Repoman Job Description
The repossessions industry doesn’t always get the best rap, but regardless of the field’s reputation it is a tough job. While many people think they know what a repo man does, most of the public has little idea of the real day to day tasks and obligations of repossession agents. The job description of a repo man has many parts, some more mundane and others quite risky and even exciting. Recently touted as one of the most dangerous careers in America, repossession work has is benefits.
Repo Agent Description
A repo man or woman’s job is to recover or repossess property from someone who has fallen behind in the lease or rent payments. The repo agent locates and legally comes into possession of this property which is usually a vehicle, like a car, truck or boat. The repo man must have and apply the information needed to assure that the vehicle picked up is in fact the correct one. The property is then collected and moved to a secure place. Cars are usually towed away, though sometimes repo men are given copies of the keys and drive them away, or in some cases the vehicle is legally broken into and moved.
Repossession companies and their agents work with and for a variety of different sorts of clients. The general client in need of vehicle repossession is a financial institution like a bank, credit union, or finance firm. These organizations are those capable of providing property and auto loans that can, in fact become faulty if not payed. Used car lots, car dealerships and vehicle rental companies are also on the list of repo clients. Occasionally, repo men will be able to legally recover cars for private citizens but these circumstances are rare.
Skill sets of a Repossession Agent
Skills and Practices
There are three main skills sets required of repo agents: tracking & recognizance, towing & organizing, and business skills like marketing and accounting. Tracking, tracing and finding a vehicle is the foremost task of the repo man. Repo agents must also attempt to find the best way and the best time to take on the physical recovery of the vehicle, usually when the driver isn’t present to avoid confrontation. The effective towing knowledge and capability need to move vehicles is also crucial to getting the job done, and the connections and availability to store the property safely until it can be put to auction to help waylay the debt. Basic small business skills are also necessary for a repo company to succeed. The ability to contact and lure new clients, to market affectively and to keep up to date in the legalities and codes needed for repossession work. The upkeep of a proper website and contact information is also a useful skill. Frequently, repo men must also be responsible to report their repossessions to local law enforcement.
Payment varies in the repossession field. Some repo men work for companies that pay them salaries within regular work hours. Others are contractors and get payed per-job. Estimates of income per job is between $150 to $350 dollars. Not all repo companies or repo men succeed financially, but those that do tend to find is a prosperous trade that allows the freedom to control ones own work and time.
Repossession work requires a good deal of skill and attention, and affords a fair compensation. Beyond public opinion, the work is very much needed and often satisfying to those who choose this career.