With inventory at historical lows in NYC, co-op board approval is a BIG deal. One wrong answer could mean the difference between you getting your dream apartment and you going back to the drawing board.
Just like a company has a board of directors, a co-op building has a co-op board that oversees all building functions and approves new applications from potential shareholders.
This board has the right to approve or deny tenants for any reason. They basically want to make sure that you are financially qualified to purchase the apartment and that you are going to make a good neighbor. After all, many people enjoy the community aspect of living in a co-op and the board approval process is an important step to maintaining it. Here are five tips on nailing your board interview:
- Be prepared. Nobody knows your finances like you do. If there are any discrepancies between printed statements, make sure that you have a reasonable and thoughtful explanation as to why.
- Use your resources. If you are working with a real estate agent, ask them to dig up as much information about the building and the interview process as possible. As you know, co-op tenants have ownership in the building. Sometimes flattery can get you somewhere.
- First impressions count. You only get one interview to impress the board. Look at this as if it were an interview for a great job. Be on time, be friendly, be professional.
- Speak when spoken to. I know this sounds like an outdated anecdote, but heed this advice. The more you talk, the more likely you will say something the board disapproves of. Only answer the question at hand – no need to volunteer information.
- Be yourself, but conservative. Try not to let the tedious process get to you and let your glowing personally shine through. Remember the demographic, though. Save any of your crazy habits for Facebook – today is the day to liberal ways for Facebook, today is the day to show off how conservative you can be.
