Lenders shift around with repossession agencies all the time, and while this may be bad news for you if you were recently dropped, it means that more contracts are out there and they’re easy to get — if you know how to find them. Let’s talk about how to get repo contracts, and how to maintain your repo accounts once you have them.
How to Get Repo Contracts
The formula for how to get repo contracts involves three steps: 1, get your name out to clients who don’t know you; 2, pitch your services; then 3, prove your commitment to great service.
Step 1: Cold Calling to Find Repo Accounts
A great way to reach out to potential clients is to call them directly. You can either find listings for businesses that might deal with repossession online, at trade shows, or advertising in newspapers and print media. Branch out from your normal circle of clients and businesses. Remember that there are more opportunities out there beyond auto repossession, such as boats, RVs, semi trucks, construction equipment, and more.
Call or email small businesses directly to leave a simple message or ask to speak with collection managers at larger companies who are in charge of repossession contracts. Or, stop by the offices of potential clients with a business card and a professional elevator pitch or brochure to leave on the appropriate desk.
Step 2: Pitch Your Repo Business
Be aware of your contact’s time and keep your message short and sweet. Offer them a taste of why they should hire you over similar competitors.
What makes you different? Maybe you do your own towing. Having your own towing equipment can be a big advantage. Many repo businesses need contracts with towing companies in order to transport large vehicles, but this service is expensive and time consuming if you need to contract it out. Investing in your own equipment can not only save you money in this area, but also help you get repo contracts, as you cut out the middleman by offering a full service repo business.
Step 3: Promote Your Brand to Get Repo Contracts
A great way to spread the word about your repo business is to develop your brand. Having a clear brand can help your future clients recognize your name so it’s top of mind when they need to hire a repo contract. Giving branded merchandise is a good way to circulate your business name, and you can cover pens, clips, baseball caps, coffee mugs and more with your branding. Often, the valuable advertising on common objects around the office, so when a potential client needs repo services, your business is at their fingertips.
You can also use your merchandise as a reward after clients inquire for your services or hire you for a job. Giving gifts that also have advertising power can be helpful to retain good repo accounts.
Where to Look for Repo Contracts
There are many types of businesses who may need to hire the services of a repo contractor, whether for a one-time job or ongoing repo accounts. Here are a few examples of businesses you can reach out to:
- Debt-Collection Agencies
- Financial Institutions
- Car Dealerships
- Auto Loan Companies
- Rental Agencies
Keeping Repo Accounts
Finding repo contracts might not be difficult, but it can be challenging to keep repo accounts once you have them. Businesses are always shopping around for the best prices for repo services, so giving discounts and offers will only get you so far. The biggest advantage your repo business can offer is the best service, which you can demonstrate through appreciation and understanding of your clients and their needs.
Being a people person and a problem solver will get you far in the repo industry. Understand that your clients have lives beyond their jobs, concerns and daily struggles — problems you can solve. When pitching your repo business, offer ways your services will help them personally —- for example, how they can appear more competent at their jobs by trusting the right repo business with a contract, how your abilities and understanding about people help you find things and resolve problems quickly and conflict-free.
Showing appreciation for your clients can help you hold onto repo accounts even when there isn’t a steady stream of jobs coming in. This might include holiday gifts, handwritten thank you cards, birthday mentions and personal connections — any details that show you remember and care about your clients, so they’ll remember you when they have a repo contract. Anything you can do to go above and beyond your competitors will gain you points with potential clients, giving you the edge and likely more repo contracts in the long run.
Once you’ve finished a repo contract, always ask for a letter of recommendation. Having a collection of these will be helpful to send to future clients. Even if it’s a one-time service, doing great work and having a handwritten review will make a huge difference for your business.
More repo contracts means hauling more vehicles. Make sure you’re outfitted with the best, most durable towing equipment on the market — the Minute Man XD Slide In Wheel Lift. The most reliable towing equipment will help you secure and keep those repo accounts, and keep your career moving forward. For more information, contact the Minute Man team today.
Legal Disclaimer: The material and information contained on this website is for general information purposes only. You should not rely upon the material or information on the website as a basis for making business, legal or other decisions.