Co-op Board Interview Tips

Posted in Buying, Uncategorized on December 11, 2009 at 4:37 pm

PEARLS OF WISDOM BEFORE YOU GO BEFORE THE BOARD

DO’S

1. Bring your copy of the board package with you.  Be familiar with it – especially your financials. Do not lie about anything – if you lie, you are doomed!
2. Get there early.  It will give you a chance to compose yourself. Do not be late; you will be off to a bad start.
3. Dress appropriately.  Men:  suit and tie.  Ladies:  business attire, no flashy jewelry.  Conservative dress is the key.
4. Be prepared to answer questions – that’s why you are there.  A frequently asked question is “Why did you decide to buy in this building?” Have an answer ready.
5. Keep your answers short.  Don’t ramble on.  Just answer what is asked.  Make eye contact.
6. Do decide who will handle what so you are not talking at the same time.  Do be nice to your partner, no matter how nervous you are; the board doesn’t want to see you argue.

DON’TS

1. Do not discuss anything personal while you are waiting.  Doormen hear and report back.
2. Do not ask the board questions unless they say “Do you have any questions?”  Try not to have any questions – ask your broker, he/she will get you the answers.  Do not ask if they plan to renovate the lobby, the halls.  You like their building just the way it is.
3. Do not discuss any major renovations you want to do.  However, if the board asks if you plan to do any, don’t lie.  Say you are considering some but understand that you will have to get board approval before proceeding. Don’t go into detail.
4. Don’t get defensive if their questions seem personal.  “Do you have many parties?”  “Does anyone besides your family live with you?”  “Do you smoke?” When you live in the building, you will understand why they asked, so for now, just be calm and polite.
5. Don’t surprise the board:  you have a cat, you have a dog, an extra family member who is going to move in.  All of that should have been settled before the board meeting.