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Jun 29, 2016 · 21m · top-founders

EP 340: TigerProp Eliminates Real Estate Broker Fee, Did $800k in 2015 with Max Coursey

Max Coursey · 11m spoken Nathan Latka · 7m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this episode of The Top, host Nathan Latka interviews Max Coursey, founder of TigerProp, about his unconventional real estate brokerage model that gives home buyers a 20 percent commission rebate and standardizes professional marketing for sellers. Coursey discusses scaling the firm to 25 productive agents, generating nearly $800,000 in 2015 revenue, and integrating a commercial office ecosystem to offset overhead.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 39.5% of the talking time here. How this is scored →

Nathan as informed peer 4.0 Guest teaching 3.5 Guest disagreement 1.8 Nathan pushing back 4.0
05100:0010:0020:001:28–5:22 · Nathan as informed peer 4/10 TigerProp's Business Model and Commission Structure Nathan probes how TigerProp's commission structure works and challenges whether competitors could simply cut their own fees. Max explains the standard six percent split and explains their policy of professional photography and contingent payment.5:22–7:57 · Nathan as informed peer 5/10 Company Trajectory, Agent Productivity, and Revenue Metrics Nathan pushes Max on his financial metrics after Max provides shifting 2015 revenue numbers, moving from around half a million to nearly 800k.7:58–13:53 · Nathan as informed peer 5/10 Commercial Space Synergy, Commission Splits, and Expansion Nathan clarifies whether the 800k figure is transaction volume or collected fees, while Max explains his 70/30 agent commission split and physical co-working synergy.13:54–19:23 · Nathan as informed peer 2/10 Austin Live Event and HostGator Mid-Roll Sponsorship Nathan runs through mid-roll promotions and the Famous Five segment, where Max candidly discusses his sleep issues and business lessons.1:28–5:22 · Guest teaching 5/10 TigerProp's Business Model and Commission Structure Nathan probes how TigerProp's commission structure works and challenges whether competitors could simply cut their own fees. Max explains the standard six percent split and explains their policy of professional photography and contingent payment.5:22–7:57 · Guest teaching 3/10 Company Trajectory, Agent Productivity, and Revenue Metrics Nathan pushes Max on his financial metrics after Max provides shifting 2015 revenue numbers, moving from around half a million to nearly 800k.7:58–13:53 · Guest teaching 4/10 Commercial Space Synergy, Commission Splits, and Expansion Nathan clarifies whether the 800k figure is transaction volume or collected fees, while Max explains his 70/30 agent commission split and physical co-working synergy.13:54–19:23 · Guest teaching 2/10 Austin Live Event and HostGator Mid-Roll Sponsorship Nathan runs through mid-roll promotions and the Famous Five segment, where Max candidly discusses his sleep issues and business lessons.1:28–5:22 · Guest disagreement 2/10 TigerProp's Business Model and Commission Structure Nathan probes how TigerProp's commission structure works and challenges whether competitors could simply cut their own fees. Max explains the standard six percent split and explains their policy of professional photography and contingent payment.5:22–7:57 · Guest disagreement 2/10 Company Trajectory, Agent Productivity, and Revenue Metrics Nathan pushes Max on his financial metrics after Max provides shifting 2015 revenue numbers, moving from around half a million to nearly 800k.7:58–13:53 · Guest disagreement 2/10 Commercial Space Synergy, Commission Splits, and Expansion Nathan clarifies whether the 800k figure is transaction volume or collected fees, while Max explains his 70/30 agent commission split and physical co-working synergy.13:54–19:23 · Guest disagreement 1/10 Austin Live Event and HostGator Mid-Roll Sponsorship Nathan runs through mid-roll promotions and the Famous Five segment, where Max candidly discusses his sleep issues and business lessons.1:28–5:22 · Nathan pushing back 4/10 TigerProp's Business Model and Commission Structure Nathan probes how TigerProp's commission structure works and challenges whether competitors could simply cut their own fees. Max explains the standard six percent split and explains their policy of professional photography and contingent payment.5:22–7:57 · Nathan pushing back 6/10 Company Trajectory, Agent Productivity, and Revenue Metrics Nathan pushes Max on his financial metrics after Max provides shifting 2015 revenue numbers, moving from around half a million to nearly 800k.7:58–13:53 · Nathan pushing back 4/10 Commercial Space Synergy, Commission Splits, and Expansion Nathan clarifies whether the 800k figure is transaction volume or collected fees, while Max explains his 70/30 agent commission split and physical co-working synergy.13:54–19:23 · Nathan pushing back 2/10 Austin Live Event and HostGator Mid-Roll Sponsorship Nathan runs through mid-roll promotions and the Famous Five segment, where Max candidly discusses his sleep issues and business lessons.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 54.5% · guest 45.5%0:00 · Nathan 54.5% · guest 45.5%3:00 · Nathan 23.8% · guest 76.2%3:00 · Nathan 23.8% · guest 76.2%6:00 · Nathan 21.1% · guest 78.9%6:00 · Nathan 21.1% · guest 78.9%9:00 · Nathan 26.3% · guest 73.7%9:00 · Nathan 26.3% · guest 73.7%12:00 · Nathan 43.1% · guest 56.9%12:00 · Nathan 43.1% · guest 56.9%15:00 · Nathan 33.4% · guest 66.6%15:00 · Nathan 33.4% · guest 66.6%18:00 · Nathan 72.4% · guest 27.6%18:00 · Nathan 72.4% · guest 27.6%21:00 · Nathan 100% · guest 0%21:00 · Nathan 100% · guest 0%
Sharpest disagreement ▶ 3:32 Max mocks conventional agents doing DIY photography

