Buying a cooperative share isn’t as simple as buying a condo unit due to the fact that you will have to go through an application and board interview as well as your financing priorities. If you are in the process of buying a share, you may be worried about that board interview. Well don’t, because I am going to share 6 Quick Tips for Passing a Board Interview.
Look, don’t be nervous! Why? Because receiving a interview invitation from the board is a good thing. It’s a step closer to getting your new home. An interview is the board’s opportunity to meet you and discuss your application in greater detail. To clarify any questions that they have and to see if you are a great fit for their community. The interview style can range from an informal gathering to having board members lined up at a table with you in the hot seat..
So here is what you should expect and prepare for:
DRESS TO IMPRESS AND DON’T BE LATE!
Just like how you would go to a job interview (hopefully, because I have seen some individuals dress like they are going to hang out) dress in business attire. Even though there is a saying to “Never judge a book by its cover” this does not apply to a board interview. Sorry but ditch the jeans this time! Also, very important, get there early! Being prompt and dressing appropriately sets the interview tone in the right direction and that is what you want, right?
BE ONE WITH YOUR APPLICATION
You shouldn’t even have to look at your application, you should know exactly what you put on it, why and you should be able to quickly and accurately answer any questions regarding it.
DON’T BE SALES-Y
Don’t try to sell yourself like you would in a job interview. Don’t try to convince them that you are an amazing pick and would be a great value to the cooperative, or how quiet and clean you are. Only answer questions asked and let the board members take the lead.
BE PREPARED TO BECOME AN OPEN BOOK
Yes, you will feel a bit uncomfortable but prepare for a lack of privacy and do not avoid answering personal questions. The board has a huge range in the kinds of questions they can ask. Do not feel upset by this or feel that it is an intrusion. Don’t take it personally! They are trying to see if your a great fit into their community.
KEEP IT BASIC!
Just like not being sales-y, never engage in unsolicited conversations or volunteer extra information. Oh that funny holiday story that happened to you last year that you have told everyone in your personal life about? Keep it to yourself. Just Stick to basic cordial remarks and greetings.
Do not ask questions that can come off as negative to the board. Questions like “Do you have any plans to renovate the lobby?” or “Will you be having a doorman soon?” could potentially offend a member who was in charge of the last renovation or hiring employees. If you have any questions or concerns like this, ask your real estate agent or attorney, never the board (prior to getting approved of course!).
TAG TEAM IT!
Just like in wrestling, work together as a team. Couples should decide ahead of time who will answer what type of questions. For example, you may agree to answer only financial questions and your partner will respond to all others. Avoid discussing your responses in front of the board.
What to expect after the interview?
Well, do not expect an immediate answer. Most boards take a day or two to come to a consensus. Your real estate agent and your attorney will confirm if you have been approved. but by following these great tips, you should get a positive outcome! It’s all about preparation and making sure everything you say correlates to what you have in your application.
Have something to add? Please feel free to leave a comment. Any questions? Just contact me, I’d love to help point you in the right direction.