Platform comparison
Real Estate Investing Platform Fees Compared
Fee models at a glance
- Sponsor-paid
- Relli; RealtyMogul placements
- Mainly borrower-paid
- Groundfloor Notes and Loans
- Upfront from your money
- Crowd Street 1.5% to 3.5%; Arrived up to 3.5%
- Yearly fee
- Fundrise about 1%; older EquityMultiple deals 1% to 2%
- Inside every deal
- Sponsor or fund fees, in the documents
Fundrise fee page, Groundfloor help center, Crowd Street Form CRS (May 18, 2026), Form ADV filings and relli.co, checked Nov 2, 2026.
The short answer
The lowest platform fees belong to platforms paid by sponsors or borrowers, such as Relli and RealtyMogul's placements (sponsor-paid) and Groundfloor (mainly borrower-paid). Others charge investors a yearly fee, like Fundrise at about 1%, or an upfront load, like Crowd Street at 1.5% to 3.5%. Every investment also carries sponsor or fund fees inside the deal, so compare both layers in dollars.
Fee models at a glance
- Sponsor-paid
- Relli; RealtyMogul placements
- Mainly borrower-paid
- Groundfloor Notes and Loans
- Upfront from your money
- Crowd Street 1.5% to 3.5%; Arrived up to 3.5%
- Yearly fee
- Fundrise about 1%; older EquityMultiple deals 1% to 2%
- Inside every deal
- Sponsor or fund fees, in the documents
Fundrise fee page, Groundfloor help center, Crowd Street Form CRS (May 18, 2026), Form ADV filings and relli.co, checked Nov 2, 2026.
- There are two fee layers. The platform's fee, and the sponsor's or fund's fees inside the deal, such as acquisition fees of about 1% to 3% and a promote of commonly 20% to 30%.
- Relli is sponsor-paid. Investors pay Relli $0 today and sponsors pay a subscription to list; sponsor fees still apply (checked Nov 2, 2026).
- Some fees come off the top. Crowd Street's funds deduct a sales load of typically 1.5% to 3.5% before your money is invested (Form CRS, May 18, 2026).
- Yearly fees add up. Fundrise's 0.15% advisory plus 0.85% management fee is $2,500 on $50,000 over five years, before fund expenses.
In this guide · 7 sections
- Which real estate platforms have the lowest fees?
- What are the two layers of fees on a real estate platform?
- How do fees compare across private real estate platforms?
- How much do platform fees cost on $50,000?
- What fees do real estate sponsors charge inside a deal?
- Are there real estate investing apps with no fees?
- How did Relli compare platform fees?
At a glance
Which real estate platforms have the lowest fees?
The platforms with the lowest fees to investors are the ones paid by someone else, such as sponsors or borrowers. Relli and RealtyMogul's private placements are paid by sponsors, and Groundfloor mainly by borrowers. That answer covers only one layer, though. Every real estate investment also carries fees inside the deal or fund, and those can be larger than the platform's own fee.
The table compares eight platforms. They are ordered by how each platform is paid: first by sponsors or borrowers, then by an upfront fee taken from your money, then by a yearly fee on your balance. Nothing here is ranked or scored.
| Platform | Who pays the platform | Platform fee to investors | Fees inside the investment |
|---|---|---|---|
| Relli | Sponsors, through a subscription to list | $0 today | Each sponsor's fees, set in its offering documents |
| RealtyMogul | Sponsors, on private placements | Free to join | REITs: 1.00% or 1.25% of NAV a year; placements: sponsor fees |
| Groundfloor | Mainly borrowers (origination fees of typically 2.75% to 4.5%), plus Flywheel investors | "No fees to invest" in Notes or Loans; Flywheel has its own fee | Borrower fees and closing costs |
| Crowd Street | The funds it sells | No account fee; sales load typically 1.5% to 3.5% of your purchase | Each fund's management, performance and operating fees |
| Arrived | Its own investment vehicles | Sourcing fee of up to 3.5% of a home's price | Asset and property management fees, per offering circular |
| Willow Wealth | Investors and its own funds | Placement fee of 1% to 4% on some offerings; access fee about 0.25% a year | Management fee 1% to 3% a year; incentive fee up to 20% of profits |
| Fundrise | Investors | 0.15% advisory plus 0.85% management a year | Fund expenses; about 1.8% to 2.5% a year in total (2026 filings) |
| EquityMultiple | Investors, by product | "No fees on any Alpine Note investment"; 1% to 2% a year plus a flat fee on single-deal vehicles | New Larson offerings: typically 2% of NAV, a 1.5% acquisition fee and 20% above a preferred return |
Two layers
What are the two layers of fees on a real estate platform?
