Quality - Not Quantity
An Interview with Khet Turley of ESP Receivables Management
How many times have you gotten one of those annoying collection letters in the mail that you either freaked out about or immediately forgot? Those companies send out thousands of those letters with little yield in terms of collections.
Khet Turley of ESP Receivables Management thinks that method of collection is ineffective. So he focuses on quality and getting successful collections as opposed to quantity and low yields. We sat down with Khet to talk about his business.
To stay up-to-date on our most recent business tips, follow us on https://www.youtube.com/user/officeevolution.
About ESP Receivables Management
My name is Khet Turley, I’m a fraud investigator and investigations coordinator for a company by the name of ESP Receivables Management, or Ethan Strategic Partners. We are a team of investigators and a group of Commercial Law League Association Attorneys that do contacts to bank, holding, investment, disperser lender groups with regards towards delinquent balances-factors, receivables, receivable insurance claims for delinquent receivables or delinquent debt.
How do you differentiate your business?
Most of the guys associated with my company are the old school Milliken, Michael, Bill Newton and associates; these are the old school collectors that are the pioneers or the icons in the industry. The Dog the Bounty Hunters of the industry. My guys carry a half a million dollar bond. There is no draw against a commission. So they either succeed or they don’t get paid. Our guys usually have quite a bit more tenacity and experience in the industry or they just don’t make any money.
How has the industry changed in the last 10 years?
There’s a lot of letter writing and faxing companies associated to the industry. They’re more about the numbers. They’d rather have 6,000 accounts in each person’s file versus 150-200. It’s more a numbers game with respect to, “we’ll send out this many letters, put in this much debt, and we’ll see which ones collect.”
Our objective is to succeed at collecting the account. [Our] average of collections is a higher rate of collections; vs. an 8% yield on 10,000 accounts, we would rather see an 80% yield on 500 accounts.
What are Your Best Business Tips?
Business Tip #1- Document Everything
The days of a spit and handshake are gone. Although it’s a great idea and a truly American dream, they’re gone. Make sure that anything and everything you do is documented and in writing. And make sure you don’t do anything outside of what you already agreed to do. When it comes down to trying to be the best that you can be for your customer, as they say the customer is always right, the tendency – in today’s day and age with the way the economy and the way the legal systems are – everybody seems to be able to paint themselves as a victim after they’ve been given what they were asking for.
Business tip #2- Network Whenever Possible
Networking is a good thing. In these environments [Office Evolution business centers] you have the ability to do a lot of networking and you meet a lot of good people.
What’s really neat about this is the word of mouth, and the advertising and the growth that you produce- it gives you the ability to move around and to produce an income in a form and fashion and in a professional environment for your clients that is exclusive to no other market that is out there or available.
What has been your experience with Office Evolution?
It’s important for us to have locations and investigators across the country. Office Evolution, for the state of Colorado, has given us several locations that we can work from. Sometimes it’s convenient for a client to come into Greenwood Village vs. Boulder.
- Conference rooms
- The ability to produce coffee/hors d’oeuvres…even if you wanted to, Mimi and the staff that’s associated with this company, they can facilitate a full scale conference rooms loaded with Qdoba- ready to go for your whole group, a convention if you needed it to be.
They have the space, as long as you give them notice in a timely manner.
For more information about Khet and ESP Receivables Management, visit their website at bestcollectionagencies.com
For more information about Office Evolution and how we can help you get an office for your business, visit our website at https://www.officeevolution.com/locations/littleton or call 720-386-4838.