Junior Desinor thinks his smart lockbox will change the way people buy and sell real estate. The lockbox and accompanying app make up Toor, Junior’s business that makes the real estate transaction process more open and accessible. Would-be buyers can schedule their own showings, Realtors can schedule specific showing times and sellers can see how many people came into their home for a look.
The Toor app merges with the technology in the Toor smart lockbox to accomplish all this. The app also merges all local MLS information. Desinor’s been selling real estate for over 10 years and he envisions his business as the new standard for selling real estate. In addition to making access easier for realtors, buyers, and sellers, it should make it simpler for home inspectors, contractors, and even AirBNB guests.
He got the company started with a very successful Kickstarter campaign. He raised $100,412 in May, 2016. While there aren’t any boxes in production yet, he’s optimistic. They’ve narrowed down their list of potential (USA based) manufacturers and finalized the design. Desinor likely needs a Shark to help him with this next stage.
My Take on the Smart Lockbox by Toor
I’ve been in the mortgage industry in the past and my wife is a corporate mucky muck for an international real estate corporation (the same one that owns the Corcoran Group). Real estate transactions can get complex and contentious. Even “smooth” transactions have many bumps in the road. Anything that makes it simpler should be embraced.
Desinor’s challenge is getting the smart lockbox into realtors’ hands. To do this, he needs to partner with national and international brokerages. They’re the ones who buy the lockboxes for their offices. They already have lock boxes that can be opened with a smartphone app, so he’ll need to show how his smart lockbox is better. This will be a challenge.
Will Sharks take a Toor?
Toor is a straight tech play, so Junior is lucky he has both Mark Cuban and Chris Sacca on the panel. This is an “internet of things” product; Mark and Chris will get it. If Junior really wants a deal, he needs to give good value to a Shark.
The business is in its infancy and hasn’t even produced the product yet. Any Shark needs to put in a significant amount of work to get it off the ground. Once it’s produced, there’s the challenge of getting it out to brokerages. There are a lot of unknowns. Even if the product knocks the Sharks’ socks off, I think Toor is too early for a Shark to bite.
About Rob Merlino
I just watched a ridiculous episode of SHARK TANK. The final segment featured TOOR, a high tech lockbox that allows home owners to decide who can come inside their house when they have it on the market. The scenario, as presented by the pitch man, suggested that no tech exists for this. When confronted by Uber investor Chris Sacca, he said that no lockbox can close itself automatically. Wrong. The Sentry lockbox, in use in the Antelope Valley has a fully mechanized opening and closing mechanism. That this so-called invention would actually generate interest from Barbara Corcoran, a Realtor herself, is shocking.
She is on-board with a device that allows the general public to gain entry into a home from a smartphone. If I find someone’s phone on a park bench, figure out whose it is, and then download the Toor app, I can call the homeowner, talk about how I want to tour the property, go in, STEAL EVERYTHING in his house, put the key back, toss the phone in a dumpster, and laugh all the way to the pawn shop.
The device costs $300 and requires a $100/month “monitoring fee.” Do you want “buyers” to be able to tour your home UNATTENDED by anyone with an app? What am I missing here? Supra, the main lockbox provider in the Los Angeles market, already offers a bluetooth interface with smartphones that Realtors activate to gain entry. The difference? It’s an actual verifiable person who enters your home, not a burglar. What a bad idea. The only Shark who had a clue was Chris. Mark Cuban was out of his depth, and amazingly, it appears Barbara Corcoran was as well.
I think this comment was written by Chris Sacca, eh Chris? Get over yourself.
This is a good idea except Rently.com already dominates the market. Obviously Chris was the only smart one out there.