How to Start a Repo Business in Illinois
If you want a career that combines research, intuition, quick action and good communication and lets you get an adrenaline boost now and then, consider starting a repo business. Repo agents repossess cars, motorcycle, boats and other vehicles. While Illinois has no repo training programs, there are other ways to jumpstart your repo career.
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Instructions
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Find repo companies currently operating in Illinois using the directory at Quick Repo (see Resources). Contact these companies and ask if you can shadow or intern with them for a period of time. You won't be paid but you'll get a glimpse into the day-to-day life of a repo man.
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Work with a repossession company. Run title searches, contact potential clients, check car titles and skip trace, or find people who've moved around or fled. Ride along on repossessions. If you enjoy the work, seek training.
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Learn more about the repo business by taking Recovery Agent School's 40-hour online program. Sharpen your investigative and communicative skills, learn about personal property possession and advanced skip tracing techniques.
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Develop professional resources. Get an office space, or set up a home office. Obtain a work telephone and order letterhead and business cards. Set up a website. When you approach clients, you want to look professional.
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Contact a repo man's typical clients: banks, car dealerships, used car lots and car rental companies. Send a direct marketing letter or drop in and pitch your services directly. Advertise your services to every potential client in your community, then expand to surrounding communities. Pimall.com notes that a repo man only needs six to seven clients to have more than enough work.
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Perform your first repossession when you obtain a client. If you do good work, that client will give you more repo jobs. Grow your business through word of mouth and by continuing your advertising strategy.
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Tips & Warnings
Pimall.com notes that a repo man can earn $150 to $250 per job.
When you've expanded your client base and can't keep up, hire a partner.
