Growth Trends for Related Jobs
Many people seek out loans to pay for high expense items. When they are unable to pay back the bank that made the loan, the bank becomes the owner of the property. This is where the recovery agent comes in. The recovery agent legally seizes the property on behalf of the bank. The recovery agent is compensated by the bank for the retrieval. In some states, recovery agents (also called repo men) must be licensed. Because recovering property has the appearance of theft, recovery agents must work closely with law enforcement.
Research the laws concerning repossession in your state. Some states require licensing prior to working as a recovery agent. In all cases recovery agents must register with the police to let them know that the property recovered was done so legally.
Enroll in a legitimate program that offers recovery agent training. These courses are not required by most states; however, many recovery companies look favorably at the applications of those who already have training. These courses will also teach the tricks of the trade and surveillance techniques, as well as the legal matters surrounding repossession.
Train physically and mentally for the job. The nature of repossession requires a great deal of conflict resolution. Ability to deal calmly and effectively with unhappy people is a must. Physically, a lot of lifting and running may also be required of a recovery agent.
Contact repossession companies in your area and ask to be hired on as a trainee. Most recovery agents begin as trainees and work their way up, as in many other trades.
Register with the police and learn the protocol for repossession. Often, after property has been recovered, the agent is required to contact the police and inform them that the property has been repossessed.