If you’re considering hiring an elevator consultant, then you should consider the fees and cost.
Choosing to hire an elevator consultant to represent your next project can bring savings, reliability, and overall success.
Understanding the basics of elevator consultant fees and cost will help you select the most acceptable rate and type of agreement. Start a project to get a free estimate from ElevatorLab.
Type of Fee Agreements:
Hourly Rate Elevator Consultant Fees:
Under an hourly rate agreement the consultant will negotiation an hourly price and get paid under that rate for all work, for each hour worked.
Hourly rates for elevator consultants are typically between $150 – $350 per hour. Hourly rates will vary depending on location, task, experience and specialized knowledge.
The industry is moving away from hourly rates, however, the consultant may still use the hourly rate to estimate the total flat rate for a specific project.
Hourly rates are common for an elevator expert witness in legal cases.
Flat Rate Elevator Consultant Fees
Flat rate elevator consulting fees are when a consultant charges a flat or fixed rate for a specific project. The price will remain the same regardless of the total hours spent completing the project.
Flat rate agreements are the most common fee type.
Consultants often prepare the estimate based on the hourly rate multiplied by the total anticipated hours to complete the project.
Contingency Elevator Consultant Fees
Contingency elevator consultant fees are based on an established metric of success. Usually success is measured in total dollars saved by hiring the elevator consultant.
For example, you’ve received a proposal from an elevator contractor for $100,000. By hiring an elevator consultant, the price was negotiated to $80,000. The elevator consultant will take a percentage of the $20,000 in savings. The percentage paid to the consultant may vary greatly for each project and each consultant.
Elevator Consultant Retainer Agreements:
Although not always used, an elevator consulting retainer is an agreement under which the client pays an up-front sum, usually around $2,000, into a trust.
The elevator consultant will draw finds from the trust as hours are worked.
Retainer agreements help ensure:
- The consultant will be available when needed
- The client will be able to pay
Retainer agreements are an extension of an hourly rate. Not to be confused with flat rate fees.
Understanding the basics of elevator consultant fees will help.
ElevatorLab is a full service elevator consulting firm available to help with any project.