How do I get past a co-op board? I’ve failed before.
This is an expansion of some thoughts I posted on Curbed on March 13th.To pass a co-op board:
1) Meet your neighbors. Knocking on someone’s door and saying, “hi, I’m thinking of buying into the building, can I ask you a couple of questions about how you like it?” sometimes works. And you know what you’re getting into.
2) Aim correctly. Some buildings consider themselves “starter” buildings, welcoming singles or young couples into the market; some consider themselves “family buildings”; some are snooty. Trial-and-error is way to figure this out, but it’s painful; a good broker/agent should be able to help you.
3) Look like a good candidate. I’m not saying work in a “financial profession” or “change your race” — but take a good look at your resume. You can’t change the board, but you can change you. Do you belong to any neighborhood organizations? do charity work? Show any signs that you’re going to contribute to your building’s community in any meaningful way?
4) Network a little. Did you spend as much time on your letters of recommendation as you did finding your current job? If the answer is “no” — you’ve found a weak spot. You want recommenders who know you, who have known you for years, and who will go on at length about it. For fancier co-ops, it will help if your recommenders know the board members. If that sounds harsh, remember that not all of us could waltz off the street and get a job at Goldman Sachs, either.
5) Make your finances look *impeccable.* You have the capability to put a year’s worth of maintenance in escrow? Fantastic. Put it in a savings account and leave it there. Think how good your application will look in six months, you prudent buyer you, with that money sitting there. Potential buyers who can’t pull this off — at least start a savings account and add to it. Make your finances go in the right direction.
6) Wear business clothes. Think “job interview,” not “first date.” When I was editing at the Post, Angelina Jolie bought a co-op, and the story going around the brokerage community was that to get her past the board, the agent had to “dress her up like a nun.” Really.