Well, php and sql skills are a must. vBulletin itself is pretty complex, so obviously experience with vBulleting is a big plus.
As for payment, most programmers make pretty good money - a typical complex mod is probably worth thousands of dollars, but my guess is you'd get it done for a lot less than that. Figure 30 - 50 dollars and hour, and if they are charging less than that it's a fair price - though it still may be too high for you, and you might find cheaper.
If you are going to pay competitive rates, get a resume, and references.
Voice your concerns over stability and performance to whoever you interview. If there answers don't satisfy you don't hire them.
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