1. Do a couple of high-level initial discovery first to understand the capacity and bandwidth of the team who would make it. Get them to sign an NDA first.
2. Put the features at a high level first instead of all the nitty-gritty details upfront. List key screens, integrations, if it's custom development required or not, or whether it is configurable with platforms etc.
3. Then the team can provide estimated timelines, tech stacks, if more specialized developers are required for certain features, and total development and post-launch support timelines etc.
4. Prices vary on the basis of experience level of a team, time estimates, and therefore the number of developers/specialists that are needed.
5. Avoid trying to win by bidding unrealistically low. Select teams wisely who can collaborate over the long term.
6. The goal should be to look for the right capability and bandwidth first rather than just the cheapest quote. There's no way winning in quality with totally unrealistically low quotes.
7. If quotes seem unusually high, feel free to tenderly ask for some flexibility or how the estimates arrived. But do this respectfully.
8. Also, discuss how work will be delivered -- in phases or waterfall, or otherwise, depending on what makes most sense given the specific nature of the project.
The goal should be to find a balanced and strategic budget based on value expected rather than just the minimum viable or unrealistically low quotes. The cheapest bid may also not translate into the best quality output. Focus more on capability over cost.
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