Toor Shark Tank Update | Toor Net Worth

The TOOR lockbox is a sleek, cylindrical device that houses the keys to a property. It uses Bluetooth and cellular technology, allowing homeowners and real estate agents to control and monitor property access remotely. 

Property owners can schedule appointments, provide access to potential buyers or tenants, and even track when and by whom the property was accessed, all through the TOOR app. 

In addition to these primary features, TOOR’s LED system illuminates the lockbox, making it easier to locate and access in low-light conditions. It also includes a built-in rechargeable battery, so you don’t need to worry about changing batteries frequently.

The strength of TOOR lies in its combination of physical security and digital convenience. It offers significant advantages over traditional lockboxes, making it a compelling choice for those in the real estate and hospitality industries. 

The advanced technology reduces the need for in-person meetings to hand over keys, and the scheduling feature allows property owners and agents to manage their time better.

It enhances the convenience for potential buyers or tenants, who can access the property at a scheduled time without waiting for someone to let them in. 

TOOR offers a significant upgrade to traditional lockboxes, demonstrating the potential of smart technology to improve existing processes in the real estate and hospitality industries.

Company NameTOOR
EntrepreneurJunior Desinor
ProductLockbox with smart technology
Investment Asking For$500,000 for 10% equity in TOOR
Final Deal$200,000 for 10% equity in TOOR and $300,000 as a loan with a contingency
SharkBarbara Corcoran and Kevin O’Leary
TOOR Episode Season 8, Episode 8
Business StatusOut Of Business
TOOR WebsiteTOOR Website
TOOR Net Worth$0

What Is Toor?

TOOR is a smart lockbox that offers convenience and security to real estate professionals, homeowners, renters, and landlords. The lock box is equipped with cellular and Bluetooth connectivity, enabling users to control access to their property remotely using the proprietary mobile app. 

Real estate professionals who want their clients to be able to enter a property from any location can use one of its main features to reveal the key compartment remotely. 

Moreover, the TOOR lockbox provides landlords with a secure and convenient solution for granting contractors and maintenance workers access to their rental properties. 

Landlords can assign temporary access codes to authorized individuals and receive notifications about when their properties are accessed using the mobile app. As a result, TOOR eliminates the need to exchange physical keys, which can be cumbersome and time-consuming.

Toor Shark Tank Update | Toor Net Worth

TOOR lockbox offers a convenient and secure way for property owners to manage access to their properties from anywhere. The lock box is sold in various colors and comes with silicone skin. An LED ring surrounds each lockbox, powered by an inbuilt battery that lasts three months. 

The app allows users to schedule pick-ups and tie expected visits to specific user profiles. It also allows past sellers to rate profiles based on their experience with them.  The lock box is a versatile product sold in various vibrant colors to suit every preference. 

TOOR comes equipped with silicone skin for added protection and durability. LED indicators encircle each lockbox, indicating when it is in use or available for pickup. The lockbox also has a reliable, built-in battery that lasts up to three months when fully charged, ensuring its dependability. 

TOOR app allows users to schedule pick-ups and attach expected visits to specific user profiles, simplifying the process. The app also allows previous sellers to rate user profiles based on their experiences, providing useful feedback for potential future transactions.

Who Is the Founder Of Toor?

Junior Desinor, a passionate entrepreneur with a background in real estate, founded TOOR. Desinor has always had an entrepreneurial spirit. He started his first business in college and later ventured into the real estate market. 

His experience in the real estate industry gave him unique insights into the challenges and inefficiencies present, particularly regarding property showings. Homeowners, real estate agents, and prospective buyers or tenants often need to coordinate schedules when showing homes to potential buyers or tenants. 

Traditional lockboxes, often used to store keys for such purposes, needed more convenience and efficiency. Desinor recognized this as a significant problem in the industry that could be solved with the right application of technology.

Drawing on his understanding of the market’s needs and his interest in technological innovation, Desinor conceived the idea of TOOR – a smart lockbox that could make showing and selling homes more efficient and convenient. 

He aimed to streamline the process, leveraging modern technology to improve the overall experience for homeowners, real estate agents, and potential buyers or renters. His vision led to the creation of TOOR, which later made an impressionable appearance on Season 8 of Shark Tank.

Before its appearance on Shark Tank, TOOR had already embarked on a journey of innovation and development. The idea behind the product came from Junior Desinor’s own experience in real estate and his observation of the inefficiencies associated with traditional lockboxes.

Before the Shark Tank pitch, Desinor and his team spent significant time developing their product, ensuring it was functional and easy to use. The TOOR lockbox was designed to be sleek and modern, a departure from the conventional, often cumbersome, lockboxes on the market.

One of the key stages before the Shark Tank appearance was a successful crowdfunding campaign. TOOR was launched on Kickstarter, raising over $100,000, surpassing its original goal. This demonstrated the market’s interest and belief in the product and its potential to revolutionize the real estate and hospitality industries.

By the time TOOR was presented on Shark Tank, the company already had a fully developed product and a proven market interest. The Shark Tank appearance offered a significant opportunity to gain further exposure, investment, and mentorship from seasoned investors. 

The experience on Shark Tank not only provided TOOR with potential investment opportunities but also presented the concept to a wider audience, enhancing its visibility in the market.

How Was the Shark Tank Pitch of Toor?

Toor’s founder Junior Desinor was seeking an investment of $500,000 in exchange for a 10% stake when he appeared on Shark Tank, valuing Toor at $5 million.

Desinor’s presentation communicated the potential of TOOR to revolutionize the real estate industry by simplifying the process of property showings.

Junior appeared on Shark Tank with a product designed for real estate agents. Unsurprisingly, he invited Barbara Corcoran to join him on stage to demonstrate the product. Following the presentation, the sharks questioned Junior about his product and analyzed the business.

