Any company that is heavily involved in the service industry will find themselves swamped with unclaimed property. From forgotten umbrellas to lost luggage, companies often find themselves accidentally in possession of unclaimed property. Transportation companies are the most frequent victims, but even the corner restaurant may find itself in possession of an expensive purse or gold jewelry.

This gets worse when companies such as banks and car dealerships become involved, because they will find themselves in possession of legally sticky items such as houses, cars or furniture.

Why Use Unclaimed Property Systems?

The laws regarding unclaimed property are complex and vary greatly from state to state, or even city to city. Some unclaimed property can be sold or disposed of immediately, while other pieces of property must legally be held until a certain date, with specific actions undertaken to reunite it with its owner.

These laws are intended to prevent companies from unfairly claiming property or simply keeping whatever is left unattended, but it often puts undue legal stress on a company. There are even different laws regarding different kinds of property, such as the difference between a luxury vehicle and a plot of land. As such, many companies now rely on software to keep track of specific items of unclaimed property.

Who Should Use Unclaimed Property Systems?

Unclaimed property systems are extremely useful for companies who find themselves regularly in the possession of such property on a regular basis. By entering in the estimated value of the property, unclaimed property systems software can determine what rules need to be followed and how the property should be treated. It can also track what sort of property it is, since different laws cover different kinds of property.

After all, a piece of jewelry may need to be retained for months with a concerted effort to find the owner, while an abandoned vehicle of similar value may only require a quick filing with the state. Unclaimed property systems not only keep track of all these rules, regulations and conditions, many of them can be programmed to automatically file papers, place phone calls, or notify personnel.

Do Unclaimed Property Systems Save Money?

Dealing with improperly retained or claimed property can be extremely expensive to a company. Angry former owners can sue for much more than the value of the property itself, making unclaimed property systems an excellent way for a company to bet against the threat of a lawsuit, which is particularly important when dealing with unclaimed property of high value or which requires intensive care.

Many property owners value property much more when they have lost it than when they had it, meaning that improperly cared for property may cost a company thousands of dollars in legal fees.

Good unclaimed property systems will pay for themselves by preventing legal fees. They keep track of all of the necessary rules and conditions so that company staff, especially lawyers, can redirect their abilities elsewhere.

Any company that will come into possession of unclaimed and abandoned property on a regular basis would be well advised to purchase at least simple unclaimed property software.

Tags: Money, Property, Save, Systems, time, Unclaimed —