development project strictly from the in-place operator's perspective (i.e., fewer moving pieces than with the acquisition, disposition, debt, equity, jv, etc. pieces)? Possibly ~20 hours of work.
About $80-$120/hour of work. I imagine this would vary based on your experience level.
Agree with the level of experience, but for a seasoned analyst/associate doing this freelance, I'd say $125-$175 an hour would be a rate more inline with market.
I've charged $80-$100/hr. could probably have gotten more but I enjoyed the work. Hotel is a bit more niche, probably harder to find someone to do it so I bet you can charge more.
Curious, how did you find this freelance project?
Also curious how you found some freelance work -- been thinking of trying the same to fund some gambling habits
My engineer (20-30 year experience) charges $250/hour to oversee construction work (yes, expensive). I'd imagine somewhere in the 175-200 range assuming 10 years experience and work up/down from there.
Do $175 per hour but quote it as a fixed price not hourly
Offer 3 rounds of revisions for free and any further at 175 an hour - communicate this otherwise youll have infinite revisions
get 50% deposit or 25% deposit before starting
With all due respect, as a hotel guy, I am not sure why anyone would ask and pay you to do this. If this is not a normal investment case UW and more so operator point of view UW, then why would I not just lean in on the in place operator who lives this day to day and is going to be way more in tuned with actual staffing levels, expense control, and revenue management strategies and do this for free?
For a 3rd year analyst through associate level consultant I'd think $150/hr is fair.
$200-400 per hour and don't pad the hours. They'll be back if you do a good job.
I've done some freelance UW work and ~$100/hour is usually the sweet spot, anything much higher and they'll find somebody else for cheaper. If you think they really want you and aren't considering hiring somebody else then you can ask for more.
Also, if you have a good idea what the total time commitment will be, charging a flat fee for the total project is usually preferable so you don't have to track your hours while you work. You may end up shortchanging yourself a bit if say you think you'll work 20 hours and end up working 22, but I still think its better than having to log time.
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