The American Repossessor

It is what it is
By Susan Marston

CHANGE….yes that word again  and like it or not, that word will never go away, nor should it.  A phrase that I keep using because it really is an all encompassing phrase, is ….IT IS WHAT IT IS….and it applies to so many things in life, including our businesses.

We can only CHANGE things that we have control over,  and everything else, there really is no point in worrying about these things because ultimately we cannot do anything about them.  One of those things is the fuel prices that we are experiencing now and most definitely in the future too, as everything points to the fact that unless we have a dramatic change in the world economy and natural resources, these prices are only going to go in one direction – UP!

Interestingly enough, the gas prices in the USA are still  one of the cheapest in the western world as many of the European countries have been paying $10 plus, or thereabouts, per gallon for several years.  So, they are ‘used’ to this cost and the environment around them has had to CHANGE to meet the needs of the masses eg., car manufacturers.  Now you know why there are so many smaller vehicles ‘over the Pond’!

So, it is up to us to CHANGE  – our attitudes in the way we do business and indeed, the actual way we do business, because if we do that, that is in our control and we then we work “smarter and not harder”.  As I have said before, the days of growing repossession companies by increasing truck volume are numbered and we have to look at other alternatives to ensure the continuous profitability of our businesses.

I was with one client last week, and to meet the challenge of the future, we completely changed the internal structure of the company – from how they manage the client accounts, their updates and any other pertinent actions, to re-training staff.  By accomplishing this, this company has already began to reap the benefits both internally and in the field too.  More planning and organization equates to saving time and money.

At the same time, the external infrastructure has to CHANGE to support the Field Agents and also to produce the fastest turnaround time in successfully picking up those repossessions!  ‘Just because you have been repossessing for years does not mean that you can always do it the way  you have previously – if you get my meaning!  There are numerous combinations of ways to repossess successfully and it’s not just about riding around in the dead of night, spotting and hooking a vehicle and driving away.  For sure, that way is a good one, for the dead of night that is, BUT it’s most definitely not the only way at any other time.

I wonder how many of your Field Agents truly know how to work accounts and I don’t mean reading the address, driving to it and giving you an update WITHOUT leaving the truck!  Gone are those days or at least they should be.

As the client-driven repossession industry continuously CHANGES, we have to CHANGE too and that includes the way we train our Field Agents.  There are many out there that successfully repossess without trucks and make an extremely good living doing it too – that’s good training for you.   Plus it saves a great deal of fuel too….  More than one way to skin that cat!

So the old saying ‘you can’t teach an old dogs new tricks’ is flawed and always has been as there is no such word as CAN’T!  The computer ‘spell check’ doesn’t recognize it, nor does any dictionary.

Working smarter and not harder has to be the way forward.    No,  there is no magic wand to make that quick million dollars, just honest hard work, tenacity and CHANGE!

SUSAN A L MARSTON, MBA
President – ConnecTGo, Inc.
…..the right time…..the right team…..
salmarston@gmail.com
www.connectgo.biz

Communication Breakdown
By David Branch

My Brother works writing payroll software in California. One day, he and his business partner/friend went to a 7-11 down the street from their office to take a break and get a snack. His friend is from India and speaks with a thick accent. The following is a verbatim transcript from his friend and the store clerk who appeared to be from Sri Lanka and also spoke with a very different, yet equally as thick accent. Being an avid fan of the humor writing genre, everything from Hunter S. Thompson to Steve Martin, this has to be one of the funniest things I have ever read:

Friend:    2 egg rolls
7-11 guy:    What kind?
Friend:    2 egg rolls
7-11 guy:    What kind?  We carry 3 kind egg roll, sir.
Friend:  (in a louder voice):    No.  I only want 2.  Egg roll.  Right there <<pointing>> Don’t you see?
7-11 guy:    You don’t talk so good.
Friend:    What you talking about?  I just want 2 egg roll, man.
7-11 guy:    I can’t understand a word you saying.  What your problem and why can’t you talk?
Friend:    Come on, man.  I can’t understand you either.  I just want 2 egg roll.
7-11 guy  (almost yelling):    How long you in this country?
Friend: (almost yelling even louder):    11 years.  But I just want 2 egg roll and pack of Marlboros.
7-11 guy:    You here 11 years??!  No way.  I have no idea what else you say.
Friend:  << pointing vehemently at the egg rolls, holds up 2 fingers, saying something that not even I understood >>
7-11 guy:   Ok man, I get your egg rolls and you get out of here.
Friend:   What you mean?  "Get out of here"?  I pay you money.
7-11 guy:    I know.  After you pay, get out of here.
Friend:  << slamming money down on the counter >>:  I don’t know what you problem.
7-11 guy:    Ok man, whatever you say.  Here your change.
Friend:    What about the Marlboros?
7-11 guy:    No.  We’re out.  Goodbye and take some lesson for speak.  No one in this whole store understand a  thing you say.

After reading this, I couldn’t help but wonder how much that conversation mirrored those with agents and clients. I read so many posts on the industry forums that deal with client relations and more often than not, it is very clear that the problem the agents are having is proper communication between both parties. Proper communication is one of the most essential foundations of our entire life.  Whether it be personal or professional, without proper communication, it’s just not going to work. Business communication can be broken down into two parts; Internal and External. I am just going to stick to the topic and speak about external at this time. Maybe I will write about internal next month.

One of the first things I see a lot of on the forums is a lack of communication skills in the form of an agents ability to properly construct a written sentence. Doing so creates a negative perception of that agent. When a negative perception exists and the agent does not take steps to correct this mis-perception, agents will have a harder time to correct this and later reach out to the affected lenders/clients. And when a mis-perception goes uncorrected for a prolonged period of time, the mis-perception may become absorbed into the belief system of the client. This could be disastrous for the agent. Even the very employees of the agent may have a negative perception of the business.

A primary role of emails, memos, condition reports and updates is to maintain  a good, relevant and timely flow of information with the agent and his/her clients. It plays a key role in external business communication. Let me put it simply; if your condition reports or your information packets look like crap, your company will be perceived as crap. So many agents do not pay heed to the ethics of proper business communication. They write condition reports and updates as thoughts occur to them and send emails without revising the words into coherent messages. As a result, we see writing that is fragmented, incomplete, and full of careless language errors.

Here are 3 certain tips to improve  your business communication:

1. Plan and organize:

Agents should have clear objectives while writing an update or a business letter. It should include everything that you are intended to write to give information to the reader in order to attain your objectives of proper and clear business communication.

2. Build the business communication infrastructure:

In business communication through updates, letters, etc., write exacting, descriptive and genuine statements that will build partnership with clients. Use the tone and level of formality that fits the objectives and the reader, and convey your thoughts straight and firmly.

3. Prepare the reader for proper business communication:

rite the email or letter subject lines using words that alert the reader to contents, required action or critical information in the email. In the introduction explain everything readers need to know to understand fully why they are receiving the document. Describe all actions the client is expected to perform, actions you will perform and any critical information that client is expected to know. Summarize conclusions at the beginning. Write clear statements of contents at the end o introduction so that readers know what to expect and prepare them for reading, which will transform it from just communication to business communication.

I realize that I have just touched the surface of external communication, however, basic writing skills are so very important to the agents existence and survival. I often jam people up on the forums when I see a poorly written post. I really do not do that to be funny or a hard ass. My goal has been to get you to see that if you can’t convey a simple thought properly to your peers, your clients assuredly appreciate it. If you find that you fall into the bad writer category, brush up and take a course at your local community college. Invest in your agency. If you don’t, I promise it won’t be around for very long.