Toor Lockbox Update | Shark Tank Season 8
Real estate agent Junior Desinor came into
Shark Tank Toor Lockbox Update
- Entrepreneur: Junior Desinor
- Business: Smart lockbox
- Ask: $500,000 for 10% equity
- Result: $200,000 for 10% and $300,000 as a loan with a contingency
- Shark: Barbara Corcoran and Kevin O’Leary
Junior came onto
Kevin O’Leary was up first. Mr. Wonderful asked what would happen if the user did not put the key back and Lori Greiner agreed that this was a huge concern. Junior explained that in these situations, an alert will be sent. Sellers can also request for an agent to guide prospective buyers on a tour through the property if they don’t want anyone to have access to the box.
After a successful Kickstarter, the lockbox will retail for $199 per device at launch and cost and a monitoring fee of $100 a month. The sharks were less enthusiastic about the price and even worse, guest shark Chris Sacca believed that the technology was already outdated. Meanwhile, Barbara, who founded The Corcoran Realestate Group, didn’t see the product as necessary and Lori thought that Junior came in too early in his product’s life and decided to go out.
Despite thinking that Junior valued his company too high, Kevin still made Junior an offer. His offer was to give Junior $100,000 for 10% equity with the remaining $400,000 being given as a loan at 18% interest. After his offer, Mark Cuban decided to go out and Barbara decided to partner with Kevin on the deal. However, Barbara’s partnership was contingent that the product was eventually sold to larger real estate companies.
After countering Barbara and Kevin at $250,000 for 10% equity and the remaining half as a line of credit, the three ultimately agreed on a deal of $200,000 for 10% with $300,000 as a loan with the contingency in place.
With a large sum of money secured, you probably want a Toor update. After the show aired, Junior ultimately decided to pass up on the shark’s initial offer and a deal was never made. However, Junior maintains that he remains in close contact with Barbara.
As for the Toor lockbox, the company eventually launched its product in 2018. Unlike Junior’s initial pitch, Toor was no longer just a lockbox for real estate use. Instead, it became a more flexible product that could be used anywhere, whether it was in real estate or just for added security to your home.
Since launching in 2018, Toor hasn’t done very well. The product has a 2-star rating on Amazon from 17 users and the social media pages haven’t been updated since 2018.
As for Junior, further research shows that he is still trying to make it as an entrepreneur. Junior has continued to create businesses and co-founded City Naturals in 2020 with his wife. The high-end CBD oil business operates out of a brick-and-mortar store in Dallas, Texas.
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