DoorRaise vs Covercy: Cost, Features and Who Each Fits
Covercy is a subscription platform that helps commercial real estate fund managers raise capital, manage investors and move money. DoorRaise, which we built, is a flat-fee service for sponsors raising one apartment deal at a time, including the legal company, documents and escrow coordination. Ongoing multi-entity operators tend to fit Covercy. First-time single-deal sponsors tend to fit DoorRaise.
If you are new to the whole process, start with our guide to real estate syndication. It explains the pieces that every platform, ours included, has to cover.
Quick comparison
The table puts the two side by side. Covercy facts come from its own home and pricing pages as of October 19, 2026. Prices and terms change, so confirm them with the company.
| Topic | Covercy | DoorRaise |
|---|---|---|
| What it is | Platform for CRE fund managers: investor portal, fundraising, distributions and waterfalls, fund administration, fund accounting, payments and banking | Software, legal document preparation, escrow coordination and verification services for one raise |
| Built for | Commercial real estate fund managers and sponsors managing investors and entities over time | Sponsors raising one apartment building (5+ units) from their own network |
| How it charges | Monthly subscription by plan; the page says pricing is calculated per legal entity | Three flat fees; 0% of the raise or profits |
| Published price | Starter $498 a month, Standard $566, Professional $812 (the page also shows $249, $283 and $406 per entity); Fund Administration not published | $500 setup, $5,000 at closing (only if the deal closes), $3,500 a year while you own the property |
| Still bought separately | Securities attorney for offering documents, entity formation, escrow arrangements, Form D and state filings, CPA return and K-1 preparation (the page lists K-1 matching on Standard and above; K-1 and tax support are listed under Fund Administration) | State filing fees at cost, usually $2,000 to $5,000 |
| Contract terms | The pricing page we opened does not state contract length or cancellation terms; its footer links to terms of use. The three self-serve plans show a 14-day trial | No monthly software fee; closing and yearly fees apply only if the deal closes |
The monthly figures appear to be priced per legal entity with a base that covers two entities, but the page text does not say that directly. It shows entity-count tiers from 2 to 31 or more, and we could not confirm the total shown for each tier. Ask Covercy for a written quote for your exact setup.
What Covercy is
Covercy describes itself as "the all-in-one platform for CRE fund managers." According to its home page on October 19, 2026, it lets general partners raise capital, manage investors, automate distributions and move money.
The product list includes an investor portal, fundraising, distributions with waterfalls, integrations (Yardi, Rent Manager and NetSuite), fund administration, fund accounting, and payments and banking. The page states that Covercy is trusted by "hundreds of leading commercial real estate firms globally" and shows a 4.6 rating on G2. Those are the company's own claims, and we have not verified them.
On banking, the page says deposits can qualify for up to $3,000,000 of FDIC insurance through a Thread Bank sweep program, and that Covercy is a financial technology company and not an FDIC-insured bank.
Covercy plans
Covercy's pricing page lists three self-serve plans, each with a 14-day trial.
Fundraising Starter ("Raise") covers a CRM, fundraising pipeline, five team members, an investor portal, e-signatures, one-click ACH funding and accreditation, but not distributions or reporting. Standard ("Manage") adds investor email, document sharing, automated distributions and waterfalls, investor reports and K-1 matching, but not the fundraising pipeline. Professional ("Raise + Manage") combines both and adds unlimited team members, multiple funds, capital calls and integrations.
Accreditation is listed with "fees apply," and the amount is not published. Fund Administration is a separate add-on you reach through sales, with no trial and no published price. The page also lists ACH debit funding of up to $1 million per transaction, which it says is powered by Covercy's free Smart Payments banking tier.
What DoorRaise is
DoorRaise helps sponsors raise equity for apartment buildings with 5+ units from people who already trust them, such as friends and followers, under Rule 506(b) or 506(c). It combines software, legal document preparation, escrow coordination and verification services.
DoorRaise is not a law firm, broker-dealer, investment adviser, funding portal, bank or escrow agent. It does not hold investor money. Funds go to an independent escrow agent named on each deal. See how it works and pricing for the full flow.
Cost: what a single apartment deal actually needs
Portal software is one piece of a raise, not the whole bill. For one apartment deal you typically need a securities attorney for the offering documents, an LLC, an escrow account, accreditation checks, a Form D filing, state notice filings, and a CPA for the tax return and K-1s. Our guides on syndication software and syndication fees go deeper on each line.
Here are DoorRaise's own estimates of separate costs for a raise of about 40 investors. They are our estimates, not market data.
| Item | DoorRaise's own estimate |
|---|---|
| LLC formation | $500 to $1,500 |
| Escrow account | $1,000 to $3,000 |
| Accreditation checks | $2,000 to $4,000 |
| Securities attorney offering documents | $12,000 to $30,000 |
| Form D filing | $500 to $1,500 |
| Yearly tax return and K-1s | $4,000 to $9,500 |
DoorRaise's three fees over five years of ownership come to $500 + $5,000 + (5 x $3,500) = $23,000, plus state filing fees at cost, usually $2,000 to $5,000. The $500 setup fee is not refunded if the raise does not close. The $5,000 closing fee and the yearly fee are never charged if it does not close.
We do not claim DoorRaise costs less than Covercy in absolute terms. The fair comparison is the total cost of a raise, not the monthly software price. The published monthly figure is only the platform line; the legal, escrow, filing and tax lines sit beside it. The full table is at /compare.
When Covercy is the better choice
Covercy is likely the better choice when your needs go beyond one apartment raise. Several situations point that way:
- You manage more than one legal entity or a fund and want one system for investors, distributions and reporting across them.
- You already have a securities attorney, a CPA and an escrow arrangement you like, so a monthly subscription spread across many deals can cost less per deal than a per-deal service.
