There is nothing easy when it comes to debt collection, but one of the most difficult things for any collector to do is get debtors on the phone, especially if those collectors are following all of the rules and regulations that apply to collection calls.
However, some of the best debt collectors in the country have found that there are some simple things that anyone can do in order to greatly increase the rates at which they are able to catch debtors over the phone, which almost always leads to improvements in collection rates.
If the idea of getting debtors on the phone and producing better results for your operation, without breaking any laws, is something that you are interested in learning more about, dig into some of these helpful tips and try them out for yourself!
Play by the Rules
While this might seem obvious, you have to understand and respect the laws concerning debt collection calls if you are going to proceed to make those calls successfully.
Most of the rules and regulations concerning debt collection calls have been put into place with good reason, and for the most part, breaking those laws will do more damage to the relationship with the debtor than they will to produce results.
Understand Your Batting Average
Do you know that old line about how you can strike out six or seven times out of every ten and still make it to the baseball Hall of Fame? Well, the exact same concept applies to the world of debt collection phone calls.
You are almost never going to get the person you are attempting to contact on the line when you call them. You have to get yourself into a mindset where you are alright with missed connections and be sure to leave voicemails that make the person actually want to call you back.
Establish a Relationship
When you do finally get to speak with someone that you are attempting to collect from, make a serious effort to establish a relationship with them.
The debtor you are attempting to collect from is a real person with a real family, and treating them that way instead of like another number on a list will do wonders for your relationship with them.
Keep Things Civil
In the event that the call does not go your way, understand that getting upset will not do anything to help your future conversations with that debtor.
Instead of letting the moment become too much for you to handle, take a deep breath and allow yourself to feel some empathy for the person you are dealing with.
Always be Flexible
Anyone you are attempting to collect from is likely going through a very difficult time in their lives. Having some patience and understanding for whatever they might be struggling with is a great way to continue to build a relationship that actually results in better collection rates.
It can also pay huge dividends to be flexible in the terms you are offering to anyone you can actually have a conversation with. Being open to negotiating different terms can allow you to find a solution that makes sense for both parties.
No matter how you slice it, making debt collection calls is a very tough business. However, by focusing on the long-term relationship instead of short-term conversion rates, you can improve your overall batting average and get your collection career heading towards Hall of Fame level production.