Every platform investment has two fee layers: what the platform charges, and what the sponsor or fund manager charges inside the deal. Comparing only the first layer can make an expensive investment look cheap.
- The platform layer. This is an advisory fee, a sales load, a sourcing fee or a subscription that a sponsor pays. It is the layer most "low fee" lists compare.
- The deal or fund layer. These are acquisition, asset management, financing and disposition fees, plus the promote. A promote is the sponsor's share of profit above a hurdle. These fees exist on every platform, including a $0 one.
On a single-manager platform such as Fundrise, the platform and the manager are the same company, so the two layers are billed by one firm. On a sponsor marketplace such as Relli, the platform layer can be $0 while the sponsor charges its own fees. Neither model is cheaper by default. You have to add both layers in dollars.
For a sense of scale, common sponsor fee ranges are about 1% to 3% of the price for acquisition and about 1% to 2% a year for asset management. The promote is commonly 20% to 30% of profit above the hurdle. The guide to sponsor fees and the promote explains each fee and its base, and the waterfall guide shows how the promote is split.
Platform by platform
How do fees compare across private real estate platforms?
Fees across private real estate platforms differ most in who pays the platform and when. The cards follow the same order as the table.
Relli
Sponsor marketplace · Sponsors pay to list
- Platform fee
- $0 to investors today
- Who can invest
- Mostly accredited
Relli lists offerings from many established sponsors, each reviewed before listing. Sponsors pay Relli a subscription, and investors pay Relli nothing to browse, read documents, talk to sponsors or invest. You can ask the sponsor's team about every fee on a call before you commit. Relli was founded in 2023, has no resale market, and a review is not a guarantee of performance.
RealtyMogul and Groundfloor
Paid by sponsors or borrowers
- Platform fee
- No direct fee on placements, Notes or Loans
- Status
- See filings
RealtyMogul says joining is free, members are not "required to directly pay any fees," and it "charges the sponsor a fee" for using the platform. Its two REITs charge 1.00% or 1.25% of NAV a year and have been closed to new money since July 11, 2025. Groundfloor says it makes money "primarily through fees charged to borrowers and Flywheel Portfolio investors," with origination fees of typically 2.75% to 4.5% (help center, August 12, 2026). Its Flywheel product charges investors 0.25% a quarter to 1.00% of each payout, depending on the investment date. Its April 2026 annual report, and its Notes issuer's October 2026 semiannual report, state substantial doubt about its ability to continue as a going concern.
Crowd Street, Arrived and Willow Wealth
Upfront fee from your investment
- Upfront
- 1% to 4%
- Plus
- Fund or property fees
Crowd Street charges no account fee, but each fund deducts a sales load of typically 1.5% to 3.5% before your money is invested (Form CRS, May 18, 2026). Arrived's adviser filing allows a sourcing fee of up to 3.5% of a home's purchase price, plus management fees. Willow Wealth's Form ADV lists a placement fee of 1% to 4% on some offerings, a yearly management fee of 1% to 3% and an access fee of about 0.25%.
