Establishing a successful business skip trace services department for your collection agency can take your business to the next level. Skip tracing and collections are essentially like two sides of the same coin, working creating a team effort.
Skip tracing is a bit different from collections, requiring a different approach, skills and resources to create a successful department. When developing a skip tracing service, you can customize it to meet the specific needs of your company by following a few guidelines:
1. Create a separate business skip trace department from the skip tracing collections department.
2. Build up skip tracing services by hiring experienced skip tracers.
3. Develop skip tracing tools and resources.
Create a separate service for the skip tracing collectionsYour skip tracing service should be separate from the collections department. It should be a quiet environment that allows them to think and strategize without a lot of background noise. Still, they should be close enough to the collections department in case they need to contact one another to compare notes from their skip tracing databases about accounts. Create 3 levels of skip tracing services. Each level will have different levels of skills and resources. Each level will vary in intensity.
Build your skip tracing department by recruiting from withinLook at your current employees when hiring skip tracers. Consider collectors who seem to ask lots of questions when dealing with their accounts. Skip tracers need to be naturally inquisitive. Consider hiring experienced skip tracers with at least two years of experience and offering them a percentage of the debts they collect if you are just starting out.
Locate accountsIt may go without saying, but you should always be on the lookout for new skip trace leads for your skip tracing business.
Develop skip tracing and collections resourcesThere are lots of free resources available at your fingertips! For instance, subscription websites and debt recovery forums where you can make important contacts, network and stay in the loop about important information pertaining to your industry. Resources like these can provide a wealth of the very latest skip trace information as well as collection advisory sites.
- Be sure that you are fully aware of your state's regulations for starting a licensed skip tracing business.