Toor Lockbox Shark Tank Update - Net Worth, Pitch & Deal - Shark Tank Insights (2024)

In the real estate industry, securing properties and scheduling viewings may be very difficult. Real agents face challenges in administrative tasks and allowing potential buyers to view a house without needing to be present every time. This procedure can be lengthy and ineffective, resulting in a waste of time and opportunity.

The real estate agent, Junior Desinor, recognized the need for a more useful and adaptable solution. Junior developed the Toor lockbox, a smart device that will transform the way agents show homes, in order to solve this issue. This product simplifies and enhances the security of home showings for both sellers and agents.

Junior presented his creative lockbox in the shark tank. He requested a $500,000 investment for 10% equity in the business. Let’s find out what happened next.

Toor lockbox Net Worth

Junior Desinor asked for a $500,000 investment in exchange for 10% equity in his company, Toor Lockbox. This meant he valued his company at $5 million. He made a deal with Kevin O’Leary and Barbara Corcoran for $500,000 in exchange for 10% of his company plus a $300,000 loan at 18% interest. This new deal kept the company valuation at $5 million. After the show aired, Toor Lockbox faced challenges, a failed deal with the Sharks, poor product reception, and low customer satisfaction, which resulted in minimal sales and negative reviews. As of today, Toor Lockbox is no longer in business. The current net worth of Toor Lockbox is effectively $0.

Toor Lockbox Shark Tank Update

What Happened To Toor Lockbox After Shark Tank?

After Shark Tank, the Juniors brand had to go through a lot of adjustments. Even though Junior first made deals with Kevin O’Leary and Barbara Corcoran, the deal didn’t succeed after Shark Tank. In spite of this challenge, Junior continued to achieve his goals for Toor. In 2018, the company formally introduced its smart lockbox product, but it didn’t work as planned. The product’s poor average rating on Amazon shows users’ dissatisfaction with both its performance and value. As of today, Toor Lockbox is no longer in business.

Did Toor Lockbox Get A Deal On Shark Tank?

Yes, Toor got the deal in Shark Tank with Barbara Corcoran and Kevin O’Leary. The agreement was a $500,000 investment for 10% equity plus a $300,000 loan.

Junior Desinor Backstory

Junior Desinor got the inspiration for the Toor lockbox from his personal real estate agent experiences. He regularly faced these time-consuming and difficult issues of scheduling property appointments with many different customers. He designed this product to help agents view properties to potential consumers without the need for physical presence. This problem was meant to be resolved with the Toor lockbox, which allowed for safe, remote home access. Despite having a creative idea, Junior had to overcome a number of challenges in the early phases of product development. He faced difficulties in finding funding and convincing investors.

Initial Pitch

Junior highlighted the Toor lockbox as a game-changing tool for real estate agents during his Shark Tank pitch. He highlighted how technology makes it easier to show houses to potential consumers by providing safe, remote access to properties. Junior gave an actual use of the invention, showing off how homeowners and agents could provide entry to guests without physically being there by using a smartphone app. Junior offered $500,000 for 10% of the company’s shares. This product will save time for both parties.

Queries About The Product

Every Shark had unique questions and worries about the Toor lockbox

Kevin O’Leary Questioned the results of a user failing to put the key into the lockbox. Junior replied that, in order to avoid unwanted entry, a lockbox sends out a warning.

Lori Greiner questioned the product’s need and timing, raising concerns that Junior might have entered the market too soon before the product completely developed and gained popularity.

Junior clarified that the product had success in the early stages and already had a successful Kickstarter campaign.

Chris Sacca Thought the technology was old-fashioned and questioned its use in the market. Junior replied that as compared to other basic smart lock solutions, toor offers special features made especially for real estate needs.

Shark’s Responses and Final Deal

All the sharks had different responses towards the product. Some sharks liked the product and offered a deal and some decided not to invest because of different reasons.

Kevin O’Leary liked the idea but he thought Junior’s valuation was high and risk is very high. He offered $500,000 investment for 10% equity, plus a $400,000 loan at 18% interest. Kevin and Barbara’s partnership in this deal.

Barbara Corcoran was initially doubtful about the product’s need, but she recognised possibilities for growing it with real estate companies. With Kevin as a partner, she wanted to develop a plan for selling to bigger companies. Barbara joined Kevin’s offers of $500,000 investment for 10% equity, plus a $400,000 loan at 18% interest.

After some negotiations and counter offers, Junior get the deal for a $500,000 investment for 10% equity, plus a $300,000 loan at 18% interest with Barbara and Kevin

Lori Greiner decided not to invest, stating that the product was not properly ready yet and huge competition in the market.

Mark Cuban Left the deal because he could not see an attractive technological advantage or need for this product.

Chris Sacca also chose not to participate. He thought that there were other better options in the market.

Product Availability

People didn’t like the product much on Amazon. The product received negative comments and low ratings. As of today, Toor Lockbox is no longer in business.

Conclusion

Junior Desinor’s vision for a more flexible and intelligent real estate agent solution showed dedication. The business experienced difficulties because of high costs, old technology, and high competition. Despite his success in getting a deal on Shark Tank, the deal also faced complications and failed. Toor’s launch in 2018 was an improvement. The product struggled to gain acceptance, as shown by its low customer ratings and minimal market presence today.