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Collateral Recovery Repossession News And Directory

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  I have always found it amusing to listen to other, non-industry involved, ideas of exactly what it is that all of us do. I came across this from the Houston Chronicle over the weekend and found myself chuckling.

Job Analysis for Repo Men

A repossession or recovery agent is commonly known as a “repo man,” though this term naturally takes away from the reality that an agent’s role is not gender-specific. The primary role of a repo agent is to carry out an order to repossess personal property from someone that hasn’t paid his or her debt obligations.

Repossession Basics

The most integral role for an agent is to track down a piece of property and physically repossess it on behalf of an employer or client. Car repossession is common, but agents may also work on repossessions of boats, planes, equipment and machinery used in businesses. While some agencies repossess any type of property, many specialize in particular products because of the preference of banks and lenders that want to establish broad partnerships with state-based or national agencies.

Seizure and Towing

Once you locate the property in question, a key duty of the agent is to arrange for its safe recovery. Since owners aren’t often cooperative, the agent must normally arrange for repossession when the owner isn’t around. This process usually involves coordinating removal with a local towing company. Some agencies have their own tow trucks and require repo agents to have licenses to drive them. The repo man or an agent moves the property to the company’s storage or a safe location.

Business Administration

Whether you operate independently or work for a repo firm, you need some basic business skills. An independent agent must perform basic bookkeeping, marketing and selling activities to attract new clients. Many agents of firms earn commissions for each repossession. Therefore, the ability to attract new clients or help get business contributes to your pay potential. Agents may also have office responsibilities, such as website maintenance and client communication. They must also report repossessions to law enforcement as prescribed by local, state and federal laws.

Skills and Requirements

Formal education requirements are typically minimal to get a job with a repossession company. States often have licensing or certification requirements that you must meet before engaging in repossession activities, however. Agencies train new hires on specific processes and duties. Common skills that help someone succeed in a repossession job include tracking abilities, attention to detail, organization, towing knowledge and basic business acumen.

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