Best of Shark Tank TV
Shark Tank Kevin And Barbara Want To Work Together For Toor LockBox - Best Of Shark Tank TV
hello sharks my name is jr. and I'm from the Big D Dallas text are here seeking
$500,000 in exchange for 10% equity stake in my business tour as you know
buying a home should be fun and exciting especially for touring with Barbara but
for the rest of us not so much it's time-consuming and frustrating imagine
it you're driving down the street trying to look for that perfect property new
spot one now what you can call an agent wait days for an appointment or even
worse wait weeks for an open house wouldn't it be great if you could tour
that property right there on the spot well thanks to me you can I'd like to
introduce you to tour the world's smartest lockbox tour is the first
lockbox that allows buyers and sellers to access the lockbox with or without an
ancient Wow Barbara I know you've opened some doors in your career I'd love some
helper Thank You dick yeah so imagine Barbara's driving down the street and
she sees a property for sale she pulls it up on the tour app she
immediately sends a request the seller approves her showing and immediately
Barbara is able to tour the property so Barbara simply walk up to the box
mm-hmm press the power button until you see that color wheel
okay now simply press open on the app okay easy enough
there you go now the lock locks opens up okay so grab the keys tour the property
on her own or with the realtor feel like a winner now once you're done put the
keys back in the lockbox okie dokie and simply press close on the
app there you go give it a second and it'll close right up the seller gets a
notification saying Barbara's completed her tour and now bravura can leave
feedback and be on her way thank you so much nice and shake thank you nice suit
thank you so sharks which one of you guys wants to join me in opening this
door to opportunity junior while it's fresh on my mind yes what happens if the
person who just give the tour does not redeposit the key but closes it anyway
if that key is removed for a set period of time that you the seller sets you get
a notification if that key is not put back but if it were my home I'm not sure
I would want somebody to go in on a squirt a great question so the beauty of
our product is that you the seller you get to determine what type of showing
you want in your house so if you want an agent present you simply require an
agent present that's very cool because normally you have to wait to
find somebody they have to go get a key at the office you got it you got it
shown your numbers how much have you sold yeah so zero it's cuz we're brand
new but but fortunately we hadn't want your punishment now no later later wait
hear me out here we are so fortunately we had a successful
Kickstarter campaign we actually sold over 800 boxes raising over a hundred
thousand dollars so we have over a hundred thousand dollars of pre-sales
how much you selling them so so the lock box itself is 199 what does it cost you
to make them fifty dollars and then 75 delivered to the customer I'm very
curious what your background is I'm a real estate like a real does I flipped
my first house when I was 18 years old when I was at college at Texas Tech I
was president of the real estate organization where really why is it that
you like real estate so much great question so my parents are from Haiti
they worked hard to put me in a very nice private school all my best friends
lived and literally been nice as Mark Cuban's neighborhood to be exact
ever since I saw these big houses I fell in love with real estate okay
Junior defend your 5 million reais where you get to that let me let roll off
minutes 5 million how much money of you invested I'm not going to stop I don't
know why it ever not ready I'm ready I'm coming why it's worth five million
dollars here's how we make money we charge a monitoring fee for these locked
boxes how much is the monthly $100 a month it's a fun a lot of guys Barbara
please educate these guys on how much you spend every month guys thanks me is
a lot of money look last Saturday I visited 15 homes in a day each with an
electronic lock box on it the agents just held their phone up that's a
Bluetooth there you go these devices exist already but so you have one
incremental change on that which is an interface where a user can say yes I'll
let people in when there isn't an agent there that's the only thing no no no box
house - what's different
I've had to wait on that agent to let you in right it's not so the only thing
you have different is the interface sellers say no
imagine if you could see five properties in one day on your own as opposed to
calling your agent the agent calls the showing company the showing company
called a listing agent a listing agent calls the seller the seller confirms it
they go back to the listing agent the listing agent calls the showing company
the showing company then confirms with the buying she hates wasting time more
than I do but why can't the company that already has massive market shares do
exactly this if you look at the incumbents in our industry they're old
they're dated their technology's old they have no platform they're so