Fundrise and EquityMultiple
Yearly fee on your balance
- Yearly
- About 1% to 2%
- Plus
- Fund or deal fees
Fundrise charges a 0.15% advisory fee and a 0.85% management fee a year on its real estate funds (fee page, checked November 2, 2026). Fund expenses come on top, and Fundrise's home page says it takes "no promote or carried interest." EquityMultiple's Alpine page says it "charges no fees on any Alpine Note investment." Its legacy single-deal vehicles charge 1% to 2% a year plus a flat expense fee, and new Larson offerings set their own fees.
In dollars
How much do platform fees cost on $50,000?
On $50,000 held for five years, the platform layer alone runs from $0 to about $5,350, depending on how the platform is paid. The worked example puts the published rates in dollars.
Worked example
You invest $50,000 and hold it for five years. Only the platform layer is counted, on a balance that stays at $50,000.
| Model | Example | Platform cost | Five-year total |
|---|---|---|---|
| Sponsor subscription | Relli | $0 to Relli today | $0 |
| Upfront sales load | Crowd Street, 1.5% to 3.5% | $750 to $1,750 once | $750 to $1,750 |
| About 1% a year | Fundrise | $500 a year | $2,500 |
| 1% to 2% a year plus $30 to $70 | EquityMultiple single-deal vehicle | $530 to $1,070 a year | $2,650 to $5,350 |
The platform layer ranges from $0 to $5,350 on $50,000 over five years. The deal or fund layer then comes on top in every row.
The result is a reason to ask for the full fee table, not a reason to pick the $0 row. A $0 platform with a heavy sponsor fee load can cost more than a 1% platform with lean fund fees. The offering memorandum guide shows where each fee is written down.
Inside the deal
What fees do real estate sponsors charge inside a deal?
Real estate sponsors charge fees for work, such as acquisition, asset management and disposition fees, and a promote for results. These sit in the private placement memorandum and operating agreement, whatever platform you use.
Some sales costs also show up in SEC filings. Relli's analysis of 4,172 real estate offerings filed on Form D between October 1, 2025 and September 30, 2026 found that 10.4% reported sales commissions or finder's fees. The median fee was 5.0% of the offering amount. For Delaware statutory trust (DST) and tenant-in-common offerings, 75.2% reported them, at a median of 6.0%. The Form D data study explains the method.
Form D does not show acquisition, asset management or promote terms. Ask the sponsor for every fee in dollars on your planned investment, and where each one appears in the documents.
Common questions
Are there real estate investing apps with no fees?
Some platforms charge investors no platform fee, but no real estate investment is free of fees. Groundfloor says there are "no fees to invest in Notes or Loans," and Relli charges investors $0 today. In both cases someone else pays the platform, and the investment itself still carries costs.
Which platform has the most transparent fee structure?
Look for fees written in a filed document. Registered funds such as Fundrise's publish expense ratios in a prospectus. Broker-dealers and advisers file a Form CRS and Form ADV. On a sponsor offering, the fee table is in the private placement memorandum. Ask for each fee in dollars.
Are real estate sponsor fees negotiable?
Not for most individual investors. Everyone in an offering signs the same documents, set before it opens. What you control is the choice between offerings. The sponsor fee guide covers what to ask.
What fees apply when you use an IRA?
A self-directed IRA adds custodian fees. Fundrise pays its IRA custodian's yearly fee for accounts that add $3,000 a year or hold $25,000 or more. Willow Wealth lists an IRA fee of $299 to $399 a year. Leveraged deals can also create unrelated business income tax inside an IRA. See the retirement accounts guide.
Do fees differ by property type?
The fee types are the same for industrial, medical office or mobile home park deals: acquisition, asset management, disposition and a promote. Levels vary by sponsor and plan. Compare minimums across platforms and fees together, since both decide what you can buy.
How do I compare fees and other features?
Fees are one column. IRA support, distribution schedules, tax forms and exits differ too. The platform feature comparison sets those side by side, and the crowdfunding sites comparison covers access and minimums.
Six checks
How did Relli compare platform fees?
Relli asked the same six questions of every platform. The questions were who pays the platform, what investors pay it, when that fee is charged, what fees sit inside the investment, where each fee is written down and whether it can change.
