Asset recovery is a critical process your business must explore to maximize value for the bottom line. Asset recovery specialists play an essential role in working with you to properly recover assets that are unused or at the end of their life.
So, what are the job duties of an asset recovery specialist? These professionals work to resell and repossess all types of assets, including property. Property can come because of bankruptcy, loan default, or foreclosure.
Asset recovery specialists collaborate with borrowers to address debt issues before a default occurs. They can also develop repayment agreements or spread out the debt for accommodating payment. Most asset recovery specialists have experience or knowledge within the banking or finance industries. Asset recovery specialists can also get promoted to an asset recovery consultant.
Top Asset Recovery Specialist Skills
According to Zippia, the top skills listed on asset recovery specialist resumes include customer service, outbound calls, and asset recovery.
Customer Service Skills
Offering top-notch customer service to clients is a key for an asset recovery specialist. In addition to addressing customer concerns and questions, asset recovery specialists perform many off-hand requests.
They impound and process tax and legal vouchers. Asset recovery specialists also field many collection calls for foreclosures, order quotes for payoffs, and coordinate foreclosure sales. These professionals also act as the main point of contact for inquiries about mortgage loans and other asset recovery questions from clients.
Outbound Calling Skills
Various asset recovery specialists make between 100-150 calls per day to inform individuals and businesses about their services. These professionals also perform outreach to people who are past due on their home and car loans. They may also contact clients to understand reasons for delinquency or secure payment for an outstanding loan.
Asset recovery specialists will also facilitate the bill paying process for customers. They will also collaborate with the loss mitigation team to sort out various client issues and concerns.
Asset Recovery Skills
Asset recovery skills are valuable in various capacities. Asset recovery specialists assist with unsecured and secured loan collection for financial institutions. They also conduct many collection and recovery duties for credit union accounts that are delinquent.
When it comes to equipment resale and removal in various markets, asset recovery specialists help coordinate these processes. They also partner with repossession agents to gain information for proper asset recovery.