People will find the most creative ways to break or bend the law. That means there will always be people in need of bail money to secure their freedom. This makes bail bonds a lucrative and evergreen business.
If the idea of hunting down fugitives and making some money while at it sounds appealing, then you’re probably wondering how to become a bail bondsman. Well, there’s more to the process of joining this profession than just being a tough guy or woman.
Do your market research.
Before you can saddle up and chase a fugitive across the country, you need enough resources to fund your cross-country adventure. That means your bails bond service must have a steady supply of clients. Having deep market insights is an incredible way to get you there quickly.
Exhaustive research gives you insights into prevailing market conditions, including the level of competition you’ll be facing and the size of the market. You get to know the average bail amount, the defaulting rates, and what it takes to succeed in that county. Such information lets you make a sound decision to ensure your success.
Part of the research could entail networking with local cops, judges, and defense attorneys. These insiders can give you great insights about the bail process and give you referrals as well. As the new kid on the block, you need every advantage that you can get.
While you won’t be getting a badge, you get to be part of the law enforcement fraternity, and this means that you need great familiarity with the law. In addition to getting the necessary business licenses, you need to get certified. These requirements vary from one state to the next, with some being more stringent than others.
Some states require you to work as an apprentice for an existing bail bond business and have continuing education credits. While having a high school diploma is the mandatory requirement, higher educational achievements are exceedingly helpful.
Finally, you need to pass the state’s licensing exam. The bail bond agent exam is one hour long and comprises 60-multiple choice questions. You need a passing score of 70 or better to qualify. The test will set you back anywhere between $40-$100.
Get the assets.
You will need at least $50,000 of assets or property of similar value. That serves as collateral should you need to pay if a defendant doesn’t show up for a court hearing. The best part is that you don’t need to pay a bond when a defendant is released from jail. The only time you might have to pay money to the court is when a defendant fails to show up.
In the end, there are a few hurdles that you need to overcome before you can join the bail bonds sector. Fortunately, the regulations are not very stringent and you can breeze through the application process. With the help of an expert, you can ensure that your business is off to a running start.