He highlighted the unique features of the smart lockbox, demonstrating how it could save time and provide enhanced convenience for homeowners, real estate agents, and potential buyers or renters.

The Sharks on the panel acknowledged the innovative solution that TOOR presented. Some were initially skeptical about the potential return on investment and the product’s scalability.

Kevin O’Leary, known as Mr. Wonderful, led the discussion. He inquired about the consequences if a user failed to return the key, a concern shared by Lori Greiner. 

Junior explained that in such cases, an alert would be triggered. Additionally, sellers could request an agent to accompany potential buyers during property tours if they prefer to restrict access to the lockbox.

Having successfully raised funds through Kickstarter, the lockbox retailed at $199 per device upon launch, with a monthly monitoring fee of $100. However, the sharks displayed less enthusiasm toward the pricing. To worsen matters, guest shark Chris Sacca believed the technology was outdated.

Meanwhile, Barbara, the founder of The Corcoran Real Estate Group, didn’t perceive the product as necessary, and Lori felt that Junior had entered the market too early, causing her to decline the opportunity.

Although Kevin thought that Junior had overvalued his company, he still extended an offer. Kevin proposed providing $100,000 for a 10% equity stake, with the remaining $400,000 offered as a loan at 18% interest. 

Following Kevin’s offer, Mark Cuban withdrew from the deal, while Barbara chose to partner with Kevin because the product would eventually be sold to larger real estate companies.

However, Kevin O’Leary, often known as Mr. Wonderful, saw potential in TOOR. Barbara Corcoran, another Shark with extensive experience in the real estate industry, joined O’Leary.

After some negotiation, Kevin O’Leary and Barbara Corcoran offered to invest $200,000 for a 10% stake in TOOR. In addition, they proposed to provide a loan of $300,000 to help TOOR expand its operations and further penetrate the market. 

This structured deal is typical of O’Leary, who often structures his offers to include a royalty or loan component. The investment demonstrated their belief in Desinor’s vision and the potential impact of TOOR on the real estate industry.

Junior Desinor’s appearance on Shark Tank secured him valuable investment and partners and was a significant opportunity to introduce TOOR to a wider audience, enhancing its visibility in the market.

Final Deal: Barbara Corcoran and Kevin O’Leary agreed to invest $200,000 in exchange for a 10% stake in Toor and an additional $300,000 as a loan.

What Happened To Toor After Shark Tank?

The Toor lockbox, originally pitched by Junior, was officially released in 2018. However, it underwent a significant transformation from exclusively designed for real estate. The product evolved into a versatile solution that offered enhanced security for the real estate industry and personal use at home.

Toor lockboxes became available in March 2018, priced at $199 each. Toor announced its partnership with Touch of Modern the following month, a men’s lifestyle eCommerce platform. Additionally, Junior secured Umber Realty, a Canadian real estate company, as a client.

The most notable change in Toor since Junior Desinor’s appearance on Shark Tank lies in rebranding. Toor now identifies itself as an Access and Scheduling company rather than solely providing products for the real estate market. 

Toor’s Facebook page describes the product as perfect for various applications, including in-home deliveries, pet-sitting services, vacation rentals (such as Airbnb), construction crews, and cleaning services. The rebranding aims to expand the lockbox customer base.

Furthermore, Junior Desinor recently ventured into another business endeavor. He co-founded City Naturals, a premium CBD oil business, alongside his wife, Kristin. 

Their goal was to create products made with top-quality ingredients, emphasizing transparency in sourcing and processing. City Naturals is available online and through a physical store in Dallas, Texas.

The Sharks on the show acknowledged Junior’s exceptional salesmanship, deeming him one of the best they had encountered. Whatever path Mr. Desinor chooses next, his prospects for success are highly promising.

Since its launch in 2018, Toor has struggled to gain traction. The product received a modest 2-star rating on Amazon based on feedback from 17 users. Additionally, the social media pages associated with Toor have yet to be updated since 2018.

As for Junior, recent research indicates his ongoing pursuit of entrepreneurship. He has continued to establish businesses and, in 2020, co-founded City Naturals with his wife. The high-end CBD oil business operates from a physical store located in Dallas, Texas, alongside its online presence.

Toor Shark Tank Update

After appearing on Shark Tank and securing deals with various investors, Toor, a company specializing in smart lockboxes for real estate professionals and homeowners, faced significant challenges that ultimately led to its closure and cessation of operations. As of 2023, Toor is out of business, and its net worth is reported to be zero.

While Toor initially gained fame and received funding from investors like Mark Cuban, Barbara Corcoran, Kevin O’Leary, and Lori Greiner, the company struggled to deliver its products to customers.

Despite receiving preorders and Kickstarter funds, the lockboxes were never delivered, leading to the need for refunds.

Toor Shark Tank Update | Toor Net Worth

Toor faced difficulties in manufacturing and retailing processes, which likely contributed to its downfall. Additionally, the lack of updates on social media and the website indicated a decline in the company’s activities and progress.

The founder of Toor, Junior Desinor, attempted to venture into other businesses, such as co-founding a high-end CBD oil business named City Naturals in 2020 with his wife. However, the fate of Toor as a company offering smart lockboxes remained uncertain and ultimately led to its closure.

Is Toor Still In Business?

Our research shows that TOOR, specializing in smart lockboxes for real estate professionals and homeowners, is no longer in business. TOOR has ceased its operations, and its net worth is reported to be zero.

The company faced challenges in delivering its products to customers, leading to the need for refunds and ultimately contributing to its closure.

What Is the Net Worth of Toor?

According to our research, the net worth of Toor is estimated to be $0 since the company is out of business. The valuation of Toor was $2 million when it appeared on Shark Tank.

4.6/5 - (5 votes)
4 Shares: