Announcement

Collapse
No announcement yet.

Updates: A Repo Agent's Nightmare

Collapse
X
Collapse

  • Updates: A Repo Agent's Nightmare

    01updatesarepoagentsnightmare01.jpg
    Accurate Updates Will Mean More Repossession Business

    Clients like to get updates so they are aware of the progress you are making in trying to locate their collateral. Let’s face it, although most of us are hardworking, there are some very lazy repo agents out there. One bad experience with a repo agent will stick with a collector for their whole career. Right or wrong, we are quite often judged by the actions of our peers. We need to constantly be proving ourselves to our clients by being committed to doing the right thing all the time. Lenders are always accusing companies of not being diligent in the field. When collateral is not picked up in a timely manner, the first thought that comes to many collector’s is that someone is not doing their job. I am not sure why, but that is the reality of this business, If you are in the business long enough, you will receive a phone call from an angry client that accuses you of being lazy.

    In the lender’s eyes, an update is almost as important as securing the collateral. If the client sees current and timely updates coming in, they will view your company as organized, thorough and professional. Accurate and regular updates will lead to one thing and that is more repo accounts being issued by satisfied lenders. The number of accounts issued to you will suffer if you have a reputation of giving bogus updates or always have to call the lender back so you can contact your agent for an update.

    The key to providing good updates is a combination of having aggressive agents working for you, reliable office help and a database that is user friendly. Agents must be as dependable at turning in updates as they are at turning in condition reports. The office staff must be familiar with the accounts so they come across confident and truthful. They need to make the client feel that their account is the most important thing your company is working on. Your office staff should always work the same accounts so they are familiar with the every detail of the account. They should read the new updates and condition reports each morning and enter them into the office database. Each morning someone from the office needs to call your lenders and let them know what accounts have been picked up. There is nothing worse than having a client call you about an order and not having a clue if it has been picked up or not.

    The update is also important for the agent. Agents are running an overwhelming number of repossessions and it is hard for them to remember what they have and have not done on each account. The agent should go over his updates before he begins to run his accounts. That way he knows what he has to do that night to get accounts picked up. As he is reading his updates, he may see something that he has overlooked. Agents work long hours and are mentally fatigued from a lack of sleep. Having the update will help them to stay focused on what needs to be done to get the job done

    The simply fact is that you are in business to make a profit. If the client is happy with your performance, then you will be overloaded with repossession orders. Concise and timely updates will make your clients happy. They will allow company owners to evaluate the accounts the agents are running, but also to evaluate the work performance of the agents. Finally, updates will help keep agents running their accounts efficiently and thoroughly. All of this will result in more orders for your company, more collateral being picked up and bigger profits!

    01updatesarepoagentsnightmare02.jpg
    Sometimes Repo Agents Have To Be Pencil Pushers

    Updates are the one thing that agents hate the most. No one likes being a pencil pusher and it is always more exciting to repo cars. Nothing interrupts the repossession agent’s sleep more than the office calling because an update is needed. I hate updates with a passion. The one thing I found to avoid updates was to make sure I got the collateral picked up!

    There are many reasons that updates are necessary and beneficial to the repo company, the client and even the agent. The update is something that the manager of the repossession company can look at and see that that all the bases have been covered by the agent. By reviewing the agent’s actions, he can determine if something has been missed. Maybe the agent is not thoroughly running the account. He may just be checking on the midnight or afternoon shift and not running the account during the day. It could be that he has not door knocked the account or checked the debtor’s place of employment. Once it has been determined that all the bases have been covered, the manager can decide if some in-house skip tracing needs to be done. The account may need to be reassigned to an agent that runs accounts more aggressively. The client may need to be contacted for additional information on the debtor. If the account is at a dead end, then the lender may want to pull a credit bureau, check the original loan application or possibly reassign the account to a skip department. The update can put an end to fruitless drive bys and door knocks if there is not any accurate information available.

    Please fell free to share your comments about lender updates on our forum here
      Posting comments is disabled.

    Latest Articles

    Collapse

    • Repo Agents Hate To Door Knock
      BRADMIN

      The Repo Man Is At the Door

      Nobody wants to door knock, they just want to steal the car. Repo agents always want more time to do a drive by and hope that the vehicle will eventual turn up. They do not want to scare the debtor into running or hiding the vehicle by tipping him off that he is up for repossession.

      There are several problems with that way of thinking. The first is that the vehicle is not showing anyhow and the second is that the debtor probably already knows...
      12-28-2018, 07:23 PM
    • Flacars con 2010
      BRADMIN
      Education
      This was my first time to attend a FLACARS convention and I have to say I was impressed! Everything was first class from the food, to the resort, to the seminars. There were seminars on proposed Florida legislative changes, fleet safety operations and the Fair Debt Collection Practices Act. LPR technology was presented by two vendors and there was also a collateral remarketing seminar. The highlight of the conference was an awesome skip tracing seminar, which was taught by Michele...
      12-28-2018, 06:28 PM
    • Repossessions and Collateral Damage
      BRADMIN

      Accidents Happen

      Repo agents are often dealing with volatile situations that put an enormous amount of stress on them. There are times when they are snatching a car from a tight space. Many times agents are driving at night and are sharing the road with sleepy drivers, drunk drivers and have their sight hindered by the darkness. If you are going to be in the repossessing business, then you must come to terms with the fact that accidents are going to happen. Collateral is going to get...
      12-28-2018, 06:25 PM
    • Handling Personal Property
      BRADMIN
      Personal Property
      Repossession companies have to be careful with personal property that is found in the cars they pick up. If property is mishandled, damaged or lost, it could cost your company money. You need to make sure that you follow your state laws as well as the lender’s contractual agreement with you when it comes to personal property. You need to do a detailed inventory of all personal property found in the vehicle. Place all of the personal effects found in a cardboard box and label...
      12-28-2018, 06:23 PM
    • Give Back to the Community
      BRADMIN

      Repossession Companies Can Donate To Many Worthy Causes

      I do no think that I can neglect this area in the writing of articles on how to build a successful repossession company. I truly believe the statement “what goes around comes around”. If you are a dirty player and always out to hurt people, you will get it paid back someday. Those paybacks can really hurt. Being a business owner is a big responsibility in more ways that one. Sure it is difficult to manage employees, keep your trucks...
      12-28-2018, 06:20 PM
    • Lenders and Their Recycled Repossession Orders
      BRADMIN
      "Old Paper"
      Lenders have a tendency to pass old orders around to different auto repossession companies. Every veteran agent has been through it when they talk to a debtor and they hear “I told the other guy I would pay” or “Are you with – insert your competitor’s name here”. Immediately you know you have a repossession order in your hand that someone else has worked.

      I often wonder if the lenders do this to see if agents are working accounts or if they do not trust us....
      12-28-2018, 06:16 PM
    Working...
    X