I remember clearly the days when I decided to become a repoman. Things were changing in my previous work so I knew I needed a change. A guy that funded my previous company luckily mentioned this industry to me and set up a meeting for me to meet with what I would have to consider the highest end repossession companies in the world. They didn’t repo cars, they didn’t have trucks, they had no lot. In fact when he mentioned to me what they did exactly, I was surprised. I thought what? I never heard of that before.
Repossessing yachts and aircraft is not a typical job or business you hear of everyday and less before the ridiculous TV shows started. In fact one of the shows met with us and asked if we wanted a show and we declined.
I went to meet with this guy and have an interview if you will. I drove over and found the place was set up in a huge office building like what you would find a law office in or a CPA firm. There was a receptionist as you walk in, there was pictures on the walls with high end desks and offices everywhere. I was amazed and even more so surprised that such an industry could be so high end.
I met with the owner and we chatted for about 40 minutes and he said to come in a 9am which I did. That week I went and did my 40 hour training course and brought them the passing certificate.
Skip Tracing Yachts and Aircraft
The first thing he taught me on was how to locate yachts everywhere besides where we were. I was locating yachts in Bahamas, Jamaica, Europe you name it. It was when I realized I was a natural at locating assets no matter where they were in the world. it was a puzzle and as long as you have patience and a little intelligence it can be done. I have spoke to other skip companies that basically call the debtor trying to scare him into giving up the collateral or run a simple comp and have the repo company run previous addresses. This might work sometimes but if you want to be proud to maintain a 98% success rate, you better start doing things the right way. In doing this you won’t even have to solicit yourself to banks, they will call you, which later proved to be true.
It’s like in the internet industry and internet start up business, businesses will contact people they want to work for them that may not even be looking for jobs.
Working from A to Z
It was then that I quickly learned to stop my crap of trying to do a shortcut here and there. This work required discipline, it required me to work each case from A to Z. I remember those words as if they were told to me yesterday. I sometimes tried to get away with doing something from A to M and it just didn’t work. If you had to call each and every marina even if you thought it wasn’t there, you did it. If you had to write down all the previous docks this yacht had been to in the last year, you did. Not ahh. I’ll skip that one.
First time repossessing yachts in the field
I remember when I graduated the skip tracing enough that I was sent in the field. I was thrilled to be able to fly all over the place and visit while doing these jobs. The first few cases I did with a partner which was important. But even still, I am not a boat captain so I still had to make arrangements to meet with a captain once close to the vessel.
It was nice, especially getting on a nice sailboat on a perfect day sailing it to another marina to safety while enjoying the ride. Where else is work this nice.
I have experienced a ton of different scenarios that I can possibly share on this blog as we progress. Some strange, some violent with lots of threats.
There were a list of things that had to be done upon repossession of a boat. First of all the bank required at least a roll of pictures inside and out. Secondly the bank required to know the condition of the vessel so we did condition reports which were very detailed, involving engine, hull scratches, dents, interior condition, bottom paint. These condition reports were for the purpose of the bank having a somewhat rough estimate of us liquidating it. What low price should we get, despite us giving them the value.