Having spent 36 years in the collection industry and most of them in the skiptracing field, I felt compelled to write this. I have heard from many collection managers that skiptracing is a waste of time and does not generate any income. That statement is the furthest thing from the truth.
If a company is willing to invest some time into skiptracing it could become a very large profit center for your company. If you have designated individuals doing nothing, but skiptracing and collectors doing nothing, but collecting then you could have a very profitable company.
Skiptracers are very unique, creative and do not think in a bubble. If an account has return mail, unlisted phone numbers and basically no way to reach a debtor, then how will you reach that person. Yes the collector will do a very cursory skiptrace. They may check http://www.whitepages.com. That does not always help, but that is as far as they will go.
Do you want to make money? I know that my company does. A skiptracer will go above and beyond to locate their subject especially if it is a higher balance account.
These days everyone has a phone number. It could be a landline or a cell phone, but someone has that number. The skiptracer will find it. If an account has a balance of $45,000 and a non published number, do you not think that it deserves a through investigation?
What would you do if you could double or triple your revenues? If your company is collecting $300,000 per month in fee revenue, then perhaps you are grossing $900,000 to $1,000,000.00 gross. How about tripling that every single month. Who is happy then?
How many files are sitting in your skip queue? How many of them are sitting in-statute? Think of how many of them can be collectible if only they are worked properly. Time to think about making more money for yourself, your employees, your company, and your clients.
I have personally trained thousands to do skiptracing. For proper training call 954-722-0473 and let’s discuss it.
Collectors work on an hourly rate + commission so they have an incentive to collect. Well skiptracers can be paid hourly too and get a commission perhaps of 1% of gross collection on their locates. I know that when I was with an agency that was what I got. Imagine a $4500 commission. Any agency owner should be thrilled to pay out that money. I know I would be.