Tips & AdviceHow to Prep for Your Board Interview

How to Prep for Your Board Interview

NYC co-op buildings work hard to maintain a safe and welcoming environment for residents. A co-op board oversees the operational aspects of running the corporation that owns the building. Part of the board’s responsibilities include interviewing prospective owners to make sure they will fit in well as a member of the co-op community. As a potential co-ops buyer, here’s what you need to know when preparing for co-op board interview questions.

What is a Co-Op?

In metropolitan areas like New York City, buyers purchase apartments in condo or co-op communities. Under a co-op ownership structure, buyers do not purchase an individual unit. Instead, they receive shares of a condo corporation that owns and maintains the building. As a co-op shareholder, you can expect to share financial responsibility with fellow shareholders for maintaining the property. You should also understand the rules and regulations set up for residents of the co-op community.

Learn more: What are the Benefits of Buying a Co-op vs a Condo?

Why Do Co-Op Boards Interview Applicants?

A co-op interview helps the board visualize you as a prospective resident who meets their financial and community reuirements. Many co-ops in NYC run potential buyers through a screening process. The board will review your co-op apartment application to determine if you have the ability to keep up with your financial responsibilities as a shareholder. If not, they may hold off on approving your purchase and give you extra time to shore up your finances. Why does the board take an interest in co-op applicants? The strict screening process in NYC has led to fewer co-op foreclosures compared to other apartment ownership arrangements.

Simply making it through the process to the board interview typically means that you have a strong case. Before an interview, the board members review your financial information to determine your qualifications. However, just because you look good on paper doesn’t guarantee an approval. You must prove your willingness to uphold the rules of the community as a good neighbor. Remember, the co-op board members, just like the HR from your last job interview, can reject you for any reason as long as they do not violate anti-discrimination regulations.

How to Prepare for Co-Op Board Interview Questions

Most likely, the members will spend a good portion of the interview asking questions about you. The board may ask questions about your interests, habits, and social life to help them assess how you would fit into the community as a co-op owner. Applicants should \review the rules and regulations ahead of time to prepare and provide helpful answers. Some common questions to consider include:

Why Do You Want to Live in This Co-op?

The board will want to know what made you choose their building. This is your opportunity to talk about what drew you to the apartment and why you want to live there. You can also show your awareness of the financial aspects of co-op ownership and discuss your ability to keep up with fees and monthly housing payments.

What Are Your Hobbies or Interests?

Co-op boards want to make sure your activities in the apartment will not violate any rules or regulations. They may also want to understand how some activities, such as a hobby with a high noise level, may affect your immediate neighbors. Musicians should state that they understand the quiet hours in the building and don’t plan to play their trombone at 3 am.

What Does Your Social Calendar Look Like?

Small apartments offer limited space for social gatherings. Also, temporary guests could extend their stay and turn into an unapproved resident. If the board seems concerned with large social gatherings, you may want to rethink your annual Super Bowl bash with over 50 people on the guest list.

Do You Recycle?

The careless disposal of trash and recycling in the common areas affects the look and smell of the building. Perhaps the board asks questions about recycling not because they want to save the earth, but rather they would like some assurance that you plan to take care of your garbage and act like a responsible resident when it comes to recycling.

Are You Planning to Renovate the Apartment?

The renovation question can trip up many prospective residents. You want your new home to look its best, but renovations may need prior board approval. While you might plan to update your new co-op apartment, you can hold off on sharing information about any grand renovation projects until you have made your own determination about next steps. Renovations often require alteration agreements and you should not speak about any potential plans until you move into the apartment and have a firm grasp of exactly what you want to do.

Do You Like Your Job?

Talking about your profession can help break the ice and hopefully provide the board with insight into your job security and any experience that would make you a good co-op owner.

What Else Can I Do to Ace My Board Interview?

In addition to the most common questions listed above, you may also want to take additional steps to ensure that you ace your co-op interview.

Check the Internet

A quick scroll through social media can help to make sure that you’ve cleaned up your profiles before the interview. You should not try to hide your true self, but a basic google search may reveal information that can reveal a picture of yourself from the board’s point of view. This in turn may help you better address their questions about your background.

Respect the Board’s Time

Serving on a co-op board can easily turn into a thankless job. If someone makes an effort to schedule a time to talk, don’t forget to show up on time. This demonstrates that you understand the serious responsibility of becoming a property owner when purchasing a co-op.

Don’t Overshare

Sometimes, silence is a virtue. The board members want to get to know you so they can determine if you have the potential to become their new favorite neighbor. Talking about yourself and showing your charisma helps. Oversharing may not. Remember to keep answers short and direct so the board members have time to ask all the important questions.

Bring Information on Your Pet

The board’s interview process may include learning about both you and your pet. Just like you, your buddy will become part of the community. If the board enforces breed restrictions or other pet rules, address them in the interview and possibly answer questions related to your pet’s size or temperament.

Ask Questions of Your Own

Most board interviews end with the opportunity for you to ask questions as well. Prepare a few ahead of time to show your interest in the property. Taking the time to review the rules and regulations and asking clarifying questions can help to demonstrate initiative and interest in the co-op community.

Conclusion

By the time you arrive at the interview stage in the buying process, you’re well on your way to a successful move. Board members rarely ask questions with the intention of scaring potential buyers. Most boards have concerns about your happiness in the community as well as theirs. Remember, you would rather suffer through an unsuccessful board interview than experience buyer’s remorse as an unhappy resident. At the end of the day, the board interview helps both you and the board members determine whether your purchase is a strong fit for both sides. Use the time to provide a few personal details, and ensure the board knows you intend to follow their rules and regulations.

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