Imagine being able to access a property securely without having to deal with physical keys. Sounds pretty neat, right? That’s exactly what toor, a smart lockbox company, tried to bring to the table! Featured on Shark Tank in 2016, toor’s pitch was all about transforming real estate transactions – a world where keys are more of a digital concept than a physical metal object.
Toor Overview
Junior Desinor, the mastermind behind toor, founded the company with a vision to revolutionize the real estate industry. The flagbearer product of toor was a smart lockbox – a tool designed to streamline real estate transactions. Picture this – a potential buyer or an agent could access a property securely, all without the cumbersome process of a physical key exchange.
The company was valued at a whopping $5 million, and the smart lockbox didn’t come cheap. Priced at $199 per device, with a $100 monthly monitoring fee, toor aimed to position itself as a premium offering in the market. The lockbox was more than just a tool for keyless entry. It was equipped with advanced security features, including alerts if the key was not returned, ensuring the safety of the properties.
Toor Shark Tank Pitch
When Junior Desinor stepped onto the Shark Tank stage, he had one goal in mind: to secure a $500,000 investment for a 10% equity stake in his company. His pitch centered around the lockbox’s innovative security features, including alerts for non-returned keys. The Sharks were intrigued, and Desinor was successful in striking a deal.
Kevin O’Leary and Barbara Corcoran offered $200,000 in exchange for 10% equity and a $300,000 loan. However, there was a catch – the product had to be sold to larger real estate companies. The deal, while not entirely what Desinor had asked for, still gave him a valuable opportunity to bring his vision to life.
And that’s the story of toor’s Shark Tank journey. A promising product, an engaging pitch, and a Shark Tank deal that added another exciting chapter in the book of real estate innovation.
Did Toor Get A Deal?
Yes, toor did secure a deal on Shark Tank. The founder, Junior Desinor, was able to impress sharks Kevin O’Leary and Barbara Corcoran with his innovative smart lockbox idea. The deal was settled at $200,000 in exchange for 10% equity and a $300,000 loan. However, the deal had a condition. It was contingent on toor’s product being sold to larger real estate companies. This condition was a strategic move, as larger real estate firms could help increase the visibility and usage of the product.
Toor Networth
At the time of its Shark Tank appearance, toor was valued at $5 million. This valuation was based on the uniqueness of the product and the potential it held in the real estate industry. However, things didn’t go as planned. Despite the initial excitement and a successful pitch on Shark Tank, toor failed to gain significant traction in the market. As of December 2023, the company’s reported net worth is around $200, and the company is not making any annual sales.
Current Status Of Toor
Currently, toor is no longer operational. After the launch of its product in 2018, the company failed to gain the expected market acceptance. Despite its innovative nature and the potential to revolutionize real estate transactions, the smart lockbox did not achieve the business results anticipated. The company eventually closed its doors due to this lack of traction and market acceptance.
However, this did not mark the end for founder Junior Desinor. He continued his entrepreneurial journey, co-founding City Naturals, a CBD oil business. He also found a place in the real estate industry, working as a senior manager in Barbara Corcoran’s real estate firm, a shark who believed in his vision on Shark Tank.
The story of toor serves as a reminder that not all Shark Tank deals guarantee success. However, they do provide entrepreneurs with a platform to showcase their innovative ideas and gain exposure, which can open up other opportunities, as it did for Junior Desinor.
Toor Overview
Toor primary product, the smart lockbox, was a game-changer in the real estate industry. It was designed to make property transactions smoother, eliminating the need for physical keys. As a potential buyer or a real estate agent, you could access a property securely, with just a few clicks on the app. This meant no more waiting around for key handovers, enabling faster and more efficient property viewings.
The smart lockbox was not just a simple key holder. It boasted of advanced security features, designed to protect the properties it was entrusted with. One of the standout features was the alert system, which notified property owners if a key was not returned. This feature ensured the property’s security and helped prevent any potential misuse.
The company priced the lockbox at $199 per device. It also came with a monthly monitoring fee of $100, positioning it as a premium product in the market. However, it was not just about the cost; it was about the value it brought to real estate transactions. It was about making life easier for both property owners and potential buyers, and that’s what toor aimed to deliver
Conclusion
The story of toor and its founder, Junior Desinor, is a fascinating tale of innovation, challenges, and resilience. Despite its promising start and the successfully secured deal on Shark Tank, toor was unable to sustain its momentum. The smart lockbox, although an innovative concept, failed to gain the necessary market acceptance, and the company eventually had to close its doors.
While toor’s journey may have ended, it’s not the end of the road for Desinor. He took his entrepreneurial spirit and moved forward, co-founding another business and finding a place in the real estate industry. His story serves as a reminder that success may not always come in the form we expect. Sometimes, it comes from the lessons we learn and the resilience we build along the way.
As for the Shark Tank platform, it continues to be a launching pad for entrepreneurs and their innovative ideas. Even though not all deals turn into roaring successes, the exposure and opportunity it provides can help open up new avenues, as it did for Desinor. In the world of business, as in life, it’s not always about the destination; sometimes, the journey is just as important.
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