Answer extracted from The Mastering Commercial Real Estate Podcast — listen to the full episode below.
How to Build Lasting Investor Relationships During Capital Raises?
Enter investor conversations with the goal of listening rather than talking. Ask prospective investors what their ideal outcome is for the discussion and let them share what they want—this reveals where they stand financially and in their investment stage. Over time, this listening-first approach compounds into deeper, more authentic relationships.
Most capital raisers approach investor conversations backward. They arrive prepared with a pitch, eager to present their thesis and close the deal. But as detailed in this episode, the real work happens when you flip that dynamic entirely.
"Listen, listen well, go into a conversation with the goal of listening. Have a couple talking points, but ultimately you go in to listen."
Joe Fairless — Founder of Ashcroft Capital and host of the Best Ever Show. Fairless graduated from Texas Tech University and moved to New York City to work in advertising before transitioning to real estate. He has acquired and managed over $2 billion in multifamily property across the United States and authored the Best Ever Apartment Syndication book, a definitive guide to apartment syndication strategy.
The Compounding Effect of Genuine Listening
Asking investors what they want to get out of the conversation is not a throwaway opener—it's a diagnostic tool. When you understand an investor's financial position and investment stage, you can respond to their real priorities instead of pushing your agenda onto their situation.
This distinction matters enormously when you're in the room. A seasoned institutional investor has different concerns than a new accredited investor. A fund looking to deploy capital in the next quarter operates on a different timeline than someone building a multi-year strategy. By listening first, you gather this intelligence before you speak.
Over a decade of conversations detailed in this podcast, a listening-first approach produces a compounding effect that transforms how investors perceive you and your future deals. You become known as someone who respects their time, understands their constraints, and remembers their real goals—not just another operator chasing capital.
This is relationship-building at scale. Each conversation becomes an asset. Investors who feel heard are far more likely to return for your next opportunity, refer you to their network, or increase their allocation. The patience of listening pays dividends in every direction.
See also
What are the key lessons learned from managing a first large multifamily deal that failed to meet expectations?
The first 168-unit apartment community was a disaster where Joe realized his 97% occupied property was actually 68% economically occupied. Understanding the difference between physical occupancy and economic occupancy is critical to assessing deal performance.
How can someone working a full-time job transition from owning a few rental houses to scaling into apartment syndications with partners?
Read books and reach out to the authors, take classes, and start teaching others what you are already doing. By teaching others, it reinforces the material and accelerates your ability to scale into larger deals.