New York based property management firm, All Area Realty Services blog. Find tips for Co-Op Boards & Residential Building Management.

What Are Co-Op Boards Looking For In Buyers?

Posted by All Area Realty Services Team on Jan 18, 2018 12:48:11 PM

iStock-803192850.jpgBuying a co-op can seem more arduous than applying for a job. The board wants to see qualifying documents, such as financial records, bank statements and a letter of employment, to determine if you are financially sound to buy the apartment. Then the board wants to know if you will be a good neighbor and request reference letters from close friends and colleagues attesting to your character and fiscal responsibility.

 Do not fear! All Area Realty Services is here to help with tips on how to get stellar references.  

  • You should ask three professional contacts, three personal contacts, your landlord or property manager and employer for letters. This gives you a good sample to choose from when submitting your application. Each letter should contain; how long you have known each other, how you met, and his or her thoughts on you and what makes you a great neighbor.
  • The letter should be grammatically correct, free of spelling errors and no longer than 1.5 pages. This shows the board a substantial effort on the part of the writer.
  • Lastly, choose your letter writers carefully because the board holds certain people’s opinion in higher esteem than others. For example, a letter from your boss highlighting your skills as a team player and your willingness to help others will hold more weight than your dry cleaner saying you are a good customer. A letter from a co-op board member in a similar building will give you instant bonus points. 

Remember, the board members are people who want the best for the co-op and their neighbors. If you have any questions or comments, please do not hesitate to reach out to us at All Area Realty Services.

 

Topics: Property Management