How did two passionate entrepreneurs convince the Sharks to invest $200,000 in a college-town rental service?
The Rent Like a Champion Shark Tank episode was a turning point. It showcased a unique vacation rental service for college towns during football game weekends. Drew Mitchell and Mike Doyle created this service to address the accommodation shortage in small college towns. They offered a convenient option for fans and visitors.
Hotels were often full and prices were high during game days. The founders saw a chance to help. They proposed using local homeowners to provide rentals. This idea caught the attention of Kevin O’Leary, Chris Sacca, and Mark Cuban on Shark Tank. But what made this venture stand out, and how did the Sharks respond to their bold request?
Key Takeaways
- Drew Mitchell and Mike Doyle asked for $200,000 for 10% equity on Rent Like a Champion Shark Tank episode.
- The service generated $1.4 million in sales during its first year and processed $6.4 million in transactions.
- Less than 2% of their rentals had damage claims, with minimal average damage reported at $98.
- The company expanded to golf tournaments and NASCAR shows, growing beyond its initial focus on college towns.
- Kevin O’Leary, Chris Sacca, and Mark Cuban invested $200,000 for 10% equity in the company.
- Rent Like a Champion offered rental options in 27 college towns and plans to expand to 43 more.
- The company reported $12.6 million in annual revenue as of August 2024.
Introduction to Rent Like a Champion
Rent Like a Champion quickly became a top choice for college football game accommodations. It was a hit vacation rental business for nine years before appearing on Shark Tank Season 7. Its unique way of solving lodging problems has won over sports fans nationwide.
The Founding Story
The journey of Rent Like a Champion started in 2006. Drew Mitchell, Mike Doyle, and Derrick Shenk wanted to help fans find places to stay for Notre Dame games. They listed a vacant apartment on eBay and Craigslist, solving a big problem for fans. This humble start was the beginning of a vital service.
The Vision Behind the Venture
The founders of Rent Like a Champion knew that finding places to stay was hard in college towns on game days. They wanted to help fans across the country, not just at Notre Dame. They grew to over 100 campuses and even helped out at golf tournaments and NASCAR shows.
“By October 2022, Rent Like a Champion’s annual revenue had reached $12.6 million, underscoring the massive demand for sports event accommodations.” — Mark Cuban, Shark Tank investor
| Year | Annual Revenue | Number of Homes | Number of Towns |
|---|---|---|---|
| 2015 (Pre-Shark Tank) | $2.3 million | 1,500 | 15 |
| 2016 (Post-Shark Tank) | $5.46 million | 2,000 | 20 |
| 2021 | $10 million | 3,000 | 27 |
| 2022 | $12.6 million | 3,500 | 30 |
After getting investments from Mark Cuban and Chris Sacca on Shark Tank Season 7, the company’s success soared. The founders’ varied backgrounds helped build a strong business. Rent Like a Champion is set to keep growing for many years.
Pitching Rent Like a Champion on Shark Tank
In Season 7, Episode 6 of Shark Tank, Drew Mitchell and Mike Doyle pitched Rent Like a Champion. They talked about the need for better places to stay in college towns. Their service aimed to solve this problem by offering local rentals.
The Entrepreneurs
Mitchell and Doyle started Rent Like a Champion in 2006. They wanted to make visiting college towns easier and more comfortable. By the time they were on Shark Tank, they were in 21 towns and had made over $2 million.
The Ask and the Deal
They asked for $200,000 for 10% of the company. Their pitch impressed the Sharks. Mark Cuban and Chris Sacca teamed up, each getting 5% for $100,000.
Shark Reactions
The Sharks saw big potential in Rent Like a Champion. Cuban and Sacca praised their strategy and market demand. Their investment and advice helped the company grow even more after the show.
The Shark Tank pitch was a game-changer for Rent Like a Champion. After the show, they got a lot of interest and more customers. With Cuban and Sacca’s help, they were on track to make $4 million the next year.
| Aspect | Details |
|---|---|
| Investment | $200,000 for 10% equity |
| Sharks Involved | Mark Cuban, Chris Sacca |
| Annual Rental Receipts (prior year) | $2 million |
| Projected Gross Rental Proceeds | $4 million |
What Type of Rentals Does Rent Like a Champion Offer?