Max dismisses traditional real estate agents attempting their own listing photos, bluntly rejecting the premise that an agent is qualified just from an eighties class.

 Hardest push from Nathan ▶ 7:42 Nathan confronts CEO on hazy revenue numbers

Nathan refuses to let Max slide on his shifting revenue estimates, directly pointing out that jumping from half a million to 800k indicates a lack of financial planning.

 Biggest teaching moment ▶ 2:27 Max breaks down real estate commission mechanics

Max educates Nathan on how the standard six percent fee splits three percent to each side and how TigerProp rebates 20 percent back to the buyer on the HUD.

 Nathan holds their own ▶ 10:02 Nathan untangles gross volume vs net fee revenue

Nathan demonstrates financial acumen by ensuring listeners understand the distinction between total home sale transaction volume and actual brokerage revenue.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
TigerProp's Business Model and Commission Structure 4524 Nathan probes how TigerProp's commission structure works and challenges whether competitors could simply cut their own fees. Max explains the standard six percent split and explains their policy of professional photography and contingent payment.
Company Trajectory, Agent Productivity, and Revenue Metrics 5326 Nathan pushes Max on his financial metrics after Max provides shifting 2015 revenue numbers, moving from around half a million to nearly 800k.
Commercial Space Synergy, Commission Splits, and Expansion 5424 Nathan clarifies whether the 800k figure is transaction volume or collected fees, while Max explains his 70/30 agent commission split and physical co-working synergy.
Austin Live Event and HostGator Mid-Roll Sponsorship 2212 Nathan runs through mid-roll promotions and the Famous Five segment, where Max candidly discusses his sleep issues and business lessons.

Statements from this episode (7)

Disclosure
TigerProp rebates 20% of broker commission to home buyers
“So what we do is we give 20% of that commission back to the buyer as a credit at the close of escrow.”
Max Coursey Jun 29, 2016 ▶ 1:47
Assertion Not checkable as stated
TigerProp refuses listings without professional photography
“Tiger Prop has never taken one single listing without professional photography.”
Max Coursey Jun 29, 2016 ▶ 3:32
Assertion Not checkable as stated
TigerProp expanded to 25 agents in its first 2.5 years
“We're up to 25 agents now in two and a half years”
Max Coursey Jun 29, 2016 ▶ 6:36
Assertion Partly supported
The average US real estate agent sells four homes per year
“The average real estate agent in this country sells four homes a year.”
Max Coursey Jun 29, 2016 ▶ 6:53
Assertion Not checkable as stated
TigerProp generated $800,000 in revenue in 2015
“Our total revenue last year, it was the 800 grand in 2015.”
Max Coursey Jun 29, 2016 ▶ 10:26
Disclosure
TigerProp plans next market expansion into San Diego
“Our plan is next to go into San Diego”
Max Coursey Jun 29, 2016 ▶ 11:10
Insight
Co-working spaces should operate like fish tanks sharing overhead
“The idea is like a fish tank, a new way of co-working, not like a WeWork or something, but you put symbiotic creatures inside the fish tank, They can all benefit from each other and help each other.”
Max Coursey Jun 29, 2016 ▶ 13:06
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