If you’re in the market for a new home, imagine how convenient it would be if you could immediately schedule a tour without having to contact a real estate agent and make an appointment. Junior Desinor believes that his “world’s smartest lockbox” will offer that kind of freedom to both home buyers and sellers.
His lockbox, called Toor, enables a prospective buyer to schedule a home tour on a smartphone app that will give the buyer immediate access to the lockbox with just one click.
Junior was born in Haiti, and when his family moved to Texas, his parents sought to give him a better life by enrolling him in an excellent private school. While there, Junior became friendly with students whose parents were well off and lived in big, beautiful homes. It was then that he fell in love with the real estate business. He flipped his first house when he was 18 and was president of his college’s real estate organization at Texas Tech.
Toor Unlocks The Shark Tank
Shark Tank Season 8 Episode 8
Junior asked Barbara to come to the stage and demonstrate how his Toor lockbox works. He asked her to imagine she was driving down the street and saw a property she wanted to explore. By making a request on her smartphone app and getting permission to enter the home, all she would need to do is press the power button on the Toor lockbox and press “open” on the app. Barbara did just that, and lockbox opened, giving access to a key to the home. Once the home tour is completed, the prospective buyer places the key back in the box and chooses a button on the app to close the lockbox. The potential buyer is able to see a home without having to schedule an appointment for a showing or waiting for an open house.
The Sharks had some questions after the demonstration. Kevin asked what would happen if the key was not placed back in the lockbox before it was closed. Junior told him that the seller would get a notification if the key were not re-deposited within a certain length of time. Lori was concerned that the seller might be uneasy about having a stranger enter the home unescorted. Junior said that the seller has an option to have an agent present at the time of the tour.
Chris claimed the software is already available to let an agent open a lockbox by using Bluetooth. Junior told Chris his product uses both Bluetooth and cellular technology. But why Chris wondered, couldn’t the market leaders in the lockbox industry tweak their existing product to enable a buyer to have the same access as a real estate agent? Barbara thought the current players in the lockbox industry were not forward-thinking and had been around so long they were removed from what the market demands. She saw
Junior valued his invention at $5 million, and he was asking for $500,000 in exchange for a 10% stake in the company. So, how many Toor lockboxes had Junior sold? ZERO. Mark let out the biggest groan, and Kevin asked whether Junior wanted his punishment now or later. Junior took it in stride and said that a Kickstarter campaign had delivered over $100,000 in presales with 800 boxes sold. Junior charges $199 per box, and his costs include $50 to produce and $75 once it’s delivered to the customer. When asked to defend his $5 million valuations, Junior told the sharks he would charge a $100 monthly monitoring fee. All of the sharks thought that sounded kind of pricey.
Lori dropped out first, stating that it was just too early to invest in this product. Mark told Junior if he knew anything about the real estate business, he would have been interested, but since he didn’t see how he could help grow this business, he decided to pass.
Kevin offered $100,000 upfront for the 10% stake and then a $400,000 loan at a market rate of 18%. Barbara wanted to join with Kevin but made the offer contingent on getting a substantial real estate chain to carry the lockboxes.
Chris thought there wasn’t enough potential in the product, and he dropped out, which left the dual partnership with Kevin and Barbara, the only one for Junior to consider. Junior’s counteroffer was $250,000 for 10% equity and a $250,000 loan. Kevin and Barbara conferred and came back with their final offer: $200,000 for a 10% stake and a $300,000 loan. Junior accepted.
After Shark Tank: Where Is Toor (And Junior) Now?
In March 2018, Toor was finally available for purchase at a selling price of $199 per lockbox. Touch of Modern, a members-only eCommerce site that sells lifestyle products to men, announced its partnership with Toor the following month. Junior also earned a real estate client – a Canadian company called Umber Realty.
The most significant change in Toor since Junior Desinor’s appearance on Shark Tank is in its branding. While Toor was introduced as a product to be used solely in the real estate industry, it now identifies as an Access and Scheduling company. On Toor’s Facebook Page, the product is described as being perfect for in-home deliveries, pet-sitters, vacation rentals (Airbnb, for example), construction crews, and cleaning services. The change in branding is a smart one and should do well to expand the customer base for the lockboxes.
Desinor has also recently invested in another business. With his wife, Kristin, he has co-founded City Naturals, a high-end CBD oil business. The husband and wife team wanted to create products that have the best-quality ingredients, and it was also important that their customers could learn how the oils are sourced and processed. City Naturals is sold online as well as in a real brick-and-mortar building in Dallas, Texas.
Just about all of the Sharks told Junior he was one of the best salespeople they had ever met. Whatever Mr. Desinor decides to do next, it’s likely to be a big success.
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