GUIDES

The rules and the math, written down.

What sponsors and their lawyers ask before a call: the SEC rules, checking investors, what investor leads cost and how fees work. No sales pitch. The sources are at the bottom of each guide.

• Regulation D · Real estateRule 506(b) vs 506(c): what a real estate sponsor can and cannot do to find investorsHow Rule 506(b) and 506(c) differ for a real estate deal or fund. Learn what counts as general solicitation and who can invest. See what it means to verify, and how to switch.
• Investor acquisition · Real estateHow to find accredited investors for a real estate syndication or fundWhere do accredited investors for a real estate syndication come from? Your network, referrals, content and paid ads under Rule 506(c). See what each one costs, and why most paid leads never invest.
• Benchmarks · Investor acquisitionWhat does a real estate investor lead cost? And what does the two-percent conversion rate really mean?Published cost per lead and conversion benchmarks for real estate 506(c) investor marketing. We run them on a $10 million raise. Then we show the two numbers that move cost per appointment held.
• Lead response · Investor acquisitionSpeed to lead in investor acquisition: the four numbers that decide a 506(c) raiseThe first few minutes after an investor lead comes in decide a raise. Here is what the research on response time says. Here are the four numbers to ask for each week: speed to first human touch, contact rate, set-to-held rate and cost per appointment held.
• Regulation D · VerificationHow to verify accredited investors under Rule 506(c) after the SEC's March 2025 guidanceWhat "reasonable steps to verify" means under Rule 506(c). See the safe harbor methods and third-party checks. Learn what the SEC staff's March 2025 no-action letter says about a high minimum.
• Fee models · CompliancePlacement agent, finder, in-house IR or flat-fee investor acquisition: how sponsors pay to fill a raiseA real estate sponsor has four ways to pay to find investors. They are a placement agent, a finder, an in-house hire and a flat-fee firm. Here is how they compare. We look at cost. We look at who owns the investor. We also look at the broker-dealer line.
• Reference · GlossaryInvestor acquisition glossary for real estate sponsorsPlain meanings of the words in 506(c) investor acquisition. It covers accredited investor and general solicitation. It also covers speed to lead, set-to-held rate and cost per appointment held.