Every broker has paid for leads they later wished they hadn't. The difference between an experienced lead buyer and a new one isn't better instincts. It's a checklist, run before paying.
Twelve signals to look for, three red flags, and what "good" actually looks like.
The 12 signals
1. Property address is specific. A lead that says "Texas" is barely a lead. A lead with a full address is one. Property-specific leads close at substantially higher rates.
2. Borrower has an LLC or plans to form one. DSCR programs require the loan to be held in a business entity in nearly all cases.
3. FICO band is disclosed and is 660+. Most DSCR programs have a 660 floor. Leads that don't disclose FICO are usually hiding something.
4. Property type fits DSCR programs. Single-family, 2-4 unit, and small commercial multifamily are standard. Ground-up construction, heavy mixed-use, and rural land are different products.
5. Target loan amount within program limits. Most DSCR programs run $75,000 to $3.5 million.
6. Borrower has stated DSCR target or rent estimates. Rent-illiterate borrowers can close but need more education time.
7. Source of down payment is identified. "I'm not sure yet" is a red flag.
8. Lead is exclusive or shared no more than three ways. Five-way and ten-way shared leads convert at very low rates.
9. Lead is less than 72 hours old. Trade reporting in outlets like HousingWire regularly highlights the close-rate cliff between fresh and aged leads.
10. Lead source is identifiable. A vendor who can describe the exact ad or form that produced the lead is producing leads themselves. Vague answers are warning signs.
11. Borrower knows the lead is being passed on. A borrower expecting a callback is a warm lead. A borrower whose data was scraped is a cold lead sold as warm.
12. Contact data is complete and verified. A meaningful slice of leads in the open market have disconnected phone numbers.
Three red flags
"Guaranteed exclusive." No reputable marketplace uses the word "guaranteed." Ask to see the contract clause.
Missing property address with high lead price. If the lead is $80+ and doesn't include a specific property, the price is wrong.
No replacement policy in writing. Real marketplaces have a written process for disconnected numbers and duplicate sales.
What good looks like
The standard in 2026: an exclusive single-property lead, less than 48 hours old, FICO disclosed at 680+, specific property address, target loan amount inside program limits, LLC formed or in formation, down payment source identified, and borrower contacted within 24 hours.
Marketplaces like Leedwallet and a small number of competitors have started publishing these specifications upfront for every lead, which lets brokers filter by the criteria above before paying. That's the new bar. Older marketplaces that still sell leads with field-level surprises should be treated with caution.
The cost of running the checklist is roughly two minutes per lead. The cost of skipping it is the same one most brokers complain about at conferences.
A note on regulated data
Some borrower data fields (FICO band, income type, debt ratios) sit close to FCRA-regulated territory. Vendors who publish them upfront should be doing so with borrower consent captured in the original intake form. The CFPB's guidance on consumer financial data sharing is the right baseline reference.
Editorial note: figures and benchmarks referenced in this article are estimates synthesised from industry observations, broker reports, and publicly available trade reporting. They are intended to illustrate market dynamics and should not be cited as primary research without independent verification.
