FOMO Leads numbers

From the full FOMO admin export of Nov 3 (3,349 leads, 83 accounts, every ad spend line from Aug 6 to Nov 3). Answers the three questions from the Nov 4 call. Totals only, no homeowner or agent details.

The short answer

FOMO's real ad cost per sold lead, October$15.26$36,659 spend, 2,402 sold leads

Their own cost setting, last 30 days$14.727 days $15.22, 3 days $14.35

What agents pay FOMO per lead$21.91plus a $597 / $997 / $1,497 plan

States per agent (median)24average 23.6, range 3 to 49

Correction to the call: the "Cash Paid" column on FOMO's States tab is what agents paid FOMO for those leads (every lead carries their $21.91 price, some older ones less), not FOMO's ad spend. So the ~$18 to $20 per state we read on the call (Florida $18.80) is the agent price. FOMO's real ad cost is about $13 to $15 per sold lead and has been falling. That is the number our own ads need to beat.

Target for our ads: about $15 per verified lead or less. At that cost our prices leave real margin: $36 pay per lead, $24 / $21 / $20 on Starter / Pro / Elite.
FOMO's margin per lead is thin and growing: in October agents paid $18.50 on average against a $15.26 cost (about $3 kept); in early November $21.01 against $13.10 (about $8 kept). Plan fees come on top.
Agents pick many states, not one: most cover 11 to 30. A lone agent in one small state is rare.
Leads follow population, not agent demand: California and Florida bring a quarter of all leads; Texas is the state most agents pick but only 6% of leads.

1. Cost per lead by state

The call's formula (cash paid ÷ leads), lifetime, sold leads only. As shown above, this is the average price agents paid per lead in each state. FOMO records ad spend for the whole account, not by state, so a true ad cost per state cannot be computed from their data; with one national campaign it is about the same everywhere, and states differ mainly in volume.

State	Leads sold	Share of leads	Cash paid	Per lead	Closed	Close rate
CA California	420	14.3%	$7,888	$18.78	11	2.6%
FL Florida	297	10.1%	$5,589	$18.82	12	4.0%
NC North Carolina	223	7.6%	$3,988	$17.88	3	1.3%
TX Texas	185	6.3%	$3,584	$19.37	8	4.3%
PA Pennsylvania	106	3.6%	$1,983	$18.71	2	1.9%
OH Ohio	102	3.5%	$1,913	$18.75	1	1.0%
GA Georgia	102	3.5%	$2,025	$19.86	2	2.0%
IL Illinois	100	3.4%	$1,914	$19.14	3	3.0%
MD Maryland	96	3.3%	$2,005	$20.88	2	2.1%
NJ New Jersey	83	2.8%	$1,493	$17.99	3	3.6%
MI Michigan	74	2.5%	$1,333	$18.01	3	4.1%
VA Virginia	74	2.5%	$1,390	$18.79	1	1.4%
AZ Arizona	72	2.4%	$1,221	$16.96	0	0.0%
AL Alabama	67	2.3%	$1,254	$18.72	2	3.0%
KY Kentucky	64	2.2%	$1,205	$18.83	3	4.7%
TN Tennessee	62	2.1%	$1,235	$19.92	2	3.2%
MO Missouri	62	2.1%	$1,087	$17.53	1	1.6%
IN Indiana	61	2.1%	$1,164	$19.08	6	9.8%
LA Louisiana	59	2.0%	$1,224	$20.75	2	3.4%
WA Washington	47	1.6%	$765	$16.28	2	4.3%
MS Mississippi	46	1.6%	$916	$19.92	2	4.3%
AR Arkansas	44	1.5%	$783	$17.80	2	4.5%
MA Massachusetts	43	1.5%	$868	$20.19	4	9.3%
WV West Virginia	43	1.5%	$799	$18.58	3	7.0%
OK Oklahoma	41	1.4%	$762	$18.57	1	2.4%
CT Connecticut	38	1.3%	$784	$20.64	0	0.0%
NV Nevada	37	1.3%	$661	$17.86	2	5.4%
CO Colorado	32	1.1%	$576	$18.00	0	0.0%
OR Oregon	32	1.1%	$469	$14.66	1	3.1%
WI Wisconsin	31	1.1%	$624	$20.13	0	0.0%
HI Hawaii	30	1.0%	$538	$17.94	0	0.0%
MN Minnesota	26	0.9%	$442	$17.02	1	3.8%
DE Delaware	22	0.7%	$426	$19.36	4	18.2%
KS Kansas	18	0.6%	$371	$20.64	0	0.0%
NM New Mexico	15	0.5%	$332	$22.11	0	0.0%
UT Utah	15	0.5%	$292	$19.48	0	0.0%
NH New Hampshire	12	0.4%	$218	$18.14	0	0.0%
IA Iowa	12	0.4%	$244	$20.36	1	8.3%
ID Idaho	11	0.4%	$190	$17.26	1	9.1%
MT Montana	10	0.3%	$195	$19.52	1	10.0%
AK Alaska	7	0.2%	$147	$21.05	0	0.0%
ND North Dakota	7	0.2%	$118	$16.83	0	0.0%
DC District of Columbia	5	0.2%	$63	$12.69	0	0.0%
SC South Carolina	3	0.1%	$65	$21.68	0	0.0%
NE Nebraska	2	0.1%	$42	$21.18	0	0.0%
ME Maine	1	0.0%	$23	$22.85	0	0.0%

2,939 sold leads in 46 states, $55,210 paid by agents in total. Close counts are small (most states under 10), so close rates by state are not reliable yet.

2. How many states each agent covers

States per agent

Agents with states set 35Average 23.6Median 24Fewest 3Most 49

2-5 states2

6-10 states2

11-20 states11

21-30 states13

31-49 states7

80 real accounts (test and duplicate sink left out); 45 have no states set, mostly sign-ups that never finished setup.

States agents pick most vs where leads come from

State	Agents covering it	Share of leads
TX Texas	34	6.3%
SC South Carolina	32	0.1%
OH Ohio	31	3.5%
NC North Carolina	28	7.6%
VA Virginia	27	2.5%
MI Michigan	25	2.5%
AL Alabama	23	2.3%
AR Arkansas	23	1.5%
UT Utah	23	0.5%
PA Pennsylvania	23	3.6%
TN Tennessee	23	2.1%
CO Colorado	22	1.1%

3. Ad spend and real cost per lead by month

Month	Ad spend	Leads	Sold	Cost per sold lead
August	$17,778	0	0	n/a
September	$7,382	261	252	$29.29
October	$36,659	2,647	2,402	$15.26
November 1 to 3	$5,161	441	394	$13.10

August spend ($17,778) has no leads in the export (their tracking starts in September; their dashboard counts spend from Sep 8), so it is left out of the cost per lead. September was the ramp-up month. Total gross spend $66,979.

What this means for us

Budget our first campaigns against a $15 cost per verified lead, and check it per state once we have a week of our own data.
Run nationwide over every state our agents cover; volume will come from California, Florida, North Carolina and Texas first.
Agents will cover 20+ states on average, so the "one agent alone in a small state" case is an exception to handle with a small dedicated ad group, as agreed.