Founded in South Bend, Indiana in 2006, *Rent Like a Champion rentals* have become a top choice for *college football accommodations*. They operate in 21 college towns, offering a cozy alternative to hotels. These homes are near football stadiums, making them convenient and comfortable.
Here is a detailed look at the types of properties offered by Rent Like a Champion:
| Type of Accommodation | Features | Target Audience |
|---|---|---|
| Single-Family Homes | Spacious, full amenities, and backyard areas | Families and large groups |
| Condos and Apartments | Modern interiors, secure buildings | Small groups and couples |
| Townhouses | Multi-floor living, some with communal areas | Groups of friends and alumni |
These *Rent Like a Champion rentals* offer a home-like atmosphere. They come with Wi-Fi, fully stocked kitchens, and lots of space. This makes game weekends more fun. Since starting, they’ve hosted over 80,000 guests, aiming to exceed expectations in *college football accommodations*.
One big plus of Rent Like a Champion is the home-like feel of their properties. This creates a sense of community among fans. Thousands of guests have given positive feedback. With plans to expand to more events, their offerings will keep growing.
Expansion Beyond College Towns
Rent Like a Champion started strong in college football towns. But they didn’t stop there. They’ve now reached sports fans all over the country.
Golf Tournaments
Recently, Rent Like a Champion has added PGA golf tournaments to their list. They’ve made deals with golf events to offer special rentals. These range from cozy lofts to fancy homes, all designed for a great golf experience.
NASCAR Shows
They’ve also jumped into NASCAR event rentals. Knowing NASCAR fans are huge, Rent Like a Champion lets them stay near the races. This move helps both homeowners and NASCAR fans, making their stays more enjoyable.
| Event Type | Number of Rentals | Average Rental Price |
|---|---|---|
| PGA Golf Tournaments | 750 | $1,200 per weekend |
| NASCAR Shows | 1,100 | $1,000 per weekend |
The Unique Selling Proposition of Rent Like a Champion
Rent Like a Champion is a unique vacation rental service. It focuses on small college towns and works closely with homeowners. The company helps homeowners understand the benefits and how to rent out their properties.
Focus on Small College Towns
Rent Like a Champion specializes in small college towns. These places are busy during game days and other events. This makes RLAC a great choice for renters and helps build a community.
This focus has helped the company grow fast. It has received a lot of funding and expanded its market after appearing on Shark Tank.
Homeowner Engagement and Education
Rent Like a Champion puts a lot of effort into working with homeowners. They guide homeowners through nine stages, from the start to when they’re hosting guests. This ensures they know the rental process well.
The company also helps homeowners market their properties. They teach them how to make their places appealing to renters.
| Stages for Homeowners | Stages for Renters |
|---|---|
| Discovery | Discovery |
| Onboarding | Utilize |
| Booked | Pay |
| Hosting | Experience |
| Payment | Extend |
The company’s detailed approach to homeowner education is key. It ensures properties on the platform are of high quality. This makes the experience better for both homeowners and renters. Rent Like a Champion stands out as a unique vacation rental service because of its strong focus on homeowner partnerships.
Business Performance and Growth Metrics
Rent Like a Champion has seen great growth since it started. It’s become a top pick for vacation rentals in college towns, especially during big sports events.
Revenue Milestones
The company’s success is shown in its revenue. By 2022, Rent Like a Champion made $12.6 million a year. This shows it can meet the demand for vacation rentals, especially in college towns.
Customer Reviews and Satisfaction
Customer satisfaction is key for Rent Like a Champion. It has gotten lots of positive feedback. On Facebook and Google, it has a 4.9/5 rating. People love how easy it is to use and how close it is to events.
- Proximity to events
- Ease of use
- Overall satisfaction
These good reviews show Rent Like a Champion cares about its users. Its growth shows it’s doing a great job. This makes it a strong player in the market.
Behind the Success: The Team and Their Roles
The success of Rent Like a Champion is not just about numbers and smart decisions. It’s also about the dedicated team that led its growth. This team played a key role in growing the company from a small start in South Bend to a big business in many college towns.
Leadership Changes Over Time
Over the years, Rent Like a Champion has had big changes in leadership. It was started by Mike Doyle, Drew Mitchell, and Derrick Shenk. Later, Dave Longwell became CEO, leading the company to even more success.
