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 has been doing well in sales with annual revenue of $12.6 million in 2021. This justifies that the company’s net worth had elevated.
Rent Like A Champion Shark Tank Updates
Rent Like A Champion is a vacation rental service that provides accommodations for sporting events, specifically college football games.
The company was founded by Notre Dame alumni Mike Doyle and Drew Mitchell in 2006. Homeowners can list their properties for rent for the entire weekend, and Rent As A Champion tacks on an additional 9% service fee to the final bill.
The company operates in non-traditional vacation rental markets where Airbnb has little or no inventory, and it focuses on event-based rentals that attract large crowds. The company makes money by taking a 15% fee from each rental.
Rent As A Champion appeared on Shark Tank in season 7, where Drew and Mike entered seeking $200,000 for 10% of the business. Mark Cuban and Chris Sacca invested $100,000 each for a combined 10% stake in the company.
In season 8, Rent Like A Champion received an update segment where they hosted Mark and Chris at a tailgate.
As of August 2021, the company had expanded to golf tournaments and NASCAR events, and they had 3,000 properties in 27 college towns, with over 50,000 fans. The company had $12.6 million in annual revenue in 2022.
In summary, Rent Like A Champion is a vacation rental service that provides accommodations for sporting events, specifically college football games.
The company operates in non-traditional vacation rental markets and focuses on event-based rentals that attract large crowds.
Rent Like A Champion appeared on Shark Tank in season 7 and received an investment from Mark Cuban and Chris Sacca. The company has since expanded to golf tournaments and NASCAR events and had $12.6 million in annual revenue in 2022.
Rent Like A Champion Shark Tank Net Worth 2023
| Parameter | Value |
| Annual Revenue | $12.6 million (as of 2021) |
| Net Income (2016) | $1.4 million |
| Net Income (2016) | $915,000 |
| Valuation (2016) | $2 million |
| Service Fee | 15% commission for homeowners, 8% premium for renters |
| Insurance Coverage | $1,000,000 liability, $5,000 material coverage |
| Expansion | 21 college towns, over 300 homes in South Bend |
| Competitors | Logo, Vaystays, OpenDoor Coliving, New England Vacation Rentals |
| Founders | Drew Mitchell and Mike Doyle |
| Shark Tank Deal | $200,000 investment for 10% equity shares |
| Follow-Up Investment | Mark Cuban and Chris Sacca invested $100,000 each |
| Growth Rate | 80% annually since 2012 |
| Additional Services | Golf tournaments, NASCAR races |
Rent Like A Champion FAQs
What Is The Business Model Of Rent Like A Champion?
Rent Like A Champion is an online provider of rental accommodations near college game or event locations. It was founded in 2006 by three Notre Dame students – Jordan Curnes, Drew Mitchell, and Derrick Shenk.
Initially, it began as a student housing company but evolved into the business it is today. The business model of Rent Like A Champion is based on brokering homes to be rented out for the weekend to visiting college football fans.
Homeowners choose how much to rent their house out for the entire weekend, and Rent Like A Champion tacks on an additional 9% service fee to the final bill.
Rent Like A Champion follows the same peer-to-peer rental marketplace model as Airbnb, except they offer a completely different type of service.
They offer a comfortable homestay nearby the prominent places famous for hosting games and sports events across America.
The value proposition of Rent Like A Champion is to let sports lovers travel across the country and enjoy the games while the platform takes care of arranging a comfortable homestay for them.
Rent Like A Champion secured a $200,000 investment from Shark Tank in 2015. Mark Cuban and Chris Sacca both made the deal at $200,000 for 10% equity, exactly what Drew and Mike had asked for. Since their stint on Shark Tank, Rent Like A Champion has expanded into golf tournaments and racing.
Who is the founder?
Drew Mitchell and Mike Doyle founded Rent Like A Champion.
What Was The Outcome Of Rent Like A Champion Shark Tank Pitch?
Drew Mitchell and Mike Doyle pitched their business model, Rent Like A Champion, to the Shark Tank panel in 2015. They were seeking an investment of $200,000 for a 10% stake in the business.
During the pitch, Chris Sacca and Mark Cuban both made an offer of $200,000 for 10% equity, which Drew and Mike accepted.
Since their appearance on Shark Tank, Rent Like A Champion has expanded into golf tournaments and racing events, as well as football weekends.
As of December 2022, the company has over 3,000 rentals available in 27 college towns and has hosted more than 50,000 guests.
According to a Shark Tank Blog update in season 8, Rent Like A Champion had expanded its services to golf tournaments and NASCAR shows.
The update also revealed that the company had $12.6 million in annual revenue in 2022. The pandemic made a small dent in their profits, but the company is still a hit.
Homeowners pay a 15% commission to Rent Like A Champion, plus a 2.9% credit card transaction fee. The company has comprehensive insurance in the form of a $1,000,000 liability and structural damage policy, as well as $5,000 for content that’s included in each rental.
How Much Investment Did Rent Like A Champion Receive From Shark Tank?
Rent Like a Champion entered the Shark Tank seeking an investment of $200,000 for a 10% stake in the business.
During the pitch, Kevin O’Leary offered $200,000 for 15%, while Lori Greiner backed out entirely. Robert Herjavec refrained from making an offer altogether.
Ultimately, Mark Cuban and Chris Sacca both made the deal at $200,000 for 10% equity, which is exactly what Drew and Mike had asked for.
What Happened To Rent Like A Champion After Appearance In Shark Tank?
Rent Like A Champion is a company that brokers homes to be rented out for the weekend to visiting college football fans.
The company appeared on Shark Tank seeking an investment of $200,000 for a 10% stake in the business.
Kevin O’Leary offered $200,000 for 15%, while Lori Greiner backed out entirely because she believed their clients were likely to damage homes rented near stadiums. Since then, the company has expanded its services to golf tournaments and NASCAR shows.
According to a Rent Like A Champion update, the company achieved profits of over $3.5 million in 2015. Research for another update revealed $12.6 million in annual revenue in 2022.
What Is Rent Like A Champion And How Does It Work?
Rent Like A Champion is an online platform that provides short-term vacation rentals specifically for travelers coming to college towns for big events, such as college football games.
The company was founded in 2006 by three Notre Dame students and initially began as a student housing company but evolved into the business it is today.
Homeowners can list their homes on the platform and choose how much to rent their house out for the entire weekend. Rent Like A Champion tacks on an additional 9% service fee to the final bill.
To rent a home through Rent Like A Champion, customers can select their event and browse through available homes on the platform. Once they have found a home they like, they can securely pay for their rental using any major credit card.
Customers will receive confirmation via email with details for their stay, and the home will be freshly cleaned and have the same necessities as a hotel room, such as linens, towels, and toiletries.
Rent Like A Champion provides homeowners with contracts, payments and damage deposits, direct marketing, and homeowner rental insurance.
Homeowners are responsible for preparing their homes for guests, and the platform protects them from damage by holding renters liable for any damages or accidents that may occur over the weekend.
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.
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/
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.
