Retentions are held sums of money meant to ensure project completion and are standard practice in the construction industry. However, when it's time to get those funds released, complications can arise. That's where we at Glenwood step in with our specialised retention collection service. Here's a quick walkthrough of our streamlined process:
Client Submission: The Starting Point
It all starts when a client approaches us with a list of retentions that need collection. This list is the foundation, detailing the amounts involved, the parties in question, and any other specifics that can guide the collection process.
White-Labelled or Glenwood: The Choice is Yours
Unique to our approach is the flexibility we offer our clients. Depending on your preference, we can act as an extension of your brand (white-labelled) or represent our established brand, Glenwood, in the collection process. This flexibility ensures that the approach aligns with your company's strategy and reputation considerations.
The Collection Process
Armed with the details and the approach strategy, we initiate the collection process. With a blend of industry knowledge, negotiation skills, and tact, we engage with the parties holding the retentions. Our goal is always to ensure an amicable resolution, allowing for the swift release of the retained funds.
Elevating to Debt Collectors: Our Last Resort
If our initial efforts don't yield the desired results, it doesn't signify the end of the road. As a last resort, we escalate the case to our seasoned debt collectors. This team, backed by years of experience, takes over to ensure that our clients receive their due amounts. It's a step we take with caution, ensuring it aligns with our clients' best interests. We always make sure we discuss each case with clients first and give them our recommendation on how to proceed.
In Conclusion
Navigating the maze of retention collections demands expertise, tact, and perseverance. At Glenwood, we're committed to ensuring your retentions are returned to you, using an approach that's both effective and considerate. Our track record speaks volumes, and we're here to guide you every step of the way.
For further insights, questions, or to begin your retention collection journey, reach out. We're always here to help.