How to Become a Repo Man in Michigan
It happens all the time: people are unable — or just plain refuse — to pay for property, whether it’s cars, trucks, or motorcycles, but try to keep that property in their possession. The company they owe has no choice but to enlist the help of a repo man.
Also known as a possession or collection agent, a repo man’s job is to collect the property, after attempts to collect the money have failed.
Since this type of situation isn’t uncommon, the repo industry tends to offer good job security, but what exactly does it take to become a repo man here in Michigan? Find out if you fit the bill below.
Are You Michigan Repo Man Material?
In order to do this job successfully, it takes a certain set of skills. You may need to track down the property, figure out the logistics of collecting it, and know how to deal with the possible confrontation of an unhappy owner. Thus, to be a repo man or woman you should possess the following characteristics:
- Excellent Investigative Skills — Locating the property can take some digging around so you’ll need to have the ability to research, pick up on, and follow a trail of clues efficiently and effectively.
- Strong People Skills — You can’t be afraid of conflict. Though you can (and should) try to avoid confrontation as much as possible, it is a reality of the repo man role.
- Good Timing & Problem-Solving Skills — In addition to figuring out how to sidestep conflict, you also need to determine how to go about gaining access to the property you need to collect. Just as owners aren’t always going to be conveniently not around, vehicles are not always left out in the open.
Michigan Repo Man Requirements
Before you head out and start repossessing vehicles, there are certain state requirements to be hired as a Michigan repo man. Here’s what you need to meet the basic repo requirements in the state of Michigan:
You must be…
- At least 18 years of age
- A high school graduate
- In good physical condition
- In good character
You must have…
- At least 6 months of experience in a collection or repossession agency.
- A surety bond for at least $5,000: This is insurance for the company that hires you to cover the cost of your services in the event that you are unable to fulfill your contract. Contact the Michigan Department of Energy, Labor & Economic Growth (DELEG) to find out where you can obtain this type of bond.
- A state license: You’ll need to submit an application for this through DELEG and pay a fee. You’ll also need to pass a licensing exam to receive your state repo license.
Do You Have the Right Michigan Repo Man Equipment?
To become a Michigan repo man, you not only need to have the right qualifications, but also the right equipment! Wasted time and money are perhaps the biggest challenges you’ll face as a repo man, and having the right equipment can save you both.
In addition to all the attributes and legal documentation, the job requires reliable transport. You often need to act quickly and you can’t afford for your truck’s equipment to fail on the job, or you could end up dealing with angry owners and lost opportunities.
Maximizing your time is essential, since the more vehicles you can repossess, the more money you’ll make. To streamline your operations efficiently, consider investing in a wheel lift before dropping big bucks on a tow truck or wrecker.
Wheel lifts cost less upfront, yet offer long-lasting, efficient performance, and have the capability to handle all types of repo jobs. They also retain their value and have lower operating and maintenance costs than tow trucks. These are all really good reasons to check out a Minute Man wheel lift today!
If you want to become a Michigan repo man or begin your own repo business, Minute Man is a great place to start! Our towing options are affordable and economical, and not only built to perform but also to last! Give us a call at 877-593-6959 or contact us online to learn more.
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.
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