disconnected from Realtors today anyone in the real estate convince me that
somebody who actually has an a smart lockbox operated by bluetooth is old and
disconnected I mean it's like two-year old technology but there's there's wait
our platform is more than just a lockbox literally the the verification part of
what you're doing is the easiest part so what is would you say your secret sauce
I don't know if you have any IP on this or we do we do patent-pending the
ability to open and close the lockbox mechanically without physically closing
which enables our remote opening and closing then no one else can do that you
gotta what correct technology okay not on a lockbox
absolutely not what we have you seen absolutely there is not a single lockbox
out there that can close on its own I'm sitting here somebody tell us that the
state of Technology is what it is so what what lockbox can close on its own
so let me see let me see you I get to hold on let me see if I get this in
square Chris is having his discus when Chris went to look at 15 homes how did
you schedule those 15 we had an agent take us to half of them I saw no no
that's not what I asked that's not what I had how did you schedule them you made
a plan to go see 15 homes in the development some of us grew up when we
dreamed and inspired to buy a house we drive around a news account and listen
junior you got the sharks arguing about noir
this model that we happen to have bar like we all know it's real estate here
are you gonna give this guy $500,000 it's a tough call he's entirely right it
clearly answers a need and you're not gonna get any innovation out of the old
guys in the industry they would have invented it a long time ago you're
asleep at the wheel they don't want the change because they own the market
secondly you had probably one of the best salespeople I've ever seen in my
life perfect I mean not only do you know your
stuff you kind of leveled the playing field with this Daddy Warbucks at the
end waken the wearing the fake cowboy shirt well listen I like when people
create better mousetraps and this is a better mousetrap obviously for your
application but my problem here today is just that it's really really early so
because you're not ready yet I know thank you so much for your time I
appreciate it jr. everybody agrees you're great
salesman so the problem is you blew it by asking for half a million in the
prototype stage it's too much risk however I'd like to be invested in a
damn good sales guy I'm gonna structure a deal this way I'll give you the
$500,000 in two components a hunt ski $100,000 and I get the 10% equity for
that then I loan you $400,000 I'm gonna charge you 18% for that which is what
you would pay in the market would you like to take that offer does that make
sense to you I'd like to consider the offer you've
got to make a decision
one shark is out Junior has one offer on the table from Kevin $500,000 for a 10%
stake but $400,000 of it as a loan that 18% interest for his smart lockbox
company tour would you like to take that offers that make sense to you
I'd like to consider the offer I'd like to hear from my my guys on the end here
jr. I'll save some time if I knew the real estate business at all right I
would do something with you I just don't see a path where I can say I can help
you get from here to here as much as I hate to say it amount so jr. Barbara bye
dear I'd like to join Kevin on his offer but I need to have a contingency but is
it's an enormous ly a high-risk look it's contingent that we can sell it to a
giant chain to buy a ton of these locked boxes and we'll both help you do that
it's nothing but calling all the heads of these firms all right allowing you to
make your sales presentation you're the best salesman we've ever met yeah just
get the door and you're done let's save the best for last
whoa be careful boy I'll be careful but here what I think you were testing me no
look the very best products and the very best entrepreneurs are the ones worth
arguing with right that's that's what's led to the creation that glass has none
like this uh back you are no because that means we're both emotionally
invested in some probably both care about this I'm torn you're one of the
greatest salespeople I've ever seen but this is an idea that I think is looking
backwards let's be honest keys are going away not today not today but here's the
thing I don't want a better mousetrap I want a bear trap it's gonna be around 10
15 20 years a big public company worth billions of dollars
these guys like that short-term the two-year three-year tenure take his
hiney back to the vet look look here's the thing man
prove me wrong make me pay ten times more for it next year but today I'm out
ah that's sad to hear Chris Kevin to have you as a partner Barbara to have a
partner in the real estate industry obviously it would be a no-brainer
here's what I would counter you $250,000 for 10% and 250,000 dollar line of
credit
okay we'll do two hundred thousand for the ten percent three hundred loan
deal good job here and I want to discuss it over dinner tonight
there's brutal in there but I'm super through it about my partners I'm ready
to get to work
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