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Mike Doyle, CEO of Rent Like A Champion, a vacation rental platform for sporting events. He has hosted 50 thousand travelers and made over $12 million in sales. Mike is a Shark Tank survivor who received an investment from Mark Cuban and Chris Sacca and both Mark and Chris are still very involved in the business.

Famous Five:

• Favorite Book? \\u2013 The Hard Thing About Hard Things
• What CEO do you follow? \\u2013\\xa0 Elon Musk

• Favorite online tool? \\u2014 Trello
• Do you get 8 hours of sleep?\\u2014 Not now
• If you could let your 20-year old self, know one thing, what would it be? \\u2013 \\u201cStart earlier and take advantages of those resources\\u201d

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Time Stamped Show Notes:

• 01:30 \\u2013 Nathan introduces Mike to the show
• 02:00 \\u2013 Mike took a total of $200,000 from Mike and Chris for 10% of the company\\u2019s equity
• 02:10 \\u2013 Shark Tank was their first round of funding
• • 02:27 \\u2013 Mike wanted to get the deal and the exposure
• 02:38 \\u2013 Rent Like A Champion\\u2019s valuation during Shark Tank
• 02:52 \\u2013 Rent Like A Champion is currently in the market for raising
• 02:59 \\u2013 Rent Like A Champion\\u2019s episode was filmed in June 2013
• 03:18 \\u2013 In Rent Like A Champion\\u2019s platform, the sellers are the homeowners who own properties around stadiums
• • 03:29 \\u2013 Buyers are the sports fans who are travelling to watch the games
• 03:33 \\u2013 Rent Like A Champion is focused on non-urban destinations
• • 03:33 \\u2013 The focus is smaller towns where there are not enough hotels for fans to stay
• 03:46 \\u2013 Rent Like A Champion was founded in 2012
• 04:07 \\u2013 Since 2012, Rent Like A Champion has hosted under 60,000 fans
• 04:18 \\u2013 Total booked destinations: 7500 different places to rent
• • 04:24 \\u2013 An average of 8 fans per rental
• 04:28 \\u2013 Rent Like A Champion\\u2019s market is families and groups
• 04:46 \\u2013 Rent Like A Champion has over 3000 homes
• • 04:51 \\u2013 Rent Like A Champion has properties in over 100 towns in the USA
  • 04:56 \\u2013 About 25 towns are considered their core market
• 05:16 \\u2013 2012 total bookings equated to $630,000 and Rent Like A Champion kept 22%
• 05:29 \\u2013 Rent Like A Champion is about to reach $4.5 million this year
• 05:58 \\u2013 In 2015, Rent Like A Champion made under $3.3 million and kept $720,000
• 06:15 \\u2013 Rent Like A Champion is getting a fee both from the seller and buyer
• • 06:25 \\u2013 15% from the seller and 9% from the\\xa0 buyer
• 06:47 \\u2013 Rent Like A Champion is seasonal
• • 06:54 \\u2013 Most of the bookings come from college football
  • 07:05 \\u2013 Rent Like A Champion is now partnering with 6 PGA tournament events
  • 07:15 \\u2013 Rent Like A Champion is also partnering with NASCAR races
• 07:55 \\u2013 Most bookings come 68 weeks in advance
• 08:23 \\u2013 In September, total of 750 groups booked
• • 08:39 \\u2013 Gross sales for September is about $1.35 million
• 09:05 \\u2013 Average order value:
• • 09:08 \\u2013 $1600-2000 for a 2-night rental
• 09:36 \\u2013 Team size is 5 full-timers and 5 part-timers
• 09:57 \\u2013 Total transaction volume since 2012 is a little over $12 million
• 10:13 \\u2013 How do you beat Airbnb?
• • 10:17 \\u2013 Rent Like A Champion considers non-hotel destinations
  • 10:52 \\u2013 \\u201cOn the demand side, we\\u2019re able to be so targeted with our advertising towards sports fans\\u201d
• 11:13 \\u2013 If Sacca didn\\u2019t miss out on the Airbnb deal, do you think you are going to be as aggressive as you are on Shark Tank?
• • 11:28 \\u2013 The night before Mike is going to film the episode, they still didn\\u2019t think that Sacca was going to be one of the sharks
• 12:00 \\u2013 Did we accurately see everything that went down on Shark Tank?
• • 12:05 \\u2013 \\u201cIt\\u2019s super condensed on what you see on TV\\u201d
  • 13:03 \\u2013 Schedule suddenly changes
• 13:14 \\u2013 Average reorder rate is 50%
• • 13:53 \\u2013 Buyers book once a year
• 15:10 \\u2013 How do you expand market shares after the sporting events?
• • 15:14 \\u2013 There\\u2019s a ton of green space around college football
  • 15:20 \\u2013 Graduation is already big for Rent Like A Champion but they\\u2019re still pushing it more
  • 15:30 - Rent Like A Champion is starting to working with wedding planners for reunion weekends
• 16:08 \\u2013 Rent Like A Champion is doing instant booking where list houses can put the availability of their houses depending on a scheduled game
• • 16:53 \\u2013 The pricing depends on the homeowners
  • 17:08 \\u2013 Rent Like A Champion can give homeowners guidelines in pricing
• 17:20 \\u2013 Depending on the game, the amount of buyers vary
• 18:00 \\u2013 What is it like working with Chris Sacca?
• • 18:30 \\u2013 \\u201cChris and Mark have been incredibly involved and been receiving weekly updates\\u201d
  • 18:45 \\u2013 Chris and Mark are very responsive and prompt in replies
  • 19:00 \\u2013 Mike threw a big marketing event and Chris and Mark came to talk about an update segment in Shark Tank
• 19:39 \\u2013 Connect with Mike through his business\\u2019 website, Twitter and Facebook
• 21:15 \\u2013 The Famous Five

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3 Key Points:

• Your business will being to DEFINE itself as you keep moving forward.
• EXPAND your niche. Don\\u2019t stay seasonal\\u2014continue to think bigger.\\xa0
• Start as EARLY as you can and take advantage of those resources.

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Resources Mentioned:

• Toptal\\xa0\\u2013 Nathan found his development team using Toptal\\xa0 for his new business Send Later. He was able to keep 100% equity and didn\\u2019t have to hire a co-founder due to the quality of Toptal\\xa0 developers.
• Host Gator\\xa0\\u2013 The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
• Freshbooks\\xa0\\u2013 The site Nathan uses to manage his invoices and accounts.
• Leadpages\\xa0 \\u2013 The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
• Audible\\xa0\\u2013 Nathan uses Audible when he\\u2019s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
• Assistant.to \\u2013 The site Nathan uses to book meetings with one email.
• Acuity Scheduling \\u2013 Nathan uses Acuity to schedule his podcast interviews and appointments
• Drip \\u2013 Nathan uses Drip\\u2019s email automation platform and visual campaign builder to build his sales funnel.
• @RentLikeAChamp \\u2013 Mike\\u2019s business Twitter handle
• RentLikeAChampion.com \\u2013 Mike\\u2019s business website
• Facebook \\u2013 Mike\\u2019s business Facebook account
• Show Notes provided by Mallard Creatives