Coop Interview Preparation

The Board has decided your application paperwork is in order so they're ready to interview you and ask specific questions about your application. 

The Interview process for each Co-op can differ greatly. The style of the interview can range from informal to formal interview. Like yours, most interviews are over Zoom these days and are a bit less formal. Whatever the case, please arrive early -- no more than 5 minutes so you're in the Zoom "waiting room" early so they can start on time -- better to be waiting on them.

Look good, and always be calm and amicable. A smile will go a long way and less is more in general.

What to Expect

The following is a list of “hints” and “Do’s and “Don’ts” to help you ace your interview.

1. Dress appropriately
   Dress well to make a good first impression.
   

2. Be Prompt
   Please be on time for your board interview, just like a job interview. Being early is considered "on time." If the board is late, that's their issue. Sometimes, you're part of a bigger agenda, and delays happen. Stay patient if your interview is running behind.
   

3. Be Concise. Never Volunteer Information
   Answer questions directly. Avoid giving extra information or starting unsolicited conversations, except for basic greetings. Do not share personal information unless asked.
   

4. Do Not ask questions
   Questions can send the wrong message to the board, especially those meant to be clarified before signing a contract, such as building repairs or finances. This is your interview, not theirs. For example, asking, “Do you plan to renovate the lobby?” may upset the board member in charge of the last renovation. If you have more questions, it's better to consult your real estate broker or building manager.

5. Know Your Application
   Before the interview, review your board application to refresh your memory and answer questions concisely. Bring a copy if needed. Also, familiarize yourself with your tax returns for potential questions.

6. COUPLES: Decide in Advance Who Answers Which Types of Questions
   If you're a couple, decide which partner answers financial or other questions. Refrain from discussing answers with your spouse in front of the board. If multiple people are interviewed, do not contradict or interrupt each other.

7. Do Not Try to Sell Yourself. It's Not a Job Interview
   Answer only the asked questions and let the board take charge. They usually don't reject applications for being too dull.

8. A Short Interview is Better Than a Long One.
   A brief and friendly interview with some basic board questions is usually the best way to handle a co-op board interview.

9. Be Prepared for Personal Questions
   Address personal questions calmly. The board prioritizes neighborly relations and may probe into personal matters. Expect reduced privacy. Avoid evasion or anger; such inquiries are typical in Coops, and discomfort is part of the process.

10. Do Not Discuss Renovations
    Don't talk about renovations or changes unless asked. If you are asked, minimize the work you plan to do. After you get approved, close the deal, and become a shareholder, you can discuss renovations with management.

11. Potential Post-Interview Requests
    Your approval may depend on maintenance in escrow. No need to address this at the meeting; discuss with your agent and attorney if it comes up. This is rare.

12. After the Interview
    Thank the board for their time, shake hands if in person, and express your excitement about living in the building. The managing agent will reach out to you or your agent with the Board’s decision.

13. Timeline for an Answer
    Don't expect an answer at the end of the meeting. It's an imperfect process. For renters, the approval is fairly quick: In 48 hours or so. It can take longer for Purchasers; this may take up to seven 14 nerve-racking days to get a formal response from the Board.
    
    The managing agent conveys they Board’s decision to the brokers and attorneys who, in turn, alert you.

How To Fail Your Board Interview

An invitation for the Board Interview indicates your application has already received conditional approval, making the interview the last step before formal approval.

However, failing a Coop board interview in New York City can happen if you haven't prepared adequately. In reality, the interview isn't usually very challenging. Many buyers fail because they neglect to do their homework and understand the expected conduct during the interview. Similar to the board application, the interview evaluates your ability to follow instructions, be prepared, and appear laid back.

Here is what NOT to do:

Ask the Wrong Questions

A common pitfall in NY City Coop board interviews is asking too many questions at the end. Experienced buyer's agents often advise against asking any questions, even if prompted. Doing so might inadvertently steer the conversation towards sensitive topics like renovations or subletting, which could be perceived as presumptuous or entitled.

Even after a great interview, questions like "When can I close?" or "Can I move in on weekends?" might not sit well with board members. It's essential to remember that many board members take their roles seriously, and any implication that you assume approval might be off-putting.

While most co-ops allow renovations and some subletting, discussing these during the interview can be risky. For instance, revealing plans for a long renovation could negatively affect board members, especially if it impacts them directly.

Offer TMI

Less is more. Keep it simple. Sharing Too Much Information during a co-op board interview can reduce your chances of approval. Since the interview is the final step, it's best to keep it concise and avoid asking questions or oversharing. Prolonging the interview increases the risk of veering into sensitive topics that might make interviewers hesitant.

Remember, this isn't a job interview where you're competing against others. You just need to present yourself as a qualified, responsible, and pleasant individual.

For instance, if asked, "Do you have any relatives in NYC?" simply answer "No" if that's the case. Avoid adding details that might raise concerns, such as mentioning frequent visits from young relatives, which might suggest potential noise issues.

Be Elusive or Disingenuous

Being direct, diplomatic, open, and honest during an interview is crucial. If asked about plans to renovate, it's important to be truthful. You might say, "The apartment needs some updates, like fixing the dishwasher. I'm considering ways to improve it, but I don't have any specific plans yet." This approach is more reassuring than detailing extensive renovation plans, which might raise concerns.

Be Unclear on Your Purchase Application

Being unfamiliar with the details in your board application can be problematic. Even if you genuinely forget, the board might perceive this as being unprepared or evasive. It's wise to review your application thoroughly before the interview, focusing on topics that might need clarification.

For instance, if you own other real estate, the board may inquire about it to ensure your financial stability. Be ready to discuss details like the rent you receive, lease duration, and future plans for the property.