Rent Like A Champion Shark Tank Net Worth 2023
Rent Like A Champion Shark Tank Net Worth
According to the search results, Rent Like A Champion is doing quite well. As of 2022, they had annual revenue of $12.6 million .
This is a significant increase from the $1.4 million in net income they reported on Shark Tank in 2016, the company was valued at $2 million during and after the pitch.
While the pandemic did impact their profits, they have continued to expand their services to include golf tournaments and NASCAR shows . With this growth trajectory, it’s reasonable to assume that their net worth will continue to increase in 2023.
What is Rent Like A Champion? Who is the founder of Rent Like A Champion?
Rent Like A Champion is a website that connects game-goers with rental lodgings near college game or event venues.
The website offers a plethora of apartment rentals in local college communities, allowing fans visiting from out of town to stay in a house close to campus and keep their group together, especially on game days when getting adequate lodging can be challenging.
The website was established in 2006 by two Notre Dame undergraduates, Drew Mitchell and Mike Doyle. Drew and his co-founder, Derrick Shenk, advertised their vacant flat on Craigslist as a weekend rental for Notre Dame Football games.
The flat was rented very quickly, and the two entrepreneurs had a great small business and revenue stream. In 2010, Doyle joined the team with intentions to replicate the strategy in other college cities.
The operation is simple. Homeowners in college cities with major football programs may offer their property on the website.
People who wish to spend the weekend watching “the big game” can browse the ads and find a place to stay. They sign an agreement, pay for the rental (including a security deposit), and receive rental information (check-in/check-out, etc.).
Rent Like a Champion allows large parties to stay in a central location rather than being scattered across multiple hotel rooms in different parts of town, which can be challenging to secure during game weekends. Homeowners are charged a 15% commission plus a 2.9 percent credit card processing fee.
To ensure the safety of the properties and renters, Rent Like A Champion provides homeowners with extensive insurance coverage, including $1,000,000 liability and structural damage coverage, as well as $5,000 for material included in each rental.
During football season, homeowners can anticipate an average of $1100 in rent for one weekend and can market their property as many times as they like.
Since 2010, the company has expanded significantly, with homes for rent in 21 college towns throughout the United States, including over 300 in South Bend alone. The company aims to increase this number in the coming year.
Rent Like A Champion Shark Tank Pitch
Drew Mitchell and Mike Doyle pitch their company Rent Like A Champion, a type of Airbnb for college football fans, on episode 4 of season 7 of Shark Tank.
They are seeking a $200,000 investment for a 10% stake in their $2 million valued company, with hopes of scaling with the help of a Shark.
During their pitch, Drew and Mike highlight the problems with finding suitable accommodation for college football weekends.
They explain that Rent Like A Champion offers a solution by providing rental properties in college towns, similar to a college recruiter, and using digital marketing to generate interest.
When asked about competition with Airbnb, the duo explains that they focus on markets where Airbnb is not present.
Rent Like A Champion takes a 15% commission from owners and an 8% premium from renters, which has allowed them to complete $6.4 million in transactions in the previous year with $1.4 million in revenue and $915,000 in profit.
After some negotiation, Drew, Mike, and the Sharks reach a deal for a $200,000 investment for 10% equity shares. The condition for completing the deal is that they all have to tailgate together.
The update for Rent Like A Champion on Season 8, Episode 809, shows the success of the company, which has expanded to include golf tournaments and NASCAR races, with over 50,000 followers and 3000 homes in 27 college cities.
Despite the impact of the Covid-19 epidemic, Rent Like A Champion had an average annual growth rate of 80% since 2012, generating $12.6 million in yearly revenue as of December 2021.
Competitors of Rent Like A Champion
The primary competitors of Rent Like A Champion are; Logo, Vaystays, OpenDoor Coliving and New England Vacation Rentals.
Net Worth of Rent Like A Champion
The company was valued at $2 million during and after the pitch. Since then the company have been doing well in sales with annual revenue of $12.6 million in 2021. This justify that the company net worth had elevated.
Rent Like A Champion FAQs
What is Rent Like A Champion?
Rent Like A Champion is a website that allows college football fans to book a house during the weekend of the big game.
Who is the founder?
Drew Mitchell and Mike Doyle founded Rent Like A Champion.
How much were they asking on Shark Tank?
They asked for $200,000 for 10% equity of their company, which worth $2 million.
Did they have the deal?
Yes, they did from Mark Cuban and Chris Sacca.
How much did they get?
Chris Sacca and Mark Cuban both made offers of $200,000 for 10% equity shares of the company.
Is Rent Like A Champion still in business?
Yes, the company is still in business with yearly sales of $12.6 million as of December 2021.
Is Rent Like A Champion safe?
Yes, the company offers liability and structural damage insurance up to $1 million.
What are the benefits of Rent Like A Champion?
There are no hidden fees, pick the house and enjoy a great game day experience at the next college football game in one of their houses for rent.
How many locations of Rent Like A Champion?
Currently there are over 1,300 homes in 22 towns. They plan to expand to over 50 college towns by the end of 2023.
What is Rent Like A Champion website?
The official website for Rent Like A Champion is http://www.rentlikeachampion.com/
When did Rent Like A Champion start?
The company was founded in 2010.
How do I book for Rent Like A Champion?
The official Rent Like A Champion website will be able to book the game day experience.
How much does Rent Like A Champion cost?
The official Cost for the rental is $100 for two nights, with a minimum stay of two nights. The company provides all incidentals including food and beverage.
How can I pay for Rent Like A Champion?
Payment is via credit card online.
How do I book a house for Rent Like A Champion?
The official Rent Like A Champion website will be able to pick the perfect house for them.
What are the dimensions of the house?
The dimensions of the house are between 1,000 and 2,500 square feet.
How many people can stay in one house?
There are plenty of spaces for people to sleep at one time.
What is Rent Like A Champion shipping information?
Shipping is free within the USA. For shipping outside the United States, a $3 per item fee will apply.
What is the net worth of Drew Mitchell?
Drew Mitchell has an estimated net worth of $2.5 Million.
What is the net worth of Mike Doyle?
Mike Doyle’s net worth is estimated to be $1.5 million.
