SEASON 7 EPISODE 6
provides private home rentals near campus in college towns around the country for big sporting events
T. Drew Mitchell and Mike Doyle
$200,000 for 10%
$200,000 for 10%
Mark Cuban and Chris Sacca
Rent Like a Champion is a company that was founded in 2006 by Drew Mitchell, Mike Doyle, and Derrick Shenk. The company started as a student housing enterprise and made momentous evolvements to providing rental accommodations with proximity to college games and event locations. It offers game lovers attending the events flexible accommodation from their multitude of apartments for renting near the colleges. It makes it possible for fans to stay close to the campuses and find appropriate lodging during the games, which can be quite challenging.
Starting Rent like a Champion
Two of the three Notre Dame students listed out their apartment on craigslist for one weekend for the Notre Dame games. Almost immediately, the apartment was rented, which gave them an idea for Rent Like a Champion. The third founder was excited about the idea and encouraged them to consider expanding their concept to other towns.
People who desire to get a rental search available listings and choose the accommodation that best suits them. An agreement is signed, which includes a security deposit that guarantees them the specified accommodation. After Startup, the three entrepreneurs saw their company thrive swiftly. The homeowners pay a 15% commission to the company and an additional 2.9% to cover the credit card transaction fees. It has comprehensive insurance.
Homeowners generated significant revenue from the business, and the company experienced expansions and success in different college towns across the USA. By 2013, the company had processed $6.4 million in transactions generating a revenue of $1.4 million in revenue and $915K in profit for the company, which rose to $2.5 in 2014. They wanted to make even further expansion to the business and enhance the income generated. They thus needed funding, and the business success compelled them to approach Shark Tank.
Rent like a Champion Pitch at Shark Tank
Drew and Mike pitched their business for home rentals near campuses in college towns countrywide for great sporting activities. They sought $200K for 10% of the company, which they got from Mark Cuban and Chris Sacca, who were thrilled by the business’ success and potential.
Impacts after Shark Tank Appearance
Since the Shark Tank appearance, Rent Like a Champion expanded to other sporting activities from their original football focus. They provided housing at golf events, including significant events like the Arnold Palmer Invitational, the Honda Classic, the John Deere Classic, and the 2017 BMW Championship in Lake Forest. It landed deals with NASCAR tracks to facilitate home rentals for race fans.
The company doubled its rental homes on its site and received numerous bookings from clients after the exposure. They have received multiple opportunities for growth across different towns and on diverse sporting events.
Rent Like a Champion Today
The company offers over 3000 rentals across 27 college towns and has hosted thousands of traveling fans. They have experienced an average yearly growth rate of 80% since 2012, and the demand for housing has not slowed down. Despite the impacts of COVID 19, the company is still strong enough to overcome the effect. It further accepts books with appropriate strategies in instances of cancellation. The two investors are still substantial shareholders of the company and continually offer support to ensure growth and success over the years.
Visit the Rent Like a Champion website