Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
Let’s face it, coop board interviews are stressful and intrusive. However, they exist for a reason. They exist, so that the current residents of a building, can decide collectively if applicants to buy or rent an apartment in their building, have strong financials and a stable career and personality.
How does the process work?
Once the buyer/tenant enters into an agreement with regards to the terms of the transaction, he or she still hasn’t finalized the deal. Indeed, the seller or renter will have to go through a rigorous process to get board approval.
First and foremost, the buyer/renter will have to submit his or her financials to the board in order validate that the person will be able to pay for the property and all the extra costs associated with living in the building. If the financials are approved, the person will be invited for a board interview which usually takes place in one of the board member’s apartment or in a building meeting room. This can be very upsetting for the one looking to sell or rent out their property as they can only submit one applicant per month to be reviewed (because the board typically only meets once a month). If the applicant is rejected they will have to wait another month before submitting another prospective buyer/tenant.
The board meeting is much more personal in nature and allows board members to decide whether or not they want the applicant to be their new neighbor.
Who decides if my package gets accepted?
The board has a president and a person in charge of admissions who look over the package and determine if the applicant is accepted into the building. Building strictness varies tremendously and at the end of the day, boards do not have to justify why they reject an applicant. Appealing to a board means projecting yourself as someone who residents want to have as neighbor.
What happens in the board meeting?
Board interviews are relatively informal in nature. They are designed to be conversational in a Q&A format. There is no right or wrong answer to these questions, the board just wants to know more about you in the event where you become their new neighbor.
What questions can they ask me?
We’ve compiled some of the more frequent board interview questions:
Once you find your dream new home, remember to give us a call if you want to save money on broker fees and get more insight on how to pass a board interview. NestApple will coach you into a board interview pro!