Imagine being in South Bend, Indiana, on a chilly autumn Saturday. The streets are alive with Notre Dame Fighting Irish fans. Your home for the weekend is just a short walk from the stadium. This idea sparked Rent Like a Champion, changing game-day rentals forever.
In 2006, Mike Doyle and Drew Mitchell listed a vacant apartment for football game rentals. They were amazed by the response. Rent Like a Champion was born, offering homes for college football fans. By 2015, their success caught Shark Tank’s eye.
Key Takeaways
- Rent Like a Champion has been an innovator in game-day vacation rentals since 2006.
- The company gained significant attention after its appearance on Shark Tank in 2015.
- Founders Mike Doyle and Drew Mitchell started by renting an apartment in South Bend, Indiana.
- The company has expanded to 21 college towns, leveraging the concept of weekend rentals.
- Sales skyrocketed from $2.3 million to $5.46 million in just one year following Shark Tank investment.
Introduction to Rent Like a Champion
Rent Like a Champion is a unique business that offers a specialized vacation rental service for college town homeowners. It focuses on college football weekends, making it stand out in the vacation rental world.
The Concept
The success of Rent Like a Champion comes from its unique idea. College towns see a lot of visitors during football weekends. This means there’s a big need for places to stay.
By letting homeowners rent out their properties, Rent Like a Champion fills this need. It helps fans find places to stay and lets homeowners make money when it’s busy.
Founders and Origin
Rent Like a Champion started in South Bend, Indiana, by Notre Dame students Drew Mitchell, Derrick Shenk, and Jordan Curnes. They created it to help with the fan rush during game weekends.
The idea grew fast, and the team turned it into a real business. Even though it’s now in Chicago, IL, it still keeps its college spirit. The founders’ dream has made a platform for sports fans and a smart business idea.
The Journey to Shark Tank
Before appearing on Shark Tank, Rent Like a Champion had already made a mark. Founded by college students in South Bend, Indiana, it quickly grew. Today, it operates in 21 college towns and manages 35 properties in South Bend.
The journey was exciting, filled with growth and success. It was a thrilling ride for these entrepreneurs.
Initial Success
The company’s early success was clear in its fast growth and financial gains. It processed $6.4 million in transactions and made $1.4 million in revenue. This showed a bright future.
They had over 30,000 rentals and only $97 in average damage per rental. This was thanks to a $1 million insurance policy. This smart risk management boosted their reputation.
Preparation for the Show
Preparing for the Shark Tank pitch was thorough. The founders improved their website and planned their presentation well. They aimed to get a $200,000 investment for 10% equity.
They were ready to impress the Sharks, especially with Chris Sacca’s help. Their hard work paid off, showing their commitment to entrepreneurship.
Their careful planning led to success on Shark Tank. It set them up for more growth and success.
Rent Like a Champion on Shark Tank
On Shark Tank, Rent Like a Champion’s founders asked for $200,000 for 10% of their company. They wanted to show the Sharks how big their market was. It’s all about weekend stays for college football fans.
The team showed off their 80% growth each year since 2012. They’ve made $6.4 million in sales, earning $1.4 million in revenue and $915,000 in profit. They have 3,000 properties in 27 college towns, focusing on event rentals.
The Pitch
The team talked about the need for more places to stay in college towns. A small town like South Bend, Indiana, can host 80,000 fans. This is a big chance for Rent Like a Champion.
Homeowners can make $1,000 to $2,000 a weekend. They pay a 15% commission and a 2.9% credit card fee. The company also has great insurance, covering up to $1,000,000 in liability and structural damage.
Challenges Faced
The founders faced some tough questions during their pitch. People worried about damage and competition from Airbnb. But they showed that only 1.9% of rentals had damage claims, with an average cost of $98.
They also offered insurance for homeowners. This made investors feel more confident.
Securing Investment
The founders’ hard work paid off when they got a Shark Tank investment. Mark Cuban and Chris Sacca teamed up to give them $200,000 for 10% equity. This support from two big Sharks was a huge boost.
After the show, Rent Like a Champion’s sales skyrocketed. They went from $2.3 million to $5.46 million the next year. This investment helped them grow and expand into new areas like golf and NASCAR.
Post-Shark Tank Growth
After getting a $200,000 investment for 10% equity on “Shark Tank”, Rent Like a Champion (RLAC) has grown a lot. This money helped the company a lot. It has led to a big increase in their sales and revenue.
Sales and Revenue Increase
The investment and show exposure boosted RLAC’s sales and revenue a lot. After appearing on Shark Tank, their net revenue hit $1 million. This is a 50% increase from the year before.
The company’s rental income jumped from $2.3 million last year to $4 million this year. These numbers show how much RLAC’s business has grown. It shows more people are using their services and making more money.
New Partnerships and Expansions
After Shark Tank, Rent Like a Champion has grown by making new partnerships and entering new markets. They now work with over 125 homeowners in Oxford and are in 21 college towns. They’re focusing a lot on South Bend.
