How Many Followers Do You Need to Raise $1 Million for an Apartment Deal?
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There is no standard number of followers that raises $1 million. Followers are not investors, and the share of any following that is accredited, interested and ready to wire is small and specific to you. What a sponsor can do is work backward from the raise: how many checks, how many interested people to get them, and how big a list to find those people. The example below is made up to show the method. Replace its rates with your own.
What is the funnel?
Work backward from the raise.
- Raise: $1,000,000.
- Average check: you choose or estimate, for example $50,000.
- Checks needed: $1,000,000 divided by $50,000 is 20 investors.
- Investors who sign, per committed: some soft commitments never sign. See soft commitments vs signed subscriptions.
- Interested people per commitment.
- Followers per interested person.
What does it look like with example rates?
These rates are invented for the illustration. They are not benchmarks, and your numbers will differ, perhaps by a lot.
| Step | Example rate | People needed |
|---|---|---|
| Signed investors | 20 | |
| Soft commitments (1 in 2 signs) | 50% | 40 |
| Interested and accredited, on the deal list (1 in 4 commits) | 25% | 160 |
| Followers who join the email list (1 in 50) | 2% | 8,000 |
In this example, a following of 8,000 people who join the email list would be needed, and the following itself would be larger because most followers never join a list. Change any rate and the result changes. If the interest rate were 10% instead of 25%, the list needed would be 400 and the followers at least 20,000. A smaller average check raises the number of people needed.
How do you find your own rates?
- Post, then count how many people ask for the deal list. Do not guess.
- Send an email to the list and count replies and webinar sign-ups. See turn followers into investors with a webinar and email.
- Track committed vs signed and record the reasons people drop. See investor objections.
After a few weeks you will have rates of your own, and they are worth more than any average.
What if the number is too big?
Reduce the raise, raise the average check, or lengthen the runway. A smaller deal needs fewer people. See equity to raise for a 20 to 50 unit building and raise capital with a small following. The raise planner does this math for your inputs.
What do the rules say about followers?
A public post about a live offering is general solicitation. Under Rule 506(b) it is not allowed, and under Rule 506(c) it is allowed if every buyer is accredited and verified. See 506(b) vs 506(c) and social media rules for syndications. DoorRaise verifies every investor is accredited in both. It charges $1,500 to set up and $5,000 a year for administration from closing, regardless of the amount you raise, and investor funds go by wire to escrow at Enterprise Bank & Trust.
FAQ
What share of followers invest?
No reliable public figure exists, and we do not offer one. Measure yours.
Does a bigger following mean a bigger raise?
Not by itself. Trust and a clear deal matter more than reach.
Can I count friends and family?
Yes, as people, with the same steps. See friends and family raises.
Sources
The examples are simplified illustrations, not projections or offers. This article is general information as of November 2026, not legal, tax or investment advice. Talk to your own attorney. Every investment can lose money. DoorRaise is not a law firm, broker-dealer, investment adviser or funding portal.