11/22/2017 Rent Like a Champion - Shark Tank Blog

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Rent Like a Champion

Drew Mitchell and Mike Doyle pitch Rent Like a Champion, a kind of AirBnB for college football
fans, in Shark Tank episode 704. Back in 2006 (two years before AirBnB was founded), Drew and
another co-founder, Derrick Shenk, listed their vacant apartment on Craigslist as a weekend rental
for Notre Dame games. Almost immediately, the apartment was rented, and the two forward
thinking entrepreneurs had a nice little business – and income stream. In 2010, Doyle came on
board with plans to expand to other college towns with the same model.

The business is relatively simple. Homeowners in

college towns with big-time football programs list
their home on Rent Like a Champion. People who
want to spend the weekend attending “the big
    game” browse the listings and secure a rental. They
sign an agreement, pay for the rental (including a
security deposit), and get sent the details of their
rental (check-in/check-out etc). Using Rent Like a
Champion lets large groups stay in a single
location, rather than get spread out all over town in
different hotel rooms, which are often scarce on
game weekends.

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Homeowners pay a 15%

commission to Rent Like a
Champion, plus a 2.9% credit card
transaction fee. As additional
protection for homeowners, Rent
Like a Champion has comprehensive
insurance in the form of a
$1,000,000 liability and structural
damage policy as well as $5,000 for
content that's included in each
rental. Homeowners can expect an
average of $1100 rent for one
weekend and can list their property
as often as they like during football
season.

The business has really taken off since 2010. Rent Like a Champion has homes for rent in 21
college towns across the USA (there are 300 or so in South Bend alone) and they're looking to
double that in the next year. They likely want a Shark to help them scale the business.

Will a Shark champion this business?

Rent Like a Champion Shark Tank Recap

Drew and Mike enter seeking $200K for 10% of the business. They paint a picture of an idyllic
football weekend that's tainted by the group splitting up to go to a crappy hotel. During their pitch,
Chris Sacca looks serious.

Robert wants to know the difference between Rent Like a Champion and AirBnB. They explain that
most of their property owners live in small, college towns. They use a lot of digital marketing to
create interest and then go visit in person – much like a college recruiter. As soon as someone asks
about damage to the rented homes, Lori goes out. Drew explains that only 1.9% of their rentals
have a damage claim and the average damage is $98

When they get down to explaining how they make money, they reveal they processed $6.4 million
in transactions last year, netting the company $1.4 million in revenue and $915K in profit. That's up
from $2.5 million in transactions in 2014.

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Sacca brings up AirBnB and asks if they're

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competing with them. Mike explains they aren't, because Rent Like a Champion has inventory in
markets AirBnB isn't in. They further explain that they make money by taking a 15% commission
from owners and an 8% surcharge from renters. Drew is so excited at this point that Kevin says he
might spontaneously combust!

They haven't raised any money yet so far, the company has grown by word of mouth from people
who rent. They have plans to expand to 43 college towns that average 53,000 travelers per home
game. Upon hearing that, Kevin offers $200K for 10%. Chris Sacca immediately matches it and says
he'd like Mark to go in with him. Mark says he HATES Notre Dame, and Drew hesitates. Mark says
he's looking a gift horse in the mouth and Drew says he has one condition on doing the deal: they
all have to tailgate together!

RESULT: Deal with Mark Cuban and Chris Sacca for $200K for 10% of the company.

Rent Like a Champion Shark Tank Update

The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have
appeared on the Shark Tank TV show. Rent Like a Champion gets an update segment in season 8,
episode 809.

Posts About Rent Like a Champion on Shark Tank

Blog
Interview with Drew Mitchell and Mike Doyle

Football Weekend Home Rentals

Rent Like a Champion Company Information

Website

Facebook

Twitter

Video

   

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