Client Strikes $500K Deal, Reaches Millions via Popular, Emmy Award-Winning Program
Dallas-based TOOR Technologies, LLC and its Founder Junior Desinor entered ABC’s Shark Tank on November 11, showcasing the company’s forthcoming internet-connected lockbox. The product offers owners and managers a secure, app-powered access management system for properties – without the need for an agent to be present. Desinor exited the tank with a deal proposal from two “sharks,” Barbara Corcoran and Kevin O’Leary: a $500,000, investment for a 10 percent stake in the company.
“It was a thrill and an honor to have the TOOR Lockbox showcased on Shark Tank, and we are grateful and excited that Barbara and Kevin have placed their faith in our product,” said Desinor. “We are confident that our product’s unique, market-leading platform and functions will resonate with the real estate community, injecting a much-desired dose of technology to an aspect of the industry that, until now, has been slow to innovate. Our philosophy is simple: take tours, not flyers.”
Desinor is a former real estate agent, broker, investor and developer turned entrepreneur. After founding TOOR, the company ran a 30-day Kickstarter campaign that led to pre-sales of more than 800 smart lockboxes, yielding upwards of $100K in seed capital. The company’s TOOR Lockbox is scheduled to ship to customers in spring/summer 2017.
The TOOR Lockbox is patent-pending, a process shepherded by Dallas-based Bell Nunnally & Martin LLP’s Craig J. Cox and Daniel A. Murray. Its unique platform is poised to be a market-leader, offering property owners and managers the ability to remotely unlock properties, capitalizing on immediate interest as opposed to forcing potential viewers to contact an agent and schedule a showing, steps that can dull curiosity. In addition, the TOOR Lockbox complements the burgeoning home rental market by giving landlords a modern entry-control system that does not require meeting renters face-to-face.
The TOOR Lockbox is powered by an online platform and smartphone app created with security in mind. In addition to requiring image capture of a government-issued identification card for those looking to enter properties, the company’s smart lockbox is set up to notify property owners and managers when a key has not been returned and can restrict access to only parties accompanied by an agent.
Bell Nunnally’s Jesse A. Okiror advises TOOR on compliance matters, including information privacy and data security. The firm’s Andrew Dowdy assisted the company in its corporate formation and Ray A. Balestri actively advises TOOR as it vets financing deals, including the one struck with the two “sharks.”
“It was thrilling to watch our client describe the TOOR Lockbox on national TV,” said Balestri. “Especially when shark Chris Sacca tried to challenge him on the uniqueness of the patent-pending technology. We really think Junior has a great product that will move the real estate industry forward, and we are honored to work with him – in various multi-disciplinary capacities – as he strives to become Dallas’ next great success story.”
TOOR Lockboxes are available for pre-order on the company’s website, ranging from $99 (“Original”) to $149 (“Pro”). Basic cloud-based lockbox monitoring is free with the “Pro” option – offering additional features – available for $50 a month.
TOOR is a team of real estate buyers, sellers and agents working together to create products and services that make the buying, selling, renting and managing experience enjoyable, safe and efficient. Our TOOR Lockbox is designed to give property owners and managers a greater level of control and streamline the viewing process for interested parties. Ours is a modern solution with a simple goal: take tours, not flyers. Featured on ABC’s Emmy award winning hit TV show Shark Tank, the TOOR Lockbox is currently in pre-production and set to hit door fronts nationwide in 2017.
Media Contact:
Katherine Krause
Marketing Coordinator
214-880-6661
kkrause@bellnunnally.com
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Andrew Dowdy
Ray A. Balestri