Toor’s smart lockbox aims to disrupt the traditional house-hunting process. Junior Desinor’s product was originally used for real estate showings, allowing you to securely access properties using a mobile app. He was offered a deal on Shark Tank with Kevin O’Leary and Barbara Corcoran, but the deal was not completed. As of 2024, Toor’s net worth is estimated to be $500,000.
Background of Junior Designer
Born in Dallas, Texas, the younger DeSino was raised by Haitian immigrants. Despite his difficult upbringing, he started his first business at age 18 and purchased his first property shortly thereafter. DeSino attended Texas Tech University, where he served as president of the Real Estate Club.
In 2008, he obtained his real estate broker’s license, becoming one of the youngest real estate agents in his hometown. He has been working at Keller Williams Realty for more than two years.
In 2011, John founded his own real estate company, Level Properties, which he still operates today. With this brokerage, John generated over $100 million in real estate sales in 2013.
Building Toor
After working in the industry for 15 years, Desinor realized that the current process was slow and cumbersome. If a potential buyer sees a house for sale, they need an agent to give them the keys and show them around. Booking an appointment often takes a significant amount of time.
To solve this problem, the Texas native created a smart lock box that locks keys in front of properties for sale. It comes with an app that agents can use to allow or deny access to properties.
Toor was founded in 2016 and is targeting established real estate agencies rather than individual real estate agents. After launching a Kickstarter campaign, they made $100,412 in pre-sales.
Shark Tank Appearance
Toor appeared on Shark Tank Season 8 and asked for $500,000 in exchange for 10% equity. For a new company with no sales revenue outside of Kickstarter, a huge valuation of $5 million and a bad valuation is what Kevin hates the most!
The founders brought in Barbara Corcoran to help with the demo. It’s safe to say that Barbara is a big fan of Junior and thinks he’s a great salesman. Chris Sacca, on the other hand, doesn’t think the product is unique enough.
Despite witnessing the fight between the sharks, Kevin Jr. remained calm. Finally, Kevin and Barbara teamed up and agreed to invest $200,000 in cash and a $300,000 loan in exchange for a 10% stake. Barbara and Kevin bet that Toor would be acquired by a large real estate company in the future.
After Shark Tank
Toor’s appearance on Shark Tank was memorable. However, after the show aired, the founder chose to walk away from his deal with Kevin and Barbara. Despite his exit, Junior revealed that he still keeps in touch with Barbara.
Toor is still in business, but the company has remained silent on social media, and its Kickstarter page has not been updated since January 2018. Pre-order lockboxes were shipped that same year, but no new updates were shared.
The product is sold on Toor.Today and Amazon, with an average 2-star rating from 17 buyers. Currently, the product is out of stock on its website. The company seems unable to break into the market because the real estate industry is dominated by a few large brokerages. Toor is currently valued at $500,000.
According to Sharktankrecap.com, Junior co-founded a CBD business called City Naturals in 2019. He runs the CBD oil business with his wife, and they opened a store in Dallas, Texas.
Categories: Shark Tank
Source: svlsf.edu.vn