Rent Like A Champion Shark Tank Update | What Happened to Rent Like A Champion after Shark Tank?
What is Rent Like A Champion?
Rent Like A Champion is a website that offers rental lodgings near college game or event venues. It connects game-goers to a plethora of apartment rentals in local college communities.
Rent Like A Champion allows fans visiting from out of town to stay in a house close to campus and keep their group together, which is especially important during game days when obtaining adequate lodging can be difficult.
Drew Mitchell and Mike Doyle, two Notre Dame Undergraduates, established Rent Like A Champion in 2006.
Rent Like A Champion offers rental lodgings near college game or event venues. It connects game-goers to a plethora of apartment rentals in local college communities.
Rent Like A Champion allows fans visiting from out of town to stay in a house close to campus and keep their group together, which is especially important during game days when obtaining adequate lodging can be difficult.
Who is the founder of Rent Like A Champion?
Drew Mitchell and Mike Doyle, two Notre Dame Undergraduates, founded Rent like a Champion in 2006.
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 immediately, and the two forward-thinking entrepreneurs had a great small business and revenue stream.
Doyle joined the team in 2010, with intentions to replicate the strategy in other college cities.
The operation is straightforward. Rent Like a Champion is a website where homeowners in college cities with major football programs may offer their property.
People who wish to spend the weekend watching “the big game” look through the ads and find a place to stay. They sign an agreement, pay for the rental (including a security deposit), and get rental information (check-in/check-out, etc.).
Rent Like a Champion allows huge parties to remain in a central place rather than being dispersed all over town in multiple hotel rooms, which are sometimes rare during game weekends.
Rent Like a Champion charges homeowners a 15% commission plus a 2.9 percent credit card processing fee.
Rent Like A Champion provides homeowners with extensive insurance in the form of a $1,000,000 liability and structural damage coverage, as well as $5,000 for material included in each rental.
During football season, homeowners may anticipate an average of $1100 in rent for one weekend and can market their house as many times as they like.
Since 2010, the company has grown significantly. Rent Like A Champion has homes for rent in 21 college towns throughout the United States (300 or so in South Bend alone), and they want to increase that number in the coming year.
What Happened to Rent Like A Champion at Shark Tank pitch?
In Shark Tank episode 4 of Season 7, Drew Mitchell and Mike Doyle present Rent Like A Champion, a form of Airbnb for college football enthusiasts. They want a Shark to assist them in scaling their firm.
Drew and Mike come in looking for $200,000 for a 10% stake in their company, which is valued at $2 million.
They build a picture of a perfect football weekend marred by the group breaking up to go to a bad hotel. Chris Sacca appears solemn throughout their pitch.
Robert is curious about the distinction between Rent Like A Champion and Airbnb. They claim that the vast majority of their property owners reside in tiny college towns.
They employ a lot of digital marketing to generate interest before going in person – similar to a college recruiter. Lori leaves as soon as someone inquires about the damage to the rental dwellings.
Drew notes that just 1.9% of their renters have damage claim, with an average of $98 in damage.
When they get down to business, they reveal that they completed $6.4 million in transactions last year, garnering the company $1.4 million in revenue and $915,000 in profit. This is an increase from the $2.5 million in transactions in 2014.
Sacca brings up Airbnb and inquires whether they compete with them. Mike argues that they aren’t because Rent Like A Champion has inventory in markets where Airbnb does not operate.
They go on to say that they generate money by taking a 15% commission from owners and an 8% premium from renters. Drew is so ecstatic at this moment that Kevin fears he may spontaneously explode!
So far, they haven’t received any funds; instead, the firm has expanded through word-of-mouth from renters. They intend to grow to 43 college cities, with an average of 53,000 visitors every home game.
When Kevin learns of this, he offers $200,000 for 10% equity shares. Chris Sacca quickly matches it and says he’d want Mark to join him.
Drew hesitates when Mark claims he despises Notre Dame. Drew says he has one condition on completing the deal: they all have to tailgate together!
Drew says he has one condition on completing the deal: they all have to tailgate together! Mark and Chris match the $200,000 offer for 10% equity shares, accept the offer, and depart the pitch with a deal.
What Happened to Rent Like A Champion after Shark Tank?
The deal was finalized after the program aired and the two departed with a contract from the two Sharks. Season 8, Episode 809 includes an update piece for Rent Like A Champion. They host Mark and Chris for a tailgate party in that update.
By August 2021, the firm had grown to include golf tournaments and NASCAR races. They have over 50,000 followers and 3000 homes in 27 college cities.
They had an average annual growth rate of 80% since 2012, until the Covid-19 epidemic struck. This company’s yearly revenue is $12.6 million 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.
