In the fields involving skip tracing, including private investigation and accounts receivable, timing is everything when it comes to the turnaround between locating contact information and getting the subject on the phone. Searching for updated contact information can be a continuous process for some subjects who lack much stability, often changing phones and residences as they bounce from place to place. The ability to locate the subject quickly directly affects the ability to act to collect or serve papers.
To remain competitive in the industry, a skip tracing specialist must have a very short cycle time. Clients will often place the same account with two or three agencies (though they are not allowed to) and take the first information returned, pulling the account from the other, slower skip tracers. Finding relevant, valid information on a subject, even a day sooner than competitors do, can mean the difference between keeping and losing an account.
By All Means, Go Chasing Waterfalls
Having a short cycle also means that you get relevant information faster, which makes clients very happy. To do this many skip tracers embrace the Waterfall method. Though it can be costly, the cost can be justified when the rapid turnaround translates to a rapid collection or contact. By hitting all the major data providers, a skip tracer with a cycle time of two days can average a successful locate once every two days. A skip tracer with a 4-hour cycle however hits all providers each night, getting new numbers daily.
What is your cycle time and how does it compare to your competitors? By reducing your cycle time, and by coming up with a workflow that allows you to hit more data sites faster, you will create more turnover from skip to locate to contact, which will in turn directly affect revenue. The difference between a 2-day cycle and 4-hour cycle in terms of revenue can be staggering, so stay on the ball with the skip tracing waterfall.
