If you love college games, you know that it can be hard to find hotels and accommodations big enough for your entire party. Sometimes, there just aren’t enough options through services like AirBnB – especially in small college towns. Drew Mitchel and Mike Doyle have a solution – Rent Like A Champion, a vacation rental service focused around providing accommodations for sporting events. What will the sharks think of this idea when Drew and Mike bring their company to
Shark Tank Rent Like A Champion Update
- Entrepreneurs: Drew Mitchel and Mike Doyle
- Business: Vacation rentals for college football games
- Ask: $200,000 for 10% equity
- Result: $200,000 for 10% equity
- Shark: Mark Cuban and Chris Sacca
Drew and Mike delivered a heartfelt pitch about what it feels like to return to a terrible hotel after the thrills of a college football game. They explained that their service, Rent Like A Champion, operated in a vacation rental market that was underserved by other popular home rental services . This is especially true in smaller college towns, where they had to educate homeowners personally.
The difference between Rent Like a Champion and AirBnB is, as they said, that they focused on smaller towns around college stadiums. They roped homeowners into their idea by focused digital marketing and word-of-mouth.
Before Drew and Mike could approach their sales and what they wanted to do with the money, Lori Greiner went out. Guest Shark Chris Sacca raised concerns about college football fans trashing homes, which caused Lori to remove herself from the deal very quickly. However, Drew revealed that less than 2% of their rentals had damage claims.
Then, they explained that they had $1.4 million in sales for their first year, with $6.4 million passing through the app for transactions. They wanted the investment to expand their markets to more college towns. They had no debt and hadn’t raised any outside money.
Kevin O’Leary liked the sound of that. He offered $200,000 for 10% equity. Immediately, Chris matched it and asked if Mark Cuban would go in with him. Mark agreed, and after some deliberation from Drew and Mike, they accepted the deal. Let’s find out how the company is doing in our Rent Like A Champion update.
Rent Like A Champion is still a hit! An update in Season 8 revealed that the company had expanded its services to golf tournaments and NASCAR shows.
There are options to rent in 27 college towns. While the pandemic made a small dent in their profits, research for our Rent Like A Champion update revealed $12.6 million in annual revenue in 2022.
You can find more about these big game vacation rentals (whether you’re interested in renting or renting out your home) on the Rent Like A Champion website.
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