Preparing for a Co-op Board Interview
After an exhaustive search, you’ve found the perfect co-op in your desired neighborhood. With a full bank commitment in hand, you’re packed and ready to go. Yet the final step can be the most intimidating and unnerving. Now you must meet with the board to secure its approval before you can move forward toward closing on the apartment.
As most prospective co-op buyers know, boards can reject a candidate for any reason. And each one operates differently. Some boards meet prospective buyers only after they have decided favorably on their application. Others use the interview as the time to scrutinize both the financials and the prospective buyers themselves. If you’ve worked with a professional real estate agent throughout this process, all should be in order: the building has been fully vetted for buyer requirements, and your board package is organized and complete. Meeting with the board will be the final step, with the purpose of allowing board members to meet and get to know their prospective neighbors. In preparation for this all-important meeting, below are some tips to keep in mind:
- Dress conservatively. Business casual and minimal jewelry and perfume.
- Be on time, or better yet, be early.
- Be prepared for personal questions. Handle them without being defensive. They just want to be comfortable that you’ll be a great neighbor.
- Be familiar with your complete board package, specifically your financial statement. Be prepared to answer any questions concerning your financial picture.
- Don’t ask questions, especially ones that should have been answered prior to signing the contract, such as about the building and its financials. This is your interview, not theirs.
- Do ask one or two questions that show that you have read the rules of the co-op. Your neighbors will want to get to know you as a good neighbor, both in terms of understanding the rules and in terms of respect for the building as a community.
- Discuss any “issues” with your agent before you arrive. And if two or more people are being interviewed – don’t contradict or interrupt each other.
- Don’t discuss renovations that you plan on doing unless you are asked about them, then downplay the extent of the work you intend to do.
- Don’t offer any personal information that is not requested.
- Don’t expect a decision on the spot. More often than not, a review by the whole board must be made. Your agent or the building management company will inform you of the board’s decision – often within a day or two.
The best way to achieve success with a co-op board is to ensure that you work with a real estate agent who has experience selling co-ops. Make sure your agent understands the requirements of the building you’re interested in and that the agent keeps you informed every step of the way.
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I am a professional real estate agent working in Queens, and I have helped many buyers purchase co-ops in Queens. I have also served as the president of a co-op board in Forest Hills.
I have lived in Queens my entire life, and I’ve had a successful career in public relations and sales, including more than 5 years as a licensed real estate salesperson. I offer a thorough knowledge of the communities I serve, including their schools, transportation systems, entertainment and shopping, and most importantly, available houses and apartments. I am well-versed in the exceptional training and preparation that sets Exit Kingdom Realty apart from its competitors.
Market knowledge, consistent follow-up, enthusiasm and high energy are the hallmarks of my selling style.
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