Question on Boards- PLEASE HELP

We used to get 1-2 weeks (sometimes less if a favour was granted) before I was booted off the interview committee. Mind you I am sure there was a delay between the time the package was submitted to the managing agent and when we received it for review.

3-5 weeks from beginning to end is much closer to reality.

lo888 why were you booted?
3-5 weeks for reviewing the package for a sublet??? that seems like a lot of time

Generally, don't they meet once a month & then often not in summer & they're not getting paid but just doing service to their investment/building community so 3-5 weeks AT LEAST, I would think, no?

well the managing agent said this particular board meets as needed not once a month so I'm wondering if 3-5 weeks still applies ?

It’s very individual from board to board. If managing agent knows how often board meets, it should know how long it takes them to issue an approval. I assume you are not the first tenant there.
From my experience (if board meets as needed) you can get an answer within a week or so from the day you submitted full package (including fees) to the managing agent.

elena
(broker)

Elena thank you! My broker wants to wait a week from the day the full package was sent to the board before asking for an update. I am not sure if she is timid about contacting the managing agent to find out about how long they need to review the package. thanks for the insight

Does anyone want to add a comment?

Actually - asking your broker was the best suggestion! That and some patience - boards hate to be rushed, especially because things always seem to be presented at the last minute.

In terms of why I got booted off the interview committee - it was quite silly actually. The new board decided earlier this year that it would be a liability to have a non board member on the committee. I'll spare you the politics but given the structure, I believe the opposite is more likely. The funny part is that this board is very divided and I got a call a few minutes ago from one side asking me to replace someone.

Are you going to get back in? Sounds like it's a lot of politics and trouble for a non-paid position. I am trying to be patient but I found this apt. 6 weeks ago and finally got all the paperwork and checks, and original letters, etc etc to them and was hoping to have already moved in so we are quite behind. I just don't know if I should start applying to a condo in the meantime in case I get rejected or this takes too long???After meeting how long for a yes or no?

your application has to clear the managing agent even before it goes to the board -- and the politics of that vary from managing agent to managing agent.

I recently did a sublet with an extremely experienced Elliman broker who told me NOT to check up on our particular managing agent daily, because that level of attentiveness would backfire . . .

I would say, in general, give a package a week to clear the managing agent -- probably wait three days for checking in -- and an add'l week or two to clear the board. So I'm in the "3-week" estimate camp.

The landlord can speed things along by letting the board know that an app is coming.

ali r.
{downtown broker}

i repeat (from some serious occupational experience). 3 to 5 weeks. 3 if you are very lucky and 5 is as close to the norm as you should expect. The 2 important dates to determine: 1.) the date that the package was handed to the managing agent - anything before that doesn't count. nada. zero. the board doesn't give a fig how long ago you saw the apartment, gotten your paperwork together, or made trips to BBB; 2.) the next date that the board meets and, if possible, is there an admissions committee meeting prior to the general board meeting. 2-4 biz days after board meets you should have answer. If not within that time frame, find a new apartment.

the managing agent sent an email to my broker to say the package was going to the board that day-that would have been on a Monday and she said the board meets as needed not once a month. So based on this I should hear back when?

Sutton, you need to have some patience. Because a board meets "as needed" does not mean that they get together within 48 hours of an issue. It could honestly be weeks before they can get everyone in a room. I know it's a frustrating situation, but anything you or your agent does that is construed as pushy is not going to help matters.

Wouldn't anything less than a month be considered fast? That's been my experience in NYC, even when they say they meet as needed.

Sutton123, your overbearing enthusiasm may alienate the Board. Remember, they don't work for you; they are your prospective neighbors who are working WITH you.

I'm not trying to be overbearing that's why I'm on this site and not on the phone with the managing agent or my broker! Just think it's interesting that in NY to rent in a co-op you need to give it at least two months from the time you find something you like till the time you get approved/disapproved from the board. Only in New York!

do condominiums have boards too? do tenants have to be approved in condos too? i am from out of town.

yes, condominiums have boards of directors. condominiums also have managing agents that will provide you with rental requirements and any potential tenant will need to submit package for review.

elena
(broker)

thanks, barskaya. manhattan is tough. in california there are no boards and you can rent out your condominium to anyone you want.

i am sorry. i mean elena.

lookingtobuy, I bet you don't have co-ops in CA either :)

Sutton123: Many coop boards don't even allow subletting, so one should be grateful if s/he could rent his/her place out with a two-month notice!

