What High-Performing Investor Relations Associates Do Differently in Discovery Calls

We previously wrote on the need for a shared vernacular within capital raising teams, but this problem also extends to communication between investor relations associates and prospective investors. When a potential investor enters the sales funnel, they don’t understand the process. Even if they have invested in private real estate firms before, they haven’t invested in your firm; they’re unfamiliar with your process and the language you use to communicate about the process. 

An LP might say, “I can make a decision in two weeks.” On the surface, that sounds clear. But what exactly happens in those two weeks? Will they be reviewing documents, looping in a spouse or advisor, evaluating other options, or waiting for a capital call from another deal? Perhaps two weeks is when they are planning on sending a wire. 

It’s the IR associate’s job to bridge that gap. Through better discovery and education, associates can align expectations, clarify decision-making dynamics, and guide prospects through a process built to help them evaluate.

Better prospect conversations start with better discovery. And better investor relations discovery calls start with a shared understanding.

LPs Don’t Know How to Buy

Most LPs don’t have a defined process for evaluating private investments. Many are first-time investors. Others have experience, but not with your firm, your structure, or your timeline. Even seasoned LPs may default to vague signals or surface-level questions simply 

Associates who expect prospects to come in with a plan will spend most of the sales cycle reacting, not guiding. The better approach is to assume there’s no plan in place and then help build one that works with your IR sales framework.

This doesn’t mean taking control. It means creating clarity. Instead of asking, “What would you like to do next?” say, “Here’s what the process typically looks like” or “Here’s what most investors find helpful at this stage.”

The goal is to co-create a decision-making path that meets their needs and gives your team visibility into what’s coming next.

Investor Relations Discovery Calls Beyond Qualification

A strong first call doesn’t end with a yes or no, but with clarity and a path forward. Discovery requires uncovering how the prospective investor thinks, what they need to evaluate the opportunity, and what potential blockers could derail the process later.

Associates often stop too early. They hear that the investor has capital to deploy, likes the asset class, and has invested before. That’s not discovery, it’s surface-level alignment. The real work happens when the associate starts asking questions like:

• Have you made an investment like this before?

• How do you typically make financial decisions of this size?

• Is there anyone else who will need to be involved before you move forward?

Answers to these questions shape the next step. If the LP says, “I usually talk to my spouse before I invest,” that’s not a signal to push forward; it’s a flag to realign your timeline. If they say, “I’ve invested in real estate before,” you need to understand if they mean a syndication, a REIT, or their cousin’s Airbnb.

Precision in discovery leads to precision in execution. It ensures that the associates’ follow-up is tailored, that timelines are realistic, and that the pipeline sees real momentum.

Present the Process as a Help, Not a Hurdle

Once an investor is qualified, it’s tempting to shift into logistics: send docs, schedule a follow-up, request verification materials. But when those next steps are framed around the associate’s workflow rather than the investor’s experience, momentum breaks.

Associates should present the process as a tool designed to help the LP evaluate the opportunity clearly and confidently. It sounds like:

“I’ll send over the materials for you to review. Some investors like to walk through them together, so we can schedule a follow-up just in case anything stands out or raises questions. If there’s anything specific you already know you’ll want to focus on, I’ll come prepared.”

This kind of framing keeps control without pressure. The associate owns the structure but positions it in a way that supports the investor’s decision-making process. It signals professionalism while removing ambiguity and keeping the momentum moving forward.

Don’t Rely on Assumptions, Build Agreement

When you have misaligned assumptions, it stalls progress and can lead to lost leads. For example, if a lead says, “I’ll share this with my spouse and get back to you.” That might sound like a routine follow-up step. In reality, it often signals hesitation, lack of buy-in, or an undisclosed gatekeeper in the decision process. If an investor relations associate doesn’t dig deeper, they’re likely to misjudge the timeline and next step entirely.

Before ending a call, associates should confirm what has happened, what will happen next, and what the investor expects in the meantime.

Clarity Drives Commitment

In sales, productive conversations don’t happen by accident. They’re built through clear language, structured discovery, and a shared understanding of what’s actually being said.

Associates who lead conversations with curiosity and walk investors through the process create stronger engagement. Instead of making the process about what they need, they focus on the investor’s needs. This shift reduces drop-off, avoids false signals, and gives their team a cleaner pipeline to work from.