A board interview can be one of the most stressful days of your adult life. After all, this is to purchase your new home and possibly your place of residence for the next 10-20 years.
If this is your first co-op purchase, then the words “Board Interview” might be foreign and daunting. Here at BARAK, we would like to help facilitate the process and offer valuable advice as you head into your board interview.
#1 – Dress to Impress – While this may go without saying, treat this like any other job interview. For men, wear a suit and tie; and for women dress in business attire with minimal jewelry.
#2 – Prepare for Personal Questions – Since this is from the building, they want to know you’ll be a good neighbor. Handle the questions without acting defensive.
#3 – Don’t Ask Questions – Remember this is your interview, not theirs. Especially leave out questions if they pertain to issues that should have been discussed prior to the interview, such as building financials. If the board gives you the opportunity to ask questions, make it some “feel good” questions such as: “What’s a good Italian restaurant in the area?”
#4 – Enjoy It – Lastly, be relaxed and confident. Approach it this way and it will feel more genuine and the board will know that you are a great fit for the building.
We’ll see you home.
Tuesday, November 30, 2010
Wednesday, November 17, 2010
The Buying Process: Part 2
Signing a Contract
Now it’s time to sign a contract. Your attorney will conclude that the contracts and property conditions are satisfactory before the contract is signed. Don’t forget that until the seller has also signed the contract, he/she is still free to entertain and accept other offers, so make sure to move forward quickly and efficiently.
The next step will be preparing your board package for the co-op board. Many first-time Manhattan buyers are unfamiliar with the process. You will need to gather all of your bank and investment statements, tax returns, and business and personal references. After that, you will obtain your “bank commitment letter” from your mortgage provider and then submit your board package.
Submitting the package is the first step in the board approval process. An interview with the building board of directors is next and is a crucial part of the application. Make sure to be punctual, and dress appropriately. Do not ask unnecessary questions or volunteer extra information. Your real estate agent will train and guide you through the process.
Once you’ve received board approval it’s time to schedule a closing. Make sure everyone involved in the purchase (banks, lawyers, seller, buyer, etc.) all coordinate a mutually convenient time. Usually this process takes 10-14 days after board approval.
When it’s all over and the closing papers are signed, it’s time to celebrate. One last thing… don’t forget to pick up your keys!
Now it’s time to sign a contract. Your attorney will conclude that the contracts and property conditions are satisfactory before the contract is signed. Don’t forget that until the seller has also signed the contract, he/she is still free to entertain and accept other offers, so make sure to move forward quickly and efficiently.
The next step will be preparing your board package for the co-op board. Many first-time Manhattan buyers are unfamiliar with the process. You will need to gather all of your bank and investment statements, tax returns, and business and personal references. After that, you will obtain your “bank commitment letter” from your mortgage provider and then submit your board package.
Submitting the package is the first step in the board approval process. An interview with the building board of directors is next and is a crucial part of the application. Make sure to be punctual, and dress appropriately. Do not ask unnecessary questions or volunteer extra information. Your real estate agent will train and guide you through the process.
Once you’ve received board approval it’s time to schedule a closing. Make sure everyone involved in the purchase (banks, lawyers, seller, buyer, etc.) all coordinate a mutually convenient time. Usually this process takes 10-14 days after board approval.
When it’s all over and the closing papers are signed, it’s time to celebrate. One last thing… don’t forget to pick up your keys!
The Buying Process: Part 1
Part 1 of our Two-Part Series on The Buying Process
The Pre-Buying Process
Buying an apartment in Manhattan can look daunting at first. However, with the right knowledgeable and personable real estate agent it can be transformed into a fun, enlightening and rewarding experience. We’ve put together a series of steps for you to expect and help you stay prepared for the process.
The first step is to choose an agent. Here’s a list of tips we compiled in conjunction with The Brick Underground to help you pick the right agent.
Speaking with mortgage professional is the next and perhaps the most vital step before you look at properties. A mortgage professional can quickly assess your financial profile before you start perusing properties. It is a no-cost, no-obligation process and will give you a sense of what you can afford and offer some peace of mind.
Since brokers in New York City do not prepare contracts, you must hire a real estate attorney. Your attorney will review the contract, the property financial condition, the board minutes and the building by-laws.
Starting the Process
After you’ve chosen an agent, spoken with a mortgage professional and hired an attorney, now it’s time to look at properties. Most buyers look at an average of 15-25 properties prior to making their purchase. Your agent will show you as many places as possible, but in order to look at this many apartments, try to be as flexible with your schedule as possible.
Once you have found an apartment that fits your price range and lifestyle it’s time to make an offer. This is where the process becomes thrilling. In New York City offers are made verbally and through your real estate agent. There may be a “counter offer” from the seller until the negotiation process reaches an agreement. Your agent will serve as a trusted advisor and consultant at every stage.