- You need integrations with property or accounting systems such as Yardi, Rent Manager or NetSuite, which Covercy lists, and which are outside DoorRaise's scope.
- You want fund administration, fund accounting, capital calls or banking inside the same platform, which Covercy lists and DoorRaise does not offer.
- You raise for assets other than apartments with 5+ units, or from institutional investors.
When DoorRaise is the better choice
DoorRaise is likely the better choice when you are raising a single apartment deal and have not built the legal and tax stack yet. That is the situation it was designed for.
- This is your first or only deal, and you would rather pay three flat fees than assemble an attorney, escrow agent, accreditation vendor and CPA yourself. Our guide for first-time syndicators with no track record covers that starting point.
- You raise from friends and followers under 506(b) or 506(c), one deal at a time.
- You prefer fees tied to the deal. The closing and yearly fees are charged only if the deal closes, and there is no monthly software fee.
- You want accreditation checks, Form D filing and K-1s handled as part of the same service. See Form D filing and K-1s in real estate syndication.
Our take
This is our opinion, and we built one of the two products. It is easy to compare monthly software prices and overlook the larger costs of the raise itself.
A subscription can be the right call once you run several entities. It is also one line item in a stack. Add up everything the deal needs and compare totals.
Trade-offs and who this is not for
DoorRaise is narrow by design. It covers apartments with 5+ units, Rule 506(b) or 506(c), and one deal at a time from your own network. It is not built for funds, other asset classes, fund accounting or ongoing multi-deal portfolios.
It also uses attorney-approved templates, and an attorney reviews the offering documents at closing. That is different from having your own securities attorney draft custom terms. If you want a fully custom structure, hire your own counsel.
Covercy trade-offs, as far as its own pages show: totals by entity count, accreditation fees and Fund Administration pricing are not published, and the pages we opened do not state contract length or describe Form D filing or an escrow service for a raise. Get these in writing before you sign.
Questions to ask any platform
These seven questions work for Covercy, DoorRaise or anyone else:
- Who files Form D, and who handles state notice filings?
- Who holds the money, and is it an independent escrow agent?
- Who prepares the K-1s each year, and is that included?
- What is the contract term, and what happens if I want to leave?
- What do add-ons cost, such as accreditation checks or fund administration?
- What happens if the raise does not close, and what fees do I still owe?
- Who is the securities attorney, and who reviews the offering documents?
How DoorRaise fits in
DoorRaise's $500 setup fee covers forming the deal's LLC (including the registered agent), investor documents from attorney-approved templates, an escrow account in the deal's name, the deal page, live call sign-up and accreditation checks on every investor. The $5,000 closing fee, paid from funds raised and only if the deal closes, covers attorney review of the offering documents, sponsor background, purchase contract, title and loan checks, Form D filing and electronic signing, escrow paying the title company, and the investor portal and document vault. The $3,500 yearly fee covers bookkeeping, tax return and K-1s for every investor, payouts and investor updates, and final tax forms when you sell. Learn more about accreditation checks and escrow.
Ready to raise? Create your free sponsor page or see pricing.
Other comparisons: DoorRaise vs InvestNext and DoorRaise vs Juniper Square.
FAQ
What does Covercy cost?
According to Covercy's pricing page on October 19, 2026, Fundraising Starter is $498 a month, Standard is $566 and Professional is $812, with per-entity figures of $249, $283 and $406 shown alongside. Fund Administration and accreditation fees are not published. Prices change, so confirm with Covercy. A third-party CRE Daily review (updated October 2, 2026) describes Covercy differently, as two pricing tiers starting at $109 per asset per month plus a free option, which does not match the pricing page, so ask Covercy which model applies to you.
Is Covercy a law firm, and does it provide legal documents?
The pages we opened describe software and financial tools, not legal services. They mention e-signatures for subscription documents, and the home page shows sample document names such as a subscription agreement template, but they do not describe drafting offering documents or acting as your securities counsel. Confirm with Covercy what legal support, if any, is included.
Does a software subscription replace the cost of a securities attorney?
No. Software manages investors and payments, while the offering documents and exemption compliance are separate. Under Rule 506 the issuer must meet the exemption's conditions, which is a legal matter to discuss with your attorney.
Who files Form D?
Under Rule 503, Form D is due no later than 15 calendar days after the first sale, filed electronically through EDGAR. The Covercy pages we opened do not mention Form D, so ask whether it is included. DoorRaise files it as part of the closing fee.
Can I use Covercy and DoorRaise together?
We do not know of any integration between the two, and we have not tested one.
What if my investors are not accredited?
That depends on the exemption. Rule 506(b) allows up to 35 non-accredited purchasers in any 90-day period, who meet sophistication requirements, with added disclosure duties, while 506(c) requires all purchasers to be accredited and verified. See Rule 501 for the accredited investor definition and talk to your attorney.
Sources
- Covercy home page, https://www.covercy.com/ (as of October 19, 2026)
- Covercy pricing page, https://www.covercy.com/pricing (as of October 19, 2026)
- CRE Daily, best investment management software review (third-party), https://www.credaily.com/reviews/best-investment-management-software/ (updated October 2, 2026)
- 17 CFR 230.506, https://www.law.cornell.edu/cfr/text/17/230.506
- 17 CFR 230.503 (Form D), https://www.law.cornell.edu/cfr/text/17/230.503
- 17 CFR 230.501 (definitions), https://www.law.cornell.edu/cfr/text/17/230.501
- DoorRaise pricing and compare pages, pricing and /compare (as of October 19, 2026)
This post is general information, not legal, tax or investment advice. Covercy is a trademark of its owner. DoorRaise is not affiliated with it. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.