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Saturday, May 22, 2010

What makes a good repossession agent / agency?

I've been starting to focus my attention on the repossession business again, and in doing so I find myself examining the qualities that make up a great repo agent, and a good repossession agency.

First off, the definition of "great" contains several descriptions that should apply:

Wonderful; first-rate; very good

Unusual or considerable in degree, power, intensity, etc.

Notable; remarkable; exceptionally outstanding

Enthusiastic about some specified activity

Skillful; expert

Consider the degree of difficulty it takes to be a repossessor, and magnify that by the challenges an entrepreneur faces in running a repossession agency and you have a profession that is as difficult as any there is. Combine that with the restrictions placed on the repossessors and repossession agencies, from strict laws, compliance issues and rising expenses to cost cutting measures that have affected the industry and forced many great companies either out of business, or to not be as great as they could be if they weren't facing so many challenges, and you have an industry that is at a crossroads that paints a picture that continues to offer additional challenges as the job keeps getting more difficult to perform.

For this reason, we believe there needs to be change in the industry and the first step in this process is to clearly define the solid, professional repossession companies from those who perform at lower levels. Once this process is started, those performing at a lower level will need to improve, or they will face additional challenges as those identified as "great" will dominate the industry. This identification process also needs to include the identification and elimination of Repossession Agencies, Repossession Agents, Forwarding and Skip companies who place the public, our clients, the people who employ them and themselves at risk.

We are moving forward in this process and in the coming months, I look forward to sharing some additional insight with you on how this process can start to help improve our industry.