Overview
Toor is a smart lockbox that allows potential buyers and agents to access a property safely via a mobile app.
The product was established by Junior Desinor in 2016 to tackle the slow and cumbersome process of buying or renting a property. Toor was initially made for real estate showings and targeted established real estate brokerages instead of individual agents.
The company made $100,412 in pre-sales after launching a Kickstarter campaign.
Shark Tank Appearance
Toor appeared on season 8 of Shark Tank, asking for $500,000 in return for 10% equity.
The founder got Barbara Corcoran to help out with the demonstration. Kevin O’Leary and Barbara Corcoran teamed up and agreed to invest $200,000 cash and a $300,000 loan for 10% equity.
Despite pulling out, Junior revealed he remains in contact with Barbara.
After Shark Tank
Toor is still in business, but the company has gone quiet on social media and its Kickstarter page hasn’t been updated since January 2018. The pre-ordered lockboxes were shipped out in the same year, but no new updates were shared.
The product was sold on Toor.Today and Amazon, where it has an average rating of 2 stars from 17 buyers.
Currently, the product is out of stock on their website. It appears the company wasn’t able to penetrate the market as the real estate sector is dominated by a handful of large brokerages. Toor is now valued at an estimated $500,000.
According to several media outlets, Junior co-founded a CBD business called City Naturals in 2019. He runs the CBD oil business with his wife and they have a store in Dallas, Texas.
Junior Desinor’s Background
Junior Desinor, the founder of Toor, was raised in Dallas, Texas, by Haitian immigrants. Despite a tough upbringing, he started his first business at 18 years old and purchased his first property not long after.
Desinor went to Texas Tech University, where he was president of the real estate club.
In 2008, he got his real estate license and became one of the youngest agents in his home state. He worked at Keller Williams Realty, Inc. for more than two years.
Junior founded his own real estate firm in 2011, Level Properties, which is still operational today. With the brokerage, Junior did over $100 million in property sales in 2013.
Establishing Toor
After 15 years in the industry, Desinor recognized the current process was slow and cumbersome.
To tackle this problem, he built a smart lockbox that can secure keys in front of an available property. It comes with an app that brokers can use to allow or deny access to a property.
Toor was established in 2016, targeting established real estate brokerages instead of individual agents.
After launching a Kickstarter campaign, they made $100,412 in pre-sales.
Lessons From Toor’s Success
Based on the Shark Tank episode about Toor, here are three practical tips for aspiring young entrepreneurs:
1. Identify and solve a real problem
Toor addresses a significant issue in the real estate market—difficulty in accessing properties for viewing. Identifying a genuine problem and creating a solution for it, as Toor did, can provide a strong foundation for your business.
2. Have a clear and compelling pitch
Junior’s pitch for Toor was straightforward and compelling, demonstrating the product’s functionality and its benefits. A clear and concise pitch helps investors understand your product quickly and see its potential value.
3. Be prepared for financial questions
Junior was prepared to discuss the financial aspects of his business, including costs, pricing, and potential revenue.
Being ready to answer detailed financial questions shows investors that you have thoroughly thought through your business model and are ready for the financial responsibilities of running a company.
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