On November 2, 2026, Relli re-checked Fundrise's fee page, Groundfloor's fee and revenue page, and Crowd Street's and EquityMultiple's sites. Other figures come from Relli's platform reviews, checked October 20 and 27, 2026. Sources were each platform's own pages first, then its Form CRS, Form ADV and SEC filings. NerdWallet is named where used.
- No platform paid to be included or reviewed this page.
- Platforms are ordered by how the platform is paid, not scored or ranked.
- Relli is included with the same facts and its limits, because it is one of the options and wrote the page.
Fees change, so the offering documents always govern. This is general information, not tax or investment advice.
Sources
- What are Fundrise's fees?, Fundrise (accessed Nov 2, 2026)
- Fundrise home page ("no promote or carried interest"), Fundrise (accessed Nov 2, 2026)
- Fundrise Flagship Real Estate Fund prospectus, SEC EDGAR (May 1, 2026)
- Fundrise IRA Fee Payment Program, Fundrise (accessed Nov 2, 2026)
- Crowd Street Form CRS (client relationship summary), Crowd Street (May 18, 2026)
- Crowd Street offerings, Crowd Street (accessed Nov 2, 2026)
- Shining a Spotlight on Real Estate Sponsor Fees, Crowd Street (formerly CrowdStreet) (accessed Oct 20, 2026)
- Investment Adviser Public Disclosure: Arrived Advisors, LLC (CRD 343847), Form ADV Part 2A, U.S. Securities and Exchange Commission (Sep 2026 | accessed Oct 20, 2026)
- Willow Asset Management LLC, Form ADV Part 2A brochure, SEC Investment Adviser Public Disclosure (Mar 31, 2026)
- Willow Asset Management and Willow Wealth Markets, Form CRS (client relationship summary), SEC Investment Adviser Public Disclosure (effective May 8, 2026)
- EM Advisor, LLC Form ADV Part 2A brochure, EM Advisor, LLC (filed with the SEC) (Mar 31, 2026)
- Larson Capital Management, LLC Form ADV Part 2A brochure, Larson Capital Management (filed with the SEC) (Mar 31, 2026)
- EquityMultiple FAQ, EquityMultiple (accessed Nov 2, 2026)
- The Alpine Note, EquityMultiple (accessed Nov 2, 2026)
- EquityMultiple review, NerdWallet (Feb 5, 2026)
- Frequently asked questions, RealtyMogul (accessed Oct 27, 2026)
- RealtyMogul Income REIT, Inc. semiannual report (Form 1-SA), SEC EDGAR (Sep 28, 2026)
- How does Groundfloor make money?, Groundfloor (Aug 12, 2026 | accessed Nov 2, 2026)
- Groundfloor home page, products and disclosures, Groundfloor (accessed Nov 2, 2026)
- EDGAR company search: Groundfloor Finance Inc. annual report (Form 1-K), U.S. Securities and Exchange Commission (filed Apr 1, 2026 | accessed Oct 20, 2026)
- Groundfloor Yield, LLC semiannual report (Form 1-SA), period ended Jun 30, 2026, SEC EDGAR (Oct 1, 2026)
- Form D data sets (Relli analysis of 4,172 real estate offerings), SEC Division of Economic and Risk Analysis (period Oct 1, 2025 to Sep 30, 2026 | pulled Oct 20, 2026)
- Pricing, Relli (accessed Nov 2, 2026)
- How Relli works, Relli (accessed Nov 2, 2026)
- Rise Companies Corp. quarterly report (Form 10-Q), SEC EDGAR (period ended Jun 30, 2026)
- Fundrise Income Real Estate Fund semiannual report (Form N-CSRS), financial highlights, SEC EDGAR (period ended Jun 30, 2026)
- Fundrise eREIT merger registration (Form S-4/A), SEC EDGAR (2026; merger closed Apr 29, 2026)
- Fundrise eREIT, LLC quarterly report (Form 10-Q), SEC EDGAR (period ended Jun 30, 2026)
