You've found your perfect home. Check. You’ve agreed on a purchase price, and the seller has accepted. Check. You've navigated the sometimes-daunting task of putting together the perfect board package. Check. So, what's next when buying into a co-op? The board interview. Meeting your future neighbors and going through what feels like a job interview can be nerve-wracking, but it doesn’t have to be. By the time you’ve reached this stage, you’re almost home.
Being invited to the interview is an excellent sign. In most cases, it means your finances and references have been reviewed and approved. The interview is the board’s opportunity to meet you in person and ask questions to gauge how well you’ll integrate into the co-op community. Generally, the board is looking to ensure that you’re friendly, responsible, and will be a good cooperative neighbor. While the process is usually straightforward, it’s still wise to be prepared for any and all questions. Here are some essential tips to help you get ready for your co-op board interview.
Be prepared for a lack of privacy. The board has significant discretion in the questions it can ask, so anticipate this and avoid becoming upset over what might feel like an intrusion. If you don’t know the answer to a specific question, acknowledge that you don’t know and express your willingness to provide them with the answer as soon as you have it.
Keep your comments positive and maintain a constructive tone throughout the interview. Avoid mentioning any frustrations or challenges you’ve encountered during the process. Boards generally do not respond well to complaints about the process or negative remarks about their building. Any concerns about the building should have been addressed during the initial due diligence period before signing the contract and should not be brought up at this stage.
The style of the interview can vary widely. It might be an informal gathering of board members in someone’s apartment, a more formal meeting with members seated around a table, or even a Zoom interview. While there are no strict rules, a short, pleasant interview with a few questions and observations is often a positive sign. Don’t expect the board to provide an answer immediately after the meeting. Most boards make their decisions a day or two later, though some may wait until their next monthly meeting to finalize and communicate their decision.
If the board asks questions that you have already answered in your package or in supplemental materials requested by the managing agent, stay calm, take a deep breath, and repeat your responses. It’s possible the board member didn’t understand, didn’t read the materials, or wasn’t aware the managing agent previously asked the same questions. Alternatively, they might be checking for consistency in your answers. This is why it’s essential to be thoroughly familiar with your board package and all its contents, as some questions may suggest they haven’t reviewed it closely.
Approach this meeting as you would a business interview. Dress conservatively and let the board members guide the conversation. Keep in mind that they may not be familiar with your profession or might need clarification about certain aspects of your financial profile. Provide clear, concise answers, and keep them simple. Most importantly, relax and be yourself.
Couples should decide ahead of time who will answer specific types of questions. For instance, one partner might handle all financial inquiries, while the other addresses questions about entertaining. Avoid discussing your responses with your partner in front of the board. Stick to answering only the questions asked and allow the board to take the lead. Remember, boards rarely reject applicants for being too boring.
Never volunteer information or engage in unsolicited conversations apart from basic polite remarks and greetings. Avoid discussing the building in detail, except to offer compliments. If you have questions about any aspect of the building, such as the lobby or other features, refrain from bringing them up during the interview - these are matters that should be addressed before the meeting.
Your broker should provide you with a list of common questions, along with any specific ones tailored to your profile. Reviewing these questions with your broker beforehand is an excellent way to ensure you feel fully prepared. If you’re applying to a particularly competitive or “tough” building, your broker can also provide insights from past clients to help you approach the process with confidence. As with most things, the best advice is to relax and be yourself. Before you know it, you’ll be sitting at the closing table.
