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Debt Collection 101: Episode 41 – Soft Skills For Debt Collection

October 15, 2019

Alex: Hey everybody welcome back to another
episode of Debt Collection 101 here on Arbeit U. Spencer: And as always not just any
episode Alex, we have a very very very very very special episode today. Alex: Best episode right. Spencer: The best episode ever. We brought a prop on the bookshelf of
Spencer R. Farrell the first. Alex: Spencer, this was his first book he ever read.
Spencer: Yup. Alex: He was 2 years old. Spencer: Yes. You make that joke, there’s actually
follow up this book it’s Seven Habits of Highly Effective children. Alex: Huh. Spencer: So there
you go. Alex: You should read that one. Spencer: Yeah that book is based on my life. So, why
that book is here is because we are talking about the importance of and this
this could be not just hiring collectors. We’re gonna talk about hiring collectors, but hiring anyone. The importance of emphasizing soft skills just as much as
hard skills right. Alex: Right. Spencer: So the difference is like on our end, a
hard skill to be programmed right like finding someone that knows how to program. Where a soft skill would be like their ability to communicate right. Alex: Right. Spencer: And a lot of the times. Alex: I always feel like soft skills you can’t teach. Hard
skills you can teach. Spencer: Correct. Alex: So I always know like I mean you can obviously Spencer: You
can always. Alex: You can always improve but you know is it’s like soft skills are
more of like that’s just who you are. That’s the type of person you are. You’re born with
those at you know skills and something you’ve accumulated over your entire life
rather than hard skills like you know or something that can just be learned in a
shorter period of time. Spencer: Correct, so we’re talking besides in that interview
process right. So a lot of times from you know it’s, I love these episodes when it
like flips itself. You interview and you kind of look for hard skills right
Can this person program and you’re gonna have to help me with this C Sharp, C++ are both real things. Alex: Oh wow. Those are both real things right? Alex: Yes they are.
Spencer: Yeah. Can this person, does this person know how to create content. All this kind
of stuff right, but the thing you don’t really look for is like how well does
this person communicate or Alex: Right. Spencer: How persistent is this person like we do
that kind of on the sales side. Alex: Well, we look for those things. Spencer: Of course we do. Yeah. Alex: You should be looking for things. Spencer: Exactly the point of this episode. Alex: Right. Spencer: And this
actually came from one of their off, one of the, one of the offices. They actually
train their people in this book. So they train their collectors. Alex: They buy one for everyone?
Spencer: I’m not sure. You’d have to ask them. Let’s get them on the phone, talk to them
about Click and then asking about that as well. They trained everyone on the
Seven Habits. So they talk about the seven habits and how they’re back. Alex: So. Spencer: Oh shit. Oh shit. Alex: Let’s get right into a habit. Spencer: I didn’t know we’re gonna do a quiz. Alex: Habit four. Spencer: Think win-win right. Alex: Thin win-win. What does that mean? Spencer: So correct me if I’m wrong Stephen.
So it’s more of instead of like like think how both parties can win right.
Instead of like a win-lose scenario, think like a win-win scenario. What’s
best for both parties. Alex: Right so I mean collections this is. Spencer: This is a perfect.
Wow you opened to the perfect page for collections. Alex: I mean this is at,
being a former collector like thinking win-win is your, you have to. To get the, I mean
when you’re negotiating with the consumer to try and get them to pay,
thinking when when it’s definitely something you need to see how. I mean
setting somebody up on a dollar a month payment plan is might be good for it’s
not good for either person actually. Spencer: Yea no one wins in that scenario. Alex: No one wins in that scenario, but you know it’s you gotta think win-win so that at the
end of the day you know the come, the collection agency obviously has to
succeed and so does the consumer or else they’re not going to end up following,
following through with their payments or you know continuing to pay off their
other debts. Spencer: Even if that’s not what that chapter is about, it is now. Alex: Yes. Spencer: That worked out well for the episode. Alex: Perfect. Spencer: So, I think that’s it right. Got anything else for the folks at home? Oh, are you doing another one? Alex: Yeah
I’m not gonna just do one of these. Spencer: Why not? I feel like there’s only seven. You want to make
Stephen wants people to buy the book you know. He didn’t write this book so you can give it away. Oh God. I’m not going to know it. Alex: I don’t like that one. Spencer: Okay, how about the first one on there. Alex: Yeah the first one was good. What is it? Spencer: Be proactive. Alex: Yes, be proactive. Why? Spencer: Why is it
important to be proactive? Alex: That one is just common sense, being proactive. Spencer: Yeah I mean, yeah well you know even like here right like like oftentimes were reactive to
things right and you know we we should be much more proactive than we are and
it’s like like more like seeing how, what problems you could possibly face right
versus like waiting for those problems to occur. Alex: Yeah, when you work with someone who’s proactive you know like if you have
somebody that you work with this proactive you know why it’s so good to
be have somebody on board that’s like that
because it’s just they solve problems before they happen. There good you know, Spencer: You must know what that’s like right? Alex: Yes, in collections
obviously that’s especially important, being proactive. You know beforehand that
this issue is going to come up with the consumer so you would dress it right
away you know, rather than said; again just going back to the simple analogy of
like a payment plan, you know there’s going to be an issue right away with
this because of how the conversations going. So you address that problem right on the call, rather than two months from now, the
consumer is not making their payments and you can’t get them back on the phone.
Spencer: Yeah. Alex: So being proactive as the collector is extremely important to success. Spencer: Now you see why the train on it. Alex: Yeah. Spencer: You doing one more? Alex: One more. Spencer: Ok, how about the second one. Alex: Which one is that one? Spencer: Begin with the end in mind. Alex: Begin with the end in mind. Spencer: Yeah. Alex: Sure. Spencer: No, you want to skip that one? Alex: Sharpen the saw. Spencer: Sharpen, aww that’s a good one. Sharpen the saw. That’s a good one. Basically always be learning right like. Alex: This was a great one. Spencer: Yeah,
never stopped learning or growing right and constantly have to be learning new things. The same concept, you have to be staying up to date on regulations and just you
know different tactics or you know technology that’s out there. Alex: Constantly
practicing. You see one of our first episodes was like tips from a good collector. That was myself. Spencer: Way to promote yourself. Alex: It was, it was constantly learning that
got me there so it’s like just. Spencer: Yeah we talk, yeah I remember that yeah. You used to drive in the car. Alex: That’s it. For any, whether your collection, no matter if
you’re a collector or compliance. Spencer: No matter who you are.
Alex: It’d been any role in any, Spencer: Anywhere in the world, Alex: soft skills like this help you succeed, but you can relate them. Collections isn’t, I feel like sometimes
people think collections is like this enigma of an area and the skills that
you need to be a collector are different than every other type of you know
company and that’s not the case at all. Spencer: No, there’s, there’s a definitely a
correlation between even like sales. Alex: Yeah and people who’ve been in
collections their whole life and that’s all I know, sometimes I think they think
that way too and that’s not a good way to think. There’s plenty of resources
that you can use like yeah they’ve relate over to sales in this book here
which will be linked below. Spencer: Perfect and we’ll take our cut from the sales when they sky rocket. Come on Steven. Alex: All right, that’s all. Spencer: Thank you as always. Let us know what you think. If you read the book. If you haven’t read
the book. How you train your team, whatever it is. Alex: What soft skills are most important to debt collection agencies. Spencer: Ooo, that’s good one. Alex: Comment below. Let us know what soft skills do you think
are most important and why. Spencer: And as always we will see you next week. Alex: See ya.

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