What factors should you consider when choosing a feasibility study consultant?

1 Experience and reputation

The first thing to look for in a feasibility study consultant is their track record and reputation in the construction industry. You want to hire someone who has relevant experience in similar projects, preferably in the same location, sector, and scale as yours. You also want to check their references, testimonials, and feedback from previous clients, as well as their credentials, certifications, and affiliations. A reputable consultant will have a proven history of delivering high-quality feasibility studies that meet the expectations and requirements of their clients.

2 Scope and methodology

The second factor to consider is the scope and methodology of the feasibility study that the consultant offers. You need to make sure that the consultant can cover all the aspects of your project, such as market analysis, site evaluation, design options, financial projections, environmental impacts, legal issues, and risk management. You also need to understand the methodology and tools that the consultant uses to collect, analyze, and present the data and findings of the feasibility study. A good consultant will have a clear and transparent process that aligns with the best practices and standards of the construction industry.

3 Communication and collaboration

The third factor to consider is the communication and collaboration skills of the feasibility study consultant. You want to hire someone who can communicate effectively and regularly with you and your project team, as well as with other stakeholders, such as investors, contractors, regulators, and community members. You also want to hire someone who can collaborate well with you and your project team, as well as with other consultants, such as architects, engineers, and planners. A good consultant will have a professional and respectful attitude, and will be open to feedback, suggestions, and revisions.

4 Cost and timeline

The fourth factor to consider is the cost and timeline of the feasibility study that the consultant proposes. You need to compare the fees and expenses of different consultants, and see how they fit into your budget and expectations. You also need to compare the duration and schedule of different consultants, and see how they fit into your timeline and milestones. A good consultant will offer you a reasonable and realistic estimate of the cost and time required for the feasibility study, and will be able to deliver it within the agreed parameters.

5 Value and quality

The fifth factor to consider is the value and quality of the feasibility study that the consultant provides. You need to evaluate the outcomes and benefits of the feasibility study, and see how they help you make informed and confident decisions about your project. You also need to assess the quality and accuracy of the data and findings of the feasibility study, and see how they support your objectives and goals. A good consultant will provide you with a comprehensive and credible feasibility study that adds value to your project and enhances its chances of success.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?