Shark Tank Club
This is Shark Tank Community.
Organizers:
- Organized by
-
-
Any idea why Toor Lockbox failed?
-
Any idea why Toor Lockbox failed?
Toor Lockbox was a product made for realtors and agents. It allowed them to give buyers access to homes without needing the agent there. The tech would release the key for a showing and could detect if the key was returned to the box after.
The business seemed to have a lot going for it. The founder was a realtor who knew the market, and the product solved scheduling issues. It also got backed by Barbara Corcoran and Kevin O’Leary. Barbara had real estate knowledge, and Kevin had marketing dollars.
So, why do you think Toor Lockbox didn’t make it?
-
12 Replies
-
I thought Toor seemed like a good idea. It’s kind of surprising that it didn’t work out, considering the backing from Barbara and Kevin. I’m still trying to figure out why exactly it flopped.
-
It seems Toor had difficulty scaling. The product launched in 2018, but with no significant sales growth or strategic partnerships, it couldn’t compete with established lockbox providers. The $300,000 loan Kevin offered might have been too high a financial strain for an early-stage company that had yet to prove its profitability.
-
Yeah, $300k with 18% interest… That’s the kind of ‘deal’ that makes you want to lock yourself in the box and never come out! 😂
-
Too many alternatives already. No need for another lockbox
-
-
Barbara Corcoran probably saw the potential because of her real estate background, but execution is everything. If Toor didn’t focus on real estate agents as their primary market from day one, it’s no surprise it fell off. You have to know your target audience and hammer it in!
-
Does anyone know if the deal with Barbara and Kevin fell through? Could that have been a factor in Toor’s failure?
-
Yes, the deal didn’t close. According to reports, Toor failed to finalize the deal with the Sharks, which led to them struggling without their support. The exposure from Shark Tank gave them a boost, but it wasn’t enough to sustain growth in such a competitive market.
-
-
Even with Barbara and Kevin backing it, I don’t think it had enough differentiation. Smart lockboxes already existed, and I’d bet real estate agents didn’t feel compelled to change their processes.
-
Plus, who wants to explain to a client, ‘Yeah, the key is in this smart box, and no, you can’t just grab it, there’s an app for that!’ Bet that got old real fast.
-
It would’ve worked better if they had a stronger marketing campaign after Shark Tank. I feel like I didn’t hear much about it after the show.
-
The app hasn’t been updated since 2019. In 2020, he opened a CBD store in Dallas with his wife. He does still list Toor as ‘open’ on his LinkedIn page, but it doesn’t look like he’s selling any lockboxes. As of March, 2023, this status remains unchanged.
-
The founder is a great salesman but the product needed more work. He ultimately passed on the Shark offer, and after little success with Toor, he has since started a CBD business.
Log in to reply.