You must be from out of town (there is nothing wrong with that).

nyc212 I am from out of town! I wouldn't have even considered a co-op but was mislead which is a long story but now just trying to move in and have a place to sleep!

Sutton123 - we almost always give an answer the day after our meeting. Our interview committee meets at a specific time every month so in our case, it would be easy to know when to expect an answer (although it could take over a month if you end up submitting to the managing agent too close to the meeting date.)

If your package was submitted on Monday, I doubt the board would have met already. They need at least a week to review and then will set up a meeting. If there are other applications in the works, they may wait to batch those togethers so I agree with kas242 that "as needed" does not by any stretch mean immediately.

As for me joining the board, it requires a tremendous time committment and is highly political at present so I am not interested, particularly because I do not expect to be in the building 6-12 months from now and don't want any trouble subletting or selling. I did sucker a friend who would deliver the same biting honesty I would (and is willing to take the associated risks) and have to help her get in.

thank you lo888 for the info. I am hoping for the best here. I was wondering what it is you would look for in an interview besides what has been written about not mentioning making changes to the apt. and commenting on the building upgrades etc, that would help or hurt? thank you:)

It's definitely easier to review a prospective sublesee as the the owner is still liable for the maintenance. It is not a question of how long it takes to review the application, it's more a question of giving people a chance to get to it. As NYC212 mentioned, the board members are volunteers.

If I apply for another apt- a condo- in the meantime and am able to sign leases and move in sooner than I can get all this co-op stuff taken care of, can I back out of the signed leases on the co-op prior the interview stage and get all of my deposits back without issue?

Sutton,

the rules for a board interview are,

smile and say very little -- just answer the board's questions, but don't amplify -- and dress like you're going to a funeral.

a little more here:

http://www.frontporchllc.com/2007/12/how-do-i-pass-a-co-op-board-any-tips/

ali r.
{downtown broker}

Front_porch I've read that article and it was great! Had some very good tips. Thanks for sending it over :)

I want to say I waited about six weeks for my interview from submission of my packet to the managing agent. Then they called the day before to schedule an interview.

If you want to push along the package have it come from the seller and not you. Odds are your seller can make a friendly inquiry to someone they know on the board and that it would be much more effective then you or your broker bugging the managing agent.

You are getting a little too antsy, a little too early.

Have a glass of wine and pay no attention to the declining real estate prices ;-)

Dress like you are going to a funeral! Gotta keep that one in mind. What's the verdict on jewelry?

Six weeks that is craziness realestatejunkie! Do you think that the managing agent held onto the package for several weeks before giving it to the board? As far as my situation, I am subletting not buying and the owner doesn't live in the building- he is just an investor so I don't believe he has any friends on the board.

I don't really know how this process works but I imagine that once 'the package goes to the board' each member reviews it before the meeting so that they can speak knowledgeably about it (?) so that would be a 24 hour cycle for each board member prior to the meeting, no?

drdrd- each board member gets a collated copy of the package so they can review it simultaneously.

I was assuming there's only one copy & it gets passed around. Maybe there's a copy for each member which would certainly expedite the matter. Oops...........

No problem drdrd!

The wait on the coop review is actually mentioned as one of the reasons that renters often avoid coops as there are too many uncertainties with a long wait for a decision to rent and high hurdles and personal disclosures. 3-5 weeks does not seem like a long time at all.

lo888 --

I am very old-fashioned as to interview dress and I know that a lot of other brokers disagree with me -- I remember choking with surprise when a Corcoran broker told her client that he didn't have to wear a tie to a board interview for a place I was selling "because it was downtown."

But I think for an interview, jewelry should be minimal. Think of the rules a couple of generations back: diamonds are for evening, not for day (for that matter, so is cleavage.) The point is not to be sexy, it is to be restrained.

I think both men and women may wear a nice wristwatch, a wedding ring if they're married, and perhaps one other piece -- maybe subdued cufflinks for men or quiet earrings for a woman.

But again, "funereal" is my watchword, and I would think carefully about what may be "everyday" jewelry such as a favored bracelet, diamond stud earrings, or even a particularly flashy engagement ring (a solitaire is probably fine.)

Of course you tailor your look to the building and to the board, but an interview is not the time to show your new Alhambra necklace, even if it is the real thing from Van Cleef and Arpels, and not a knockoff.

This is not a job interview. You are not "selling" yourself. You are being inspected and you want to be unobjectionable.

Similarly, women have to be really careful with handbags and sunglasses. There is a generation of people to whom designer sunglasses are in bad taste. If your impulse is to say "Oh, but I spent $XX on it!" then leave it at home.

