In 2006, three college students in South Bend, Indiana, had a brilliant idea. They rented out a vacant apartment on eBay and Craigslist for Notre Dame football game weekends. This idea started Rent Like a Champion, a vacation rental service that later became famous on Shark Tank.
The company was founded by Drew Mitchell, Derrick Shenk, and Jordan Curnes. They quickly found a special market: college football weekends. In 2010, Mike Doyle became CEO, leading the company to grow. Rent Like a Champion filled a gap by offering sports event accommodations in college towns.
In 2015, Rent Like a Champion was on Shark Tank Season 7, Episode 6. They asked for $200,000 for 10% of their company. Their pitch showed how they turned a simple idea into a big success for sports fans everywhere.
Key Takeaways
- Founded in 2006 by college students in South Bend, Indiana
- Focused on providing rentals for college football weekends
- Expanded to serve underserved college towns
- Appeared on Shark Tank in 2015, seeking $200,000 for 10% equity
- Processed $6.4 million in transactions, with $1.4 million in revenue
- Low damage claim rate of 1.9% with average cost of $98
- Expanded to include golf tournaments and NASCAR events
The Birth of a Game-Changing Idea
In 2006, a group of Notre Dame students found a great opportunity. They rented out their apartment for football weekends. This idea led to Rent Like a Champion, changing how people stay during games.
Notre Dame Roots
The founders had a big idea when they saw the need for places to stay during games. Fans came to South Bend in droves. Their apartment became a hit, starting a business that would grow beyond campus.
Identifying a Niche
Rent Like a Champion focused on college football towns with few hotels. They let fans stay in homes near stadiums, offering a better experience. This made them stand out in the vacation rental world.
Early Growth and Expansion
Success at Notre Dame led to more growth. In 2010, Mike Doyle joined, helping the business grow to other towns. Penn State was their second stop, showing the idea worked elsewhere. By 2015, they were in 21 college towns, aiming to double by the next year.
“We saw a real need in these college towns where hotels were scarce and expensive. Our service not only helps fans but also allows homeowners to earn extra income,” said one of the founders.
The company grew fast, showing the potential of college football vacation rentals. Rent Like a Champion was set to become a big name, thanks to a simple idea from a Notre Dame apartment.
Rent Like a Champion: How It Works
Rent Like a Champion changes the game for vacation rentals in college towns. It’s a hit from Shark Tank, linking homeowners with fans looking for places to stay during big games.
Homeowners list their homes on the site, sharing details and photos. Renters then pick the best spot for their game day. After choosing, they sign up, pay fees, and put down a security deposit.
Safety is key. The company has top-notch insurance, covering up to $1,000,000 for liability and structural damage. Plus, there’s $5,000 for content protection. This makes everyone feel secure.
Weekend rentals average $1,100. Homeowners get 15% of the rent plus a 2.9% credit card fee. Renters pay an 8% surcharge. This fair pricing helps everyone involved.
| Party | Fees |
|---|---|
| Homeowners | 15% commission + 2.9% credit card fee |
| Renters | 8% surcharge |
Rent Like a Champion’s Shark Tank success boosted its growth. Now, it’s in 21 college towns, with a big focus in South Bend. Their unique take on vacation rentals makes sports fan travel easier than ever.
The Shark Tank Pitch
Rent Like a Champion appeared on Shark Tank USA Season 7, aiming to change the vacation rental game. Drew Mitchell and Mike Doyle, the founders, asked for $200,000 for 10% of their company.
Impressive Sales and Growth
The Sharks were impressed by Rent Like a Champion’s numbers. They had $6.4 million in transactions and $1.4 million in revenue. Their profit was $915,000 in just one year.
Addressing Potential Concerns
The Sharks wondered about property damage and competition. Mitchell and Doyle were ready. They said only 1.9% of rentals had damage claims, with an average of $98.
To stand out from big names like Airbnb, they focused on college towns. This strategy was a hit with the Sharks.
| Metric | Value |
|---|---|
| Transactions | $6.4 million |
| Revenue | $1.4 million |
| Profit | $915,000 |
| Damage Claims | 1.9% of rentals |
| Average Claim | $98 |
The founders shared big plans to grow. They aimed to enter 43 college towns, with 53,000 travelers per game. This plan wowed the Sharks, showing Rent Like a Champion’s big potential.
Sharks’ Reactions and Offers
The Rent Like a Champion pitch on Shark Tank got everyone excited. This travel tool for college football weekends caught the eye of several Sharks. This led to a fierce bidding war.
Lori Greiner stepped out early, worried about property damage. Kevin O’Leary, known for his sharp business skills, offered $200,000 for 10% of the company. This started an interesting negotiation.
