A repossession agent or "repo man" is hired by a debt collection agency to locate and recover the property upon which the debt is owed. Repo men usually work for repo companies, although they sometimes work as independent contractors [source: QuickRepo.com].
In order to become a repo man (or woman) you should:
- Be a real "people person"
- Have a calm demeanor and be able to calm down others
- Be a problem-solver
- Be good at detecting when people are lying
- Be perseverant
- Be organized
- Be prepared to work odd hours
- Be prepared to repossess property from someone larger than you are [source: MyRepoJob.com]
In order to become a repo man (or woman), you'll need to:
- Learn about your state's licensing regulations and other state laws related to repossession.
- Obtain the necessary licenses.
- Obtain a driver or a truck (a tow truck if you plan to repossess cars).
- Learn how to locate a missing person.
- Print up business cards and brochures.
- Find out the going rate for repossession in your area.
- Contact repossession agencies to try to get a foot in the door.
- Build up a database of clients, if you want to work independently.[source: Thomas]
Here are some ways to drum up clients if you want to be an independent repossession agent:
- Send fliers to banks, loan companies and car dealerships.
- Telephone the collection managers at these companies.
- Make in-person sales calls.
Once you repossess an item, you must:
- Report the repossession to the police.
- Complete an inventory and condition report.
- Prevent litigation or claims to a repossessed item, by making sure you have authorization to repossess the property with a "hold harmless" agreement signed by the client.