You may not have heard of Toor yet but get ready. Come August, the Dallas-based, high-tech lock box company plans to unleash a multi-platform media blitz highlighting its progress since first garnering national television attention in 2016
“We are excited to turn the marketing machine on and make sure that everyone’s aware that Toor is not only great for real estate but also for delivery,” founder Junior Desinor said.
Two years ago, Desinor was a successful Realtor looking jumpstart a new venture. He had applied for a patent on his lock box design and raised more than $100,000 through a Kickstarter campaign. Then he appeared on television’s “Shark Tank” where the judges (aka “Sharks”) praised him for being one of the best salespeople they had ever met.
“All in all ‘Shark Tank’ was an incredible experience,” he said. “I would encourage any entrepreneur to give it a go. The free publicity for a business is a no-brainer.”
The appearance was initially nerve-racking. At the last minute, a producer asked Desinor to use a red prototype instead of the blue one he’d intended to showcase. Trouble was, the red box was an older version, and Desinor spent the night before literally duct-taping it together. Come show time, the demonstration went off without a hitch. Sharks Barbara Corcoran and Kevin O’Leary made a deal to invest in Toor.
What many people don’t realize about the show is that the deals made on camera are not final. The investors have a four-month due diligence period to fully research the company, which typically leads to a revised proposition. Desinor ended up passing on the sharks’ offer, but has remained in contact with them, and may strike a deal down the road.
“I talk to Barbara [Corcoran] every month and we have a great relationship,” he said. “She’s always introducing me to people and getting me in from of certain folks. She’s been great to work with.”
The attention from the appearance has proven invaluable. Desinor can still tell when his episode is being rerun somewhere because Toor gets a significant uptick in web traffic.
A lot has changed in the two years since the show. While the basic premise of having a lock box that can be opened remotely remains the same, Toor has evolved into just as much of a software company as hardware one. The app, which is available on both iOS and Android platforms, now has enhanced scheduling and securing features among other improvements. As a result, opportunities have arisen in other businesses.
Representatives from on-demand delivery companies have expressed interest utilizing Toor technology. Other niche services like pet care and housekeeping companies have shown interest as well. And the product is now available to consumers on Amazon, and soon, in retail stores. While this has been a great development for the company, Desinor believes that Toor’s biggest potential remains in real estate.
The company has created a smartphone platform where users can search available homes with the lockbox. If they want to see one, the app can connect them with an agent who is in the vicinity and available to see clients. The premise is similar to how Uber connects riders to nearby by drivers. Desinor’s goal is to connect agents and prospective buyers faster and more efficiently.
“There are a lot of groups that are trying to minimize what Realtors do,” he said. “As a Realtor myself, I want to give Realtors a tool. Let’s play offense for once.”
Toor is already working with agents from a number of major brokerages in North Texas. Desinor’s next goal is to broker larger deals on the cooperate level, and continue to get his product in front of more people. The company plans to soon announce its Series A round of financing which may include some high-profile investors.
“It’s been a crazy year trying to sell units and build the brand,” Desinor said. “We’ve hunkered down. We’ve raised the cash. Now is the time to grow the business.”
