On a £150k refurbishment a project management fee will land somewhere in the 6-10% range depending on complexity. The break-even argument is straightforward: if active management saves a single significant cost overrun, prevents a bad contractor selection or shortens the programme by a couple of weeks, the fee is paid back.

The less measurable case is also worth considering: the client gets to live their life rather than living the project. For homeowners doing a substantial build alongside a job and a family, that alone is often the deciding factor.

For investors the case is sharper still — every week of delay is a week without rental income.