Announcement

Collapse
No announcement yet.

"It's Cheaper to Keep Her!"

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • "It's Cheaper to Keep Her!"

    After a recovery agent signs on a new bank, credit union or finance company, what's next? Do you just accept whatever jobs they send your way and go on about your merry way? Well, you shouldn't! With the competitive nature of the recovery industry, customer service should be top on your list...right up there with securing the collateral. Why? Many times banks, credit unions and finance companies will call each other to find recovery agents that work a specific area. And guess who will get the recommendation for the job? The agent who consistently provides quality service from the recovery of the collateral to the follow up with the CR, pictures, etc...the agent who returns phone calls and responds to emails from their clients in a timely fashion. A satisfied client will recommend you to others...it's almost like getting advertising for free! You can grow your business without having to spend extra time prospecting for new clients if you invest a little time into building your relationship with your existing ones. It is easier to keep a current business relationship than to build a new one and it's a lot cheaper too!

    What do you do to build and grow your lender relationship???
    Kel

  • #2
    I thought this was directed to keeping a gf, I was going to disagree lol.

    Comment


    • #3
      I wouldn't know about the girl freind part, I met my girl freind in 8th grade and have been married to her 37 years. I do know clients are shocked they can call me for info on an account and not be put on hold. If they leave a voice mail they are called back asap. I have been told they have trouble getting info from other companys.

      Comment


      • #4
        Originally posted by David Simpson View Post
        I wouldn't know about the girl freind part, I met my girl freind in 8th grade and have been married to her 37 years. I do know clients are shocked they can call me for info on an account and not be put on hold. If they leave a voice mail they are called back asap. I have been told they have trouble getting info from other companys.
        Congrats on your marriage of 37 years...that is wonderful!!! You definitely found your soulmate!

        Kudos for giving great customer service...it will payoff for you!
        Kel

        Comment


        • #5
          Originally posted by FlRepoMan View Post
          I thought this was directed to keeping a gf, I was going to disagree lol.
          That would depend on the girlfriend!!!
          Kel

          Comment


          • #6
            I think this is tough to answer because a lot of clients base everything off of price. We provide a very good service always respond to questions and updates within minutes of being uploaded into whichever portal. Always return phone calls or answer the phone even after business hours. We go out of our way for some of our accounts and I have found in the last year it seems price to be deciding factor. We are not the cheapest and we may not be the best however we are honest and punctual and are always respectful of debtors. We have learned of tactics of other repo companies in our area threatening debtors, damaging property and so on. However, they still recieve 60% more orders from the same companies that we are contracted with. I feel price is number 1 and also no one likes change not even vendor managers.

            Comment


            • #7
              Originally posted by Action Towing of Sarasota View Post
              I think this is tough to answer because a lot of clients base everything off of price. We provide a very good service always respond to questions and updates within minutes of being uploaded into whichever portal. Always return phone calls or answer the phone even after business hours. We go out of our way for some of our accounts and I have found in the last year it seems price to be deciding factor. We are not the cheapest and we may not be the best however we are honest and punctual and are always respectful of debtors. We have learned of tactics of other repo companies in our area threatening debtors, damaging property and so on. However, they still recieve 60% more orders from the same companies that we are contracted with. I feel price is number 1 and also no one likes change not even vendor managers.
              This is the picture I'm starting see as well. I increased my rates by $20-40, then within a month or so I'm not getting (primary) assignments in my local area, just outside my city now, and local skips.

              Comment


              • #8
                Originally posted by Action Towing of Sarasota View Post
                I think this is tough to answer because a lot of clients base everything off of price. We provide a very good service always respond to questions and updates within minutes of being uploaded into whichever portal. Always return phone calls or answer the phone even after business hours. We go out of our way for some of our accounts and I have found in the last year it seems price to be deciding factor. We are not the cheapest and we may not be the best however we are honest and punctual and are always respectful of debtors. We have learned of tactics of other repo companies in our area threatening debtors, damaging property and so on. However, they still recieve 60% more orders from the same companies that we are contracted with. I feel price is number 1 and also no one likes change not even vendor managers.
                You are correct...so many clients are blinded by price. So much so, they fail to realize they are not getting quality service. Honesty, punctuality, respectfulness are a rarity in the business world and should supersede price. If I have said it once, I have said it a million times...you get what you pay for. Perhaps if I keep on saying it someone will actually listen one day:-) Personally, I prefer to pay more for a job well done than to take the cheap way out...that always comes back to haunt your ***!
                Kel

                Comment


                • #9
                  And I thought this was going to be about valentines day!

                  Comment


                  • #10
                    Hard work always pays off.

                    Comment


                    • #11
                      Cost may be the name of the game right now, but in due time. I'd like to share a phrase a previous boss shared with me that has always stuck, " there are no new customers to be had, we only pick up what the other guy lost." I strongly believe in this theory.

                      Comment


                      • #12
                        Originally posted by Action Towing of Sarasota View Post
                        I think this is tough to answer because a lot of clients base everything off of price.
                        I totally disagree with this. The good clients that you will want to strive to get do not work this way. The guys who base everything on price are the easy ones to get with because they'll turn on their old repo guy in seconds for a better deal. The wise credit unions banks and title companies understand that a high recovery rate is a FAR BETTER DEAL when you look at paying an extra $100 to assure they are going to get that $30,000.00 car back...

                        Comment


                        • #13
                          I believe we will see performance win out over cost eventually. With the CFPB's presence, hopefully lenders will realize they need to be more vigilant in their hiring of recovery agents who repossess their collateral. The cheapest price isn't always a bargain. You get what you pay for and I prefer to pay for performance
                          Kel

                          Comment


                          • #14
                            Only time will tell. I have made many changes to be more compliant with the new regulations. It's been 5 months now and I feel they're squeezing us tighter. Who knows anymore

                            Comment


                            • #15
                              Originally posted by SeaKelly View Post
                              After a recovery agent signs on a new bank, credit union or finance company, what's next? Do you just accept whatever jobs they send your way and go on about your merry way? Well, you shouldn't! With the competitive nature of the recovery industry, customer service should be top on your list...right up there with securing the collateral. Why? Many times banks, credit unions and finance companies will call each other to find recovery agents that work a specific area. And guess who will get the recommendation for the job? The agent who consistently provides quality service from the recovery of the collateral to the follow up with the CR, pictures, etc...the agent who returns phone calls and responds to emails from their clients in a timely fashion. A satisfied client will recommend you to others...it's almost like getting advertising for free! You can grow your business without having to spend extra time prospecting for new clients if you invest a little time into building your relationship with your existing ones. It is easier to keep a current business relationship than to build a new one and it's a lot cheaper too!

                              What do you do to build and grow your lender relationship???
                              Not Me, once a client is signed I start building that relationship. I seek as much work as I can handle. I challenge clients to give us the worst they have. We then prove ourselves and the work starts flowing for the most part.

                              Daryl
                              Big Dog Recovery
                              Phone 888-292-8339
                              Fax 888-873-7163
                              http://BigDogRecovery.com
                              http://recoveryagentsunited.com
                              http://recoveryservicesunited.com

                              sigpicTrue success will only be achieved through unity!

                              Comment

                              Working...
                              X