What Happened to Rent Like A Champion After Shark Tank?

What is Rent Like A Champion?

Rent Like A Champion is a service that provides rental accommodations near college game or event sites. It connects game-goers to a slew of apartment rentals in nearby college towns.

Rent Like A Champion enables out-of-town fans to stay in a property near campus and keep their group together, which is especially crucial on game days when finding suitable housing can be challenging.

Rent Like A Champion was founded in 2006 by Drew Mitchell and Mike Doyle, two Notre Dame Undergraduates.

Rent Like A Champion provides rental accommodations near college game or event locations. It connects game-goers to a slew of apartment rentals in nearby college towns.

Rent Like A Champion enables out-of-town fans to stay in a property near campus and keep their group together, which is especially crucial on game days when finding suitable housing can be challenging.

Who founded Rent Like A Champion?

Rent Like A Champion was started in 2006 by Drew Mitchell and Mike Doyle, two Notre Dame Undergraduates.

Drew and his co-founder, Derrick Shenk, listed their unoccupied flat on Craigslist as a weekend rental for Notre Dame Football games.

The flat was quickly rented, and the two foresighted entrepreneurs had a terrific little business and money stream.

Doyle joined the team in 2010, with the goal of replicating the technique in other college towns.

The procedure is basic. Rent Like A Champion is a website where homeowners in college towns with significant football teams may list their property for rent.

People who want to spend the weekend watching “the big game” search the classifieds for a place to stay. They sign an agreement, pay for the rental (including a security deposit), and receive rental details (such as check-in/check-out times).

Rent Like A Champion allows large groups to congregate in one location rather than being distributed all over town in various hotel rooms, which may be difficult on game weekends.

Rent Like A Champion charges a 15% commission plus a 2.9 percent credit card processing fee to homeowners.

Rent Like A Champion offers homeowners comprehensive insurance in the form of a $1,000,000 liability and structural damage policy, as well as $5,000 for materials included in each rental.

During football season, homeowners can expect to get an average of $1100 in rent for a single weekend and may sell their home as many times as they like.

The firm has developed tremendously since 2010. Rent Like A Champion has homes for rent in 21 college towns around the country (300 or so in South Bend alone), and they hope to expand that number in the coming year.

What Happened to Rent Like A Champion’s Shark Tank pitch?

Drew Mitchell and Mike Doyle pitch Rent Like A Champion, a type of Airbnb for college football fans, on Shark Tank episode 4 of Season 7. They want a Shark to help them scale their business.

Drew and Mike entered the Shark Tank pitch seeking for $200,000 in exchange for a 10% stake in their firm, which worth $2 million.

They paint a picture of a beautiful football weekend that is ruined by the party splitting up to go to a poor hotel.

Chris Sacca maintains a serious demeanor throughout their proposal.

Robert was interested in the difference between Rent Like A Champion and Airbnb. According to them, the great majority of their property owners live in small college towns.

Similar to a college recruiter, they do a lot of internet marketing to develop interest before coming in person. Lori immediately exits when someone inquires about the damage to the rental properties.

Drew reports that just 1.9% of their tenants have filed damage claim, with an average of $98 in damage.

When they get down to business, they reveal that they executed $6.4 million in transactions last year, generating $1.4 million in revenue and $915,000 in profit for the company. This is an increase above the $2.5 million in transactions recorded in 2014.

Sacca brings up Airbnb and asks whether they compete with them.

Mike contends that they aren’t because Rent Like A Champion has inventory in places where Airbnb does not.

They continue by claiming that they make money by charging owners a 15% commission and renters an 8% surcharge. Drew was so thrilled right now that Kevin believes he could spontaneously erupt!

So far, they haven’t gotten any funding; instead, the company has grown through word-of-mouth from tenants.

They plan to expand to 43 college locations, with an average of 53,000 fans attending each home game.

When Kevin hears about this, he makes an offer of $200,000 for 10% equity shares. Chris Sacca swiftly responds, saying he’d want Mark to join him.

When Mark says he despises Notre Dame, Drew pauses. Drew says he has one condition for the deal to go through: they all have to tailgate together!

Mark and Chris match the $200,000 offer for 10% equity shares, accept it, and walk away from the pitch with a deal.

What Happened to Rent Like A Champion After Shark Tank?

The deal was consummated after the show aired, and the two left with a deal from the two Sharks. Rent Like A Champion gets an upgrade in Season 8, Episode 809. In that update, they welcome Mark and Chris for a tailgate party.

By August 2021, the company’s portfolio had expanded to include golf events and NASCAR races. They have over 50,000 followers and 3000 residences spread over 27 college towns.

Since 2012, they had an average yearly growth rate of 80%, until the Covid-19 outbreak occurred. As of December 2021, this company’s annual revenue is $12.6 million.

Rent Like A Champion’s Competitors

Rent Like A Champion’s main rivals include Logo, Vaystays, and OpenDoor Coliving.

Also available are New England Vacation Rentals.

Rent Like A Champion’s Net Worth

During and after the pitch, the firm was valued at $2 million. Since then, the firm has grown in sales, with annual revenue of $12.6 million in 2021 and hence the company’s net worth might have been higher than that of pitch.

Rent Like A Champion FAQs

How does Rent Like A Champion work?

Rent Like A Champion is an online registrar, enabling people to find a real-time listing of available rentals in college towns.

Who owns Rent Like A Champion?

Drew and Mike own the firm.

How does Rent Like A Champion make money?

The company charges a 7% commission for hosting and 15% commission for check-in/check-out services, with a 2.9% credit card processing fee.

4. Why do people rent out rental properties through Rent Like A Champion?

College students love college football, so they rent out their homes on game days in order to enjoy the game at home on the couch without getting drunk and waking everyone up in the process.

Is Rent Like A Champion safe to use?

Rent Like A Champion is safe to use, but some of the properties on their registry may not be. Just make sure they hire an insurance to cover their belongings and themselves in case of an accident or theft.

How many people does Rent Like A Champion accommodate?

Rent Like A Champion allows its owners to accommodate a large number of people, with an average of 20% occupancy.

Is it legal to rent out your home for sporting events?

There are a lot of laws regarding this matter, but Rent Like A Champion does their best to make sure their owners are in the clear and abiding by them.

Why are some of the properties on Rent Like A Champion’s website not available?

Many of the properties on the company’s registry are not actually available for booking. The company has a 24-hour cancellation policy, and they always cancel bookings that violate those rules.

Why are there ads on the website?

Rent Like A Champion is an online registrar and not an advertisement portal. They do have their ads there for the owners to promote their properties on a wider scale across various online platforms.

How can I get my property listed on Rent Like A Champion?

There are many ways to list the property. Clients can post it on the website, or they can simply let the company know about any real-time listings that are available in their area.

How do I access the booking system?

Rent Like A Champion has a booking system that is almost identical to Airbnb.

How do I access the app?

Rent Like A Champion has a mobile app which works almost exactly like Airbnb.

What are the payment methods of Rent Like A Champion?

The company accepts Visa, MasterCard, American Express and Discover.

What are the cancellation policies of Rent Like A Champion?

This company has a 24-hour cancellation policy.

What are the minimum nights required to book on Rent Like A Champion?

The minimum length of stay is two days at an average occupancy level of 20%. The length of stay can be as short as one night if the occupancy level is two or higher. The average holiday season occupancy for a property rented on game day tends to be lower than that.

 

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