How to evaluate an investor marketing agency for a 506(c) raise

The short answer

Judge an investor marketing agency on five things: whether it works with your offering type, what it measures and reports, how it follows up with investors who respond, where its job ends and yours begins on compliance, and what the contract commits each side to. Ask for definitions, not just totals. A number like "calls booked" means little until you know how the agency counts it.

1. Fit with your offering

• Does the agency work with Rule 506(c) offerings specifically? General solicitation is allowed only under 506(c), with conditions, so an agency used to 506(b) or retail products may not fit.
• Has it marketed your asset class or a close neighbor?
• Will it work only while your offering is active, and what happens if the raise pauses?

2. What it measures and how it defines each metric

Ask for written definitions of:

• A lead (form fill, phone number, or a person who answered qualifying questions)
• A booked call versus a held call
• A qualified conversation, and who decides it qualifies
• The reporting period and how often you get reports

Ask to see a sample report with client details removed. If an agency quotes totals across all clients, ask what period and which offerings those totals cover.

3. Follow-up and booking

• How fast does someone respond to a new inquiry, and is that by text, email, or phone?
• Who does the follow-up: the agency, your team, or software?
• Do booked calls land directly on your calendar?
• What happens to people who do not book on the first touch?

4. Compliance boundaries

• The sponsor stays responsible for the offering, investor-facing approvals, and verifying accredited status under 506(c). An agency's lead qualification is a marketing step, not verification.
• Ask whether the agency is a registered broker-dealer. If it is not, it should not be discussing investment terms, recommending the offering, or taking compensation tied to money raised. Confirm the structure with your securities counsel.
• Ask who approves ad copy and landing pages before they go live. The answer should be you and your counsel.

5. Contract and ownership

• Term length, notice period, and what you pay for (flat fee, ad spend, or both)
• Who owns the ad accounts, landing pages, and lead data if you part ways
• How ad spend is billed and whether you can see it directly

Questions to ask on a first call

1. Which offering types and asset classes do you work with?
2. How do you define a lead, a booked call, and a held call?
3. Can I see a sample report?
4. Who follows up with new inquiries, and how quickly?
5. Who approves the ads and pages before launch?
6. Who owns the accounts and data?

How Ad Insights Group fits

Ad Insights Group works with real estate sponsors and fund managers running active Regulation D 506(c) offerings. Its services cover investor lead generation; strategy, design and marketing; inbound handling and booking; and funnel build and automation with reporting. You can book a 30-minute discovery call on the discovery call page.