Ask five people what the best skip trace tools and techniques are to find John Doe and you are likely to get five different answers. Why? It is relative. Searching for a missing child you’d likely have different time and money limitations than searching for a debtor to recover money or assets. Below are seven simple rules to help you get more out of your skip tracing.

Rule No. 1: Use the Right Tool at the Right Time

Consider factors such as account volume, staffing limitations, and more to determine the appropriate tools for your needs. If you’re managing several hundred accounts in a month, consider batch processing as your first line of defense. Some vendors allow you to store your accounts for monitoring new hits over time. While manual searches on paid or free websites may uncover locates that batch processing misses, they require additional time. Many companies are now outsourcing specific skip accounts to third-party skip tracing firms when certain criteria are met.

Rule No. 2: Know When to Move On

The thrill of locating a skip can be enticing. However, it’s crucial to avoid dedicating excessive time to finding a single individual at the expense of other skips or debtors that might yield quicker financial returns. This represents the opportunity cost of prioritizing one approach over another.

Rule No. 3: Assign a Dedicated Skip Tracer

Designating skip tracing to a single individual or team can significantly enhance the efficiency and effectiveness of your collections. If you are the only person in your office or share dual roles as a skip tracer and collector, try to allocate one or two hours solely for skip tracing. Given that debt collection is how you generate revenue, it’s essential to use this time wisely.

Rule No. 4: Establish Metrics

Tracking the impact of your skip tracing efforts will help you improve your outcomes over time. It can also guide you in determining the criteria for accounts that warrant your time and resources. Key metrics to monitor include return on investment (ROI), total dollars collected, cost per successful contact, and call penetration rate. While there’s no definitive answer on how many times a debtor should be called, tracking the number of calls can significantly affect your performance. As you monitor call penetration rates, you may discover that you are purchasing skip data that isn’t being utilized.

Rule No. 5: Leverage Your Vendor

Many vendors offer complimentary telephone or onsite training. They recognize that inefficient use of their tools can lead to increased costs and potential loss of clients. As such, they have a vested interest in helping you maximize the benefits of their products. Vendors often have insights into best practices from various clients that can assist you in finding more debtors and enhancing recoveries. Additionally, request monthly reports from your data vendor that track user activity. Understanding which searches your most effective skip tracer or collector is using can serve as a valuable training resource.

Rule No. 6: Evaluate Free Searches with Caution

While there may be valid reasons for utilizing free internet search sites, they can end up being more costly in the long run. Paid platforms typically offer more comprehensive and accurate data, allowing you to locate and collect on accounts more efficiently. If you choose to use free websites, be mindful of the time spent trying to locate a skip or dealing with inaccurate information. Ensure that these sites meet your information security standards and that they are not collecting any data you input.

Rule No. 7: Utilize Multiple Sources

The most effective skip tracing programs incorporate multiple vendors to maximize cost efficiency and overall effectiveness.

Finding John Doe ultimately depends on your unique circumstances and accounts. However, these simple rules can help you locate more individuals in a more efficient and effective manner, resulting in increased recoveries.