And of course, be extremely discreet with the perfume.

ali r.
{downtown broker}

Ali - I like the fact that you have a very clear opinion of how you believe your clients should dress for the intereviews. They or may not heed your advice but at least it's out there for them. Nobody said boo to us when we were interviewing. Incidentally, we did opt for the very conservative, low flashy route.

Ali...you are terrific...do you have a website?

Go to frontporchllc.com ..... she da bomb.

re: the attire for the interview - Linda Stein, the 'broker to the stars', told one of her rocker clients to go to Brooks & buy a suit & didn't I recently hear that Mariah Carey blew a co-op interview because she showed up as MARIAH CAREY & the board members thought, *Oh, sweet Lord!*

drdrd...great comments...i can see mariah carey going to the interview "diva style"

Does anybody want to comment on applying to sublet a condo while waiting for co-op board to review package? I have already signed a lease on the co-op unit but if the process to get approval takes too long I would like to work on a back-up plan by applying to a condo. Am I committed to the co-op before the interview?

thanks for the compliments guys . . . I have another broker talking to me about a lease like I am a two-year-old, and the sunshine from this board always helps!

the other famous NYC brokerage quote is "we got Angelina Jolie through the co-op board, but we had to dress her like a nun"

Sutton123, I think if you have a signed lease, you're committed to the co-op . . . I would check with your broker/atty before pursuing plan B, because you may not get your $$$ back

ali r.
{downtown broker}

Thanks Ali you are great :)

Sutton, if you are concerned with time frame, why bother with coops or condos at all? Just find a rental building where the whole process will be streamlined: credit check, employer verification, collection of deposits, et voila.

well I was mis informed on the co-op and wasn't supposed to need board approval and was so far into the process when I found out otherwise that I figured I should keep going.
Know of any good rental buildings in Turtle Bay or Sutton ?

elena, they have co-ops in san francisco.

Sutton...I recently rented after selling my studio and agree co-op/condos are too much paperwork, waiting time, etc. Look at management firms that have rental bldgs. I got my apartment through broadwall. I don't know if they have places in the area you're looking.

I will check there julia thank you. I am glad somebody here agrees that all the paperwork and time it takes for co-op rentals is ridiculous. I'm renting a place to live not giving out $700 billion for a rescue plan- oh wait that only took 10 days!

how long does it normally take to sublet a condo?

Sutton, I understand that you're antsy to get into a new apartment but I advise that you be careful that you not find yourself legally responsible for TWO apartments.

thanks for your advice. I will check with the broker regarding this

Everything takes forever is the problem. If you deal directly with a landlord (say a townhouse) you could do credit checks and draw up leases in a day, and then issue certified checks and sign the next day, possibly getting the landlord to countersign on the third day. Rental buildings can similarly go quickly, depending on how well they like your finances.

But anything else -- well, you've been warned that with a condo you might have the same managing agent/board review process that you have in a co-op, depending on the building.

however, your package is moving along, isn't it? I skimmed this thread again to try to find out where it was, isn't it at the managing agent already?

ali r.
{downtown broker}

Ali my package-according to the managing agent- is now with the board and has been for a week. I just don't know how long I have to wait for them to review it and schedule an interview? How long does it take to do this normally?

?

It's a good question and one that is properly asked by the unit owner, your potential landlord -- get him or her to check in with the board today, just to get an ETA. If they haven't already reviewed it, a reminder can get it to the top of the pile.

ali r.
{downtown broker]

will do thanks ali

my broker emailed the managing agent to get a time frame on how long the board will likely take to review the package before scheduling an interview and she has gotten no response. Any recommendations at this point?

Sutton123...I might be repeating what someone has already posted but why not back out...I have a friend who used an agent and the agent was able to negotiate the landlord paying his fee. The rental market is definitely soft so you have many opportunities. good luck with your apartment. Your experiences with the co-op process is helpful to everyone looking to rent.

Julia I have sent an email to my broker wanting to do this and she replied that I had already signed a lease for this apt. which is binding and the broker is holding a VERY large cashier's check which she is making me believe would be trouble for me to get back if I chose to withdraw my application at this stage. I don't know what to do...

Sutton123...you'll get the apartment soon and you'll enjoy living there. Why not have your broker call the owner that's who hired him and ask the owner to put some pressure on the board or the very least call the board and ask them the timeframe.

julia thanks for the positive message. I will try getting my broker to ask the owner to call and put some pressure on the board. We'll see if he is willing to do this.