They plan to grow into 20 new towns in the next 12-18 months. This shows they have a strong plan for growing their business. They’ve also partnered with six PGA golf tournaments. This helps them offer more services and reach more people.
The table below shows RLAC’s growth and business expansion:
| Metric | Pre-Shark Tank | Post-Shark Tank |
|---|---|---|
| Total Rental Receipts | $2.3 million | $4 million (Projected) |
| Net Revenue | – | $1 million |
| Year-over-Year Growth Rate | – | 50% |
| Number of College Towns | 21 | 41 (Projected) |
| Partnerships with Homeowners | – | 125 (Oxford area) |
Rent Like a Champion’s success and growth show how Shark Tank helped them. They keep making new partnerships and improving their services. This shows they’re growing and doing well in the travel rental market.
Unique Selling Proposition
Rent Like a Champion shines in the vacation rental world. It focuses on event-based stays, especially for college football fans. This strategy makes it different from Airbnb, which offers many types of rentals but not event-focused ones.
Event-Focused Approach
Rent Like a Champion is all about events and sports. It offers top-notch rentals for big college football games. This approach has helped it stand out, meeting the needs of sports fans who want unique stays near stadiums.
The company has a strong track record, with a low incident rate and a big presence in South Bend. It manages 350 homes in its biggest market, showing its quality and reliability.
Comparison with Airbnb
Airbnb is huge in vacation rentals, offering many properties and experiences worldwide. But Rent Like a Champion’s focus on sports events gives it a big edge. While Airbnb is good for general vacations, Rent Like a Champion specializes in event-related stays.
This focus has brought in big money, with $6.1 million in rentals and $1.4 million in fees. It shows the success of Rent Like a Champion’s unique approach.
| Metric | Rent Like a Champion | Airbnb |
|---|---|---|
| Focus | Event-Based, Sports Fans | General Vacation Rentals |
| Revenue (2014) | $2.3 million | N/A |
| Fees | 15% Homeowners, 8% Renters | Varies |
| Incident Rate | 1.9% | Varies |
| Core Market | South Bend, 20 College Towns | Global |
Rent Like a Champion’s focus on sports fans creates a loyal community. By offering event-specific rentals, it ensures happy customers and keeps them coming back. This sets it apart from Airbnb and other broad platforms.
Customer Experience and Reviews
Rent Like a Champion focuses on making customers happy. They make booking easy and their website is simple to use. People love how it helps them plan their trips, especially for sports events.
User Ratings and Testimonials
Rent Like a Champion has great ratings, with an average of 4.9/5. Customers say the service is top-notch and booking is a breeze. They praise the reliability and quality of the rentals, especially their location and amenities.
| Company | Investment | Current Value |
|---|---|---|
| Bombas | $200,000 for 17.5% | $100 million |
| Everlywell | Invested by Lori Greiner | $3.45 billion |
| Blueland | $270,000 for 3% | $10 million |
| Poppi | $400,000 for 25% | > $50 million |
| Dude Products | Invested by Mark Cuban for 25% | $300 million |
| Breathometer | $1 million for 30% | Out of business |
Website Usability
Rent Like a Champion’s website is easy to use, which has helped them succeed. It lets users search by college game dates. This makes it simple to find the right place to stay for their events.
The site’s design and features show Rent Like a Champion’s dedication to a great user experience. It’s all about making booking easy and enjoyable for everyone.
How It Works: Renting Like a Champion
Rent Like a Champion makes renting easy for sports fans near college towns. It’s a simple online platform. Just enter your destination and dates to find the perfect home.
Start by using the easy search function. You can pick your location and travel dates. The site then shows you homes with photos, descriptions, and prices.
The rental process is easy. Rent Like a Champion charges a fee from both sides: 15% from homeowners and 9% from renters. This keeps things fair and clear for everyone.
- Detailed Listings: Each home has full details, including descriptions, amenities, and images. This ensures you know what you’re getting.
- Easy Payment: Payments are simple and secure. They’re part of the online rental process, making transactions quick.
- Vast Network: Rent Like a Champion works in 21 college towns. This means a big selection of homes, especially in places like South Bend.
In the last year, Rent Like a Champion made $2.3 million in rental payments. This year, they’re aiming for $4 million. They use advanced tools to handle lots of traffic, especially during big events.
Renting has never been easier, thanks to Rent Like a Champion. Their focus on simplicity and user needs keeps customers coming back.
Expanding Beyond Football
Rent Like a Champion has made a big splash in college football, earning $12.6 million in 2022. They operate in 27 college towns with over 3,000 properties. But they’re not stopping at football. They’re now venturing into new markets by offering rentals for NASCAR races and PGA Tour tournaments.
Inclusion of Other Sports
Rent Like a Champion is now working with PGA Tour events and NASCAR races. This move helps them reach more sports fans. They aim to provide top-notch lodging for both fans and participants at these events.
New Market Opportunities
This expansion shows Rent Like a Champion’s creative approach to meet different needs. By offering rentals for various sports, they’re reaching new customers. Their 80% growth from 2012 to the pandemic shows they can grow and adapt.