Next Up:Signing a contract
The Pre-Buying Process
Buying an apartment in Manhattan can look daunting at first. However, with the right knowledgeable and personable real estate agent it can be transformed into a fun, enlightening and rewarding experience. We’ve put together a series of steps for you to expect and help you stay prepared for the process.
The first step is to choose an agent. Here’s a list of tips we compiled in conjunction with The Brick Underground to help you pick the right agent.
Speaking with mortgage professional is the next and perhaps the most vital step before you look at properties. A mortgage professional can quickly assess your financial profile before you start perusing properties. It is a no-cost, no-obligation process and will give you a sense of what you can afford and offer some peace of mind.
Since brokers in New York City do not prepare contracts, you must hire a real estate attorney. Your attorney will review the contract, the property financial condition, the board minutes and the building by-laws.
Starting the Process
After you’ve chosen an agent, spoken with a mortgage professional and hired an attorney, now it’s time to look at properties. Most buyers look at an average of 15-25 properties prior to making their purchase. Your agent will show you as many places as possible, but in order to look at this many apartments, try to be as flexible with your schedule as possible.
Once you have found an apartment that fits your price range and lifestyle it’s time to make an offer. This is where the process becomes thrilling. In New York City offers are made verbally and through your real estate agent. There may be a “counter offer” from the seller until the negotiation process reaches an agreement. Your agent will serve as a trusted advisor and consultant at every stage.
Next Up:Signing a contract
Monday, November 8, 2010
Establishing Value With Buyers
When you’re pitching potential buyers to work with, the most important question you have to ask is: What Value do You bring to the table?
The first step in the process is to iron out your company bio. Your bio is a pitch that describes yourself as a professional, as well as a person. While you must list your business credentials in detail, do not forget to add a personal touch. What are your hobbies? Do you have a peculiar skill that shows how you spend your free time? Buyers want to deal with a human being, not a machine.
After your bio is crisp, develop your pitch packet with the following: press about you and your company to show the exposure you receive in the media; sold listings with similar characteristics; and a market analysis. This will show your preparedness and knowledge of the market.
The next step is to demonstrate - through examples - how you can save them money. People gravitate toward stories. Glossy papers and pages of data surely help your cause but don’t forget that you are there to sell yourself, not just your plan. Staying both informative and personable at the same time is the perfect combination.
Finally, show what makes you valuable in 2010. Anyone can browse the Internet for apartments. Your value as a broker includes your knowledge of the inventory, negotiation expertise, industry contacts and financial savvy.
We are no longer gatekeepers of information; we are now consultants and trusted advisors.
The first step in the process is to iron out your company bio. Your bio is a pitch that describes yourself as a professional, as well as a person. While you must list your business credentials in detail, do not forget to add a personal touch. What are your hobbies? Do you have a peculiar skill that shows how you spend your free time? Buyers want to deal with a human being, not a machine.
After your bio is crisp, develop your pitch packet with the following: press about you and your company to show the exposure you receive in the media; sold listings with similar characteristics; and a market analysis. This will show your preparedness and knowledge of the market.
The next step is to demonstrate - through examples - how you can save them money. People gravitate toward stories. Glossy papers and pages of data surely help your cause but don’t forget that you are there to sell yourself, not just your plan. Staying both informative and personable at the same time is the perfect combination.
Finally, show what makes you valuable in 2010. Anyone can browse the Internet for apartments. Your value as a broker includes your knowledge of the inventory, negotiation expertise, industry contacts and financial savvy.
We are no longer gatekeepers of information; we are now consultants and trusted advisors.
Monday, November 1, 2010
Following Up With Landlords
Last month, we explained our method in approaching landlords and gaining their trust. Now, we’ll revisit the topic and help you when you encounter objections from landlords.
Today we’ll explore the most common objection: No, thanks! I don’t work with brokers, I do it myself!
At first, show you understand where the landlord is coming from with something like this: “I’m not surprised to hear that Mr. Smith. It seems you may have had a poor experience with a broker before.”
Then, extol the virtues of your services and WHY a broker can help them: “However, I truly believe an honest, trustworthy and efficient broker can be a huge asset to you.
“Our services will save you a lot of time and headaches! First, instead of running advertising and spending your time trying to rent your apartments, we will take care of that end at no cost to you.”
Make sure you explain your value as a screener of potential tenants through credit reports, background checks and offering a different perspective. The key in this conversation is to emphasize that you will make the landlord’s life easier all without hurting his/her wallet.
If the conversation is still negative after you have run down your benefits, don’t forget to tell them you will send an informational packet and follow up with a phone call. Persistence is king in acquiring new