By Lynn Marzano-Moore, I.Q. Data International, Inc.

Ken Stumbo, CEO of RentCollect and Mark Stringer, Managing Partner of Debt Recovery Management Inc. (DRMI) have been friends for years. Even though they were both the heads of the largest northwest based collection agencies that exclusively provide services to the multi-family industry, they managed to meet to discuss the industry and better strategies for increasing recovery for their clients. Most of us wouldn’t think of talking to a competitor about such things, but Mark and Ken decided that discussing such things helped each other set benchmarks within their own companies’ and ultimately helped the industry as a whole. They did have a couple of rules that they adhered to when they would meet. They would never discuss clients’ names or pricing and the person that showed up late for the meeting had to buy the beer.

Well, after both being in business for well over 10 years, they decided it was time to merge talents. In September of 2006 the companies merged administrative duties and then began the merge of operational strategies, personnel and technology. Since this merger the agency, now known as RentCollect Global Debt Management Services, has managed to increase recovery for its clients by more than 28%. In the first quarter of 2007 they have managed to recover over $2,800,000 for the multi-family industry, filed suit against over 450 past residents and garnished wages of over 1,000 past residents.

The business model that the merger has allowed RCG to develop is working so well that Ken Stumbo, CEO of RCG has recently announced that the company is in the process of obtaining licenses in the rest of the country to give them a national presence.

“We know that we are the best at what we do. It was just matter of time before we brought our technology and experience to the industry on a nationwide basis.” said Ken Stumbo, CEO of RentCollect Global. “We have developed proprietary software and a suite of web services that we hope will become the standard that the industry compares other agencies to.”

It has also been reported that RCG is in the process of recruiting a new V.P. of Business Development to help assemble a team of national account representatives. “You will see us open marketing offices in Chicago, New York, Orlando, Boston, Atlanta and Lansing over the next 12 to 24 months”, says Jose Salas, COO of RentCollect Global. “If a resident leaves owing money, we want to be there to find them and make them pay, regardless of their geographic location.”