12 Co-Op Board Interview Tips: Be Prepared to Get Approved

While co-ops are more plentiful than condos and less expensive, their approval process is far more rigorous. The purpose of the interview can vary widely–some boards view it merely as a formality after approving an application, but others use it as an opportunity to scrutinize candidates and their financials. Here are 12 tips to help ensure your interview goes well:

 

By army.arch *Adam* on Flickr

 

12 tips to help ensure your interview goes well:

 

1. Dress conservatively. Men should wear a suit and tie, and women should wear a professional dress or suit with minimal jewelry.

2. Be on time. Keeping a board waiting will not serve you well, so try to show up early. Also understand this is a time-consuming process, so be patient with the board.

3. Expect personal questions. Be prepared to field personal questions without getting defensive. Remember that the board is simply trying to determine what kind of neighbor you’ll make.

4. Familiarize yourself with your finances. Going into the interview, you should know your financial statement like the back of your hand and be prepared to answer questions about it.

5. Solidarity is important. If the board is interviewing you with your husband, wife, or partner, make sure you’re all on the same page so you don’t interrupt or contradict one another.

6. Don’t ask questions. For the most part, the board should have answered your questions prior to your signing a contract. Now is their time to ask you questions. For guidance, see the Most Often-Asked Questions section.

7. Don’t mention renovations. Unless asked, don’t talk about the work you intend to do, and, even if asked, downplay your plans.

8. Don’t over-share. Limit the personal information you divulge to what the board asks. Don’t volunteer things.

9. Don’t expect an immediate decision. The board usually will conduct a full review, which takes time.

10. Meet post-interview requests. In some cases, approval might be contingent on your holding maintenance in an escrow account.

11. Wait for an answer. Once the board has decided, the managing agent will contact you or your agent. Typically, if approved, notification is given within one week.

12. Don’t worry. Being confident and at ease during the process will help you.