Even with new leaders, the founders still guide the company as board members. They help shape the company’s vision and direction.
Roles of Mike Doyle, Drew Mitchell, and Derrick Shenk
Each leader had a key role in the company’s success.
- Mike Doyle: Mike was in charge of operations. He made sure everything ran smoothly and met high standards.
- Drew Mitchell: Drew focused on growing the company. He helped Rent Like a Champion expand into new markets like State College, Pennsylvania.
- Derrick Shenk: Derrick was all about customer service. His work kept customers happy, as shown in many positive reviews.
Thanks to their leadership, Rent Like a Champion has hit big milestones. They’ve handled over 30,000 rentals and grown into 21 college towns. The team’s strategic work helped the company grow and meet market needs.
| Leadership Role | Key Contributions |
|---|---|
| Mike Doyle | Operations Management and Service Standards |
| Drew Mitchell | Expansion Strategies and Market Penetration |
| Derrick Shenk | Customer Relations and Satisfaction |
Rent Like a Champion’s Financial Model
Rent Like a Champion uses a commission-based model. It balances making money and giving value to both homeowners and renters. Homeowners pay a 15% commission, and renters pay an 8% surcharge. This keeps the platform running well and offers great service.
Commission Structure
The main way Rent Like a Champion makes money is through its commission. Homeowners pay 15% on each booking, plus a 2.9% credit card fee. Renters pay an 8% surcharge. This helps cover costs and support for customers.
Handling Transactions and Security Deposits
Rent Like a Champion makes handling transactions and security deposits easy. It offers insurance for damages and content protection. This builds trust and peace of mind for users.
The company’s financial strategy has helped it grow a lot. Revenue jumped from $10 million in 2019 to $12.6 million in 2022. Here are some key financial points:
| Year | Revenue |
|---|---|
| 2019 | $10 million |
| 2020 | $5 million |
| 2021 | $8 million |
| 2022 | $12.6 million |
Rent Like a Champion’s smart financial model and policies make it a top vacation rental service. It keeps growing and building trust with users.
Impact of Shark Tank on Rent Like a Champion
When Rent Like a Champion appeared on Shark Tank, it changed everything. It made the company more visible and boosted its credibility in the vacation rental market. Getting investments from Mark Cuban and Chris Sacca gave them the money and advice they needed to grow.
The advice from these famous investors really helped Rent Like a Champion grow. The Shark Tank impact was clear right away. The company used the platform to grow and enter new markets.
Being on the show also led to more sales. This shows how big media can help a business. The investors’ support let Rent Like a Champion explore new markets, make more partnerships, and improve their technology.
The company didn’t just grow in size. It also offered more things, like rentals for events like golf tournaments and NASCAR shows. This helped them attract more customers and keep growing.
The table below shows other businesses that grew a lot after being on Shark Tank:
| Business | Description | Episode | Achievement |
|---|---|---|---|
| Glow Recipe | Korean Beauty Products | 714 | Increased product listings and market reach |
| Trunkster | Zipperless Luggage | 714 | Highest crowdfunded travel business on Kickstarter and IndieGoGo |
| Brazi Bites | Brazilian Cheese Bread | 714 | Achieved $600,000 in sales within 3 years, tripling sales annually |
| Susty Party | Sustainable Party Supplies | 714 | Introduced a holiday collection |
| Sock Tabs | Product addressing the issue of lost socks | Season 6 | Enhanced market visibility and sales |
By using the Shark Tank impact, Rent Like a Champion grew a lot. They stayed true to their mission of offering great places to stay for big events in small towns. This shows how TV and good advice can help a startup become a big success.
Conclusion
Rent Like a Champion has become a leader in the vacation rental world, especially for sports fans. It started in 2006, two years before Airbnb. The company filled a unique market need and has done well.
They offer more than just college football. They also have NASCAR, golf, basketball, and PGA Tour events. This has helped them grow and reach more people.
On Shark Tank, Season 7, they got $200,000 for a 10% stake. This showed their business is strong. It also helped them reach more people. Their easy payment system makes renting out homes simple for both hosts and guests.
Rent Like a Champion keeps growing and adding more events. It shows how focusing on specific markets can be powerful. They make game-day experiences better for thousands of fans.
This summary shows Rent Like a Champion’s success. It also shows they have a bright future in the vacation rental world.