It is the next logical step in the purchase process. But it is not a guarantee of a happy ending.
The interview is the Board's opportunity to meet you in person, belly-to-belly, so to speak, and ask specific questions about your application, finances, lifestyle and how you intend to use the apartment. What are your pets like? What is your bonus history? The interviewing Board members will want to know what kind of neighbor you will be and how you will interact with the rest of the coop community. The style of the interview can range from an informal gathering of Board members in someone’s living room, to a formal grilling with Board members lined up on one side of the table and with you in the hot seat. Regardless of the style of interview here are eight tips on how to prepare and what to expect.
1. Dress-up and be prompt. In terms of dress and promptness, a Board interview should be treated no differently than a professional job interview. Dress conservatively but appropriately for the day, time and location. An interview right after work, at a building on the Upper East Side, will be more formal than a weekend meeting in Greenwich Village.
2. They are likely ask personal questions. Prepare for a lack of privacy; the Board has great latitude in the kinds of questions it may ask. Be prepared for whatever might come. Don’t avoid answers to personal questions or be angered by their intrusion.
3. Know your Application. You should be able to quickly and concisely answer any questions asked regarding your application, preferably without having to look at it. However, if necessary, bring along a copy.
4. Couples should decide in advance who will answer what types of questions. For example, one of you may agree to answer all financial questions and the other will answer all other questions. Avoid discussing answers to questions with each other at the Board interview.
5. Unlike a job interview, do not try to sell yourself. Only answer questions asked and let the Board run the show. Boards rarely turn down applicants for being too boring.
6. Don’t volunteer information or engage in unsolicited conversations except for basic cordial remarks and greetings.
7. Do Not ask Questions! Questions may unintentionally convey negative information to the Board. For Example: "Do you have any plans to renovate the lobby?" This kind of seemingly innocent question is likely to offend the Board member who was in charge of the most recent lobby renovation. If you have additional questions you can direct them to your real estate broker.
8. Minimize discussion about proposed renovations. Most Boards will cooperate with a shareholder but may be reluctant to approve a prospective purchaser if they think their renovations will be too disruptive, noisy, lengthy or costly.
9. A short interview is better than a long one. While there are no hard and fast rules, a short and cordial interview with a few Board questions and remarks is often the best co-op Board interview. Do not expect an answer at the end of the meeting. Most Boards do not give their decision until a day or two after wards.
Manhattan Real Estate / Michael Shapot / Keller Williams NYC
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