Chris Sacca was impressed by Rent Like a Champion’s growth potential and matched O’Leary’s offer. He then surprised everyone by inviting Mark Cuban to join him. Cuban, despite his Notre Dame rivalry, agreed to partner with Sacca.
“This is a game-changer for college football weekends. I’m in!”
The founders, Drew and Mike, had a big decision to make. They thought about the skills each Shark could bring to their business. They decided to go with Mark Cuban and Chris Sacca’s offer: $200,000 for 10% equity.
| Shark | Offer | Accepted |
|---|---|---|
| Lori Greiner | No offer | N/A |
| Kevin O’Leary | $200,000 for 10% | No |
| Mark Cuban & Chris Sacca | $200,000 for 10% | Yes |
Rent Like a Champion Shark Tank Deal
The Rent Like a Champion Shark Tank pitch led to a big deal. The founders impressed the Sharks with their business and growth potential. They got an investment that would take their company to new levels.
Mark Cuban and Chris Sacca’s Investment
Mark Cuban and Chris Sacca saw Rent Like a Champion’s potential. They offered $200,000 for a 10% stake, splitting it equally. This made the company worth $2 million.
The Tailgate Condition
Drew Mitchell, a founder, added a fun twist to the deal. He suggested tailgating together at an event. This showed the company’s dedication to college sports.
“Let’s make this deal happen, but only if we all agree to tailgate together!”
Mark Cuban was hesitant because of his Notre Dame rivalry. Chris Sacca, who missed out on Airbnb, saw a chance to invest in a focused market. The deal was made, marking a big moment for Rent Like a Champion on Shark Tank.
| Investor | Investment | Equity |
|---|---|---|
| Mark Cuban | $100,000 | 5% |
| Chris Sacca | $100,000 | 5% |
Post-Shark Tank Growth and Expansion
Rent Like a Champion’s time on Shark Tank really boosted its growth. The company’s sales jumped from $2.3 million to $5.46 million in just one year. This was thanks to a deal with Mark Cuban and Chris Sacca.
Expanding Beyond College Football
The company didn’t just stick to college football. It also started working with golf tournaments and NASCAR events. This move helped Rent Like a Champion reach more people looking for special places to stay during sports events.
Partnerships with PGA Golf Tournaments and NASCAR
Rent Like a Champion’s growth plan worked out well. It became a partner for six PGA golf tournaments. By August 2021, the company had 3,000 homes in 27 towns, welcoming over 50,000 fans every year.
| Year | Milestone | Impact |
|---|---|---|
| 2022 | PGA Tour Partnership | Weekly housing for players and families |
| 2024 | Annual Revenue | $12.6 million |
| 2012-2020 | Average Yearly Growth | 80% |
Even with the COVID-19 pandemic, Rent Like a Champion kept growing at 80% each year from 2012 to 2020. Its success shows how important it is to be flexible and form strong partnerships in the vacation rental world.
The Business Model: Revenue Streams and Commissions
Rent Like a Champion’s business model is unique. It focuses on sports event weekends. This creates a win-win for property owners and sports fans.
Homeowners can make money by renting out their homes during big games or tournaments. This is a great way to earn passive income.
The company’s revenue comes from different sources. They charge homeowners a 15% commission and a 2.9% credit card fee. This has helped them grow and stay profitable.
The platform has seen impressive growth. In the first year, sales were one million dollars. By 2022, they reached $12.6 million in annual revenue.
Rent Like a Champion’s success comes from focusing on sports events. They started with college football and now include NASCAR, PGA golf, and basketball. This has opened up new markets and revenue streams.
To ensure safety, Rent Like a Champion offers a $1 million insurance policy for damage and liability. They also have $5,000 insurance for contents. This has built trust among property owners and renters, helping the platform grow.
Conclusion
Rent Like a Champion’s journey on Shark Tank is a true success story. It started in the lively game days of Notre Dame. This unique platform focused on college football weekends and big sporting events.
When they appeared on Shark Tank Season 7, they made a big splash. They got a deal with Mark Cuban and Chris Sacca for $200,000 for a 10% stake.
After Shark Tank, Rent Like a Champion grew fast. They entered over 20 new markets and expanded beyond college football. They saw a huge jump in bookings and revenue in the first year.
In the second year, these numbers went even higher. Today, they manage over 3,500 homes in 25 university towns. They cater to families, alumni groups, and couples for the ultimate game-day experience.
The company didn’t just stop at college towns. They partnered with PGA Tour events and NASCAR races. This showed their ability to adapt in the Shark Tank travel tools world.
By connecting with local communities and improving their tech, they changed how sports fans experience big events. From Notre Dame to nationwide success, Rent Like a Champion is a true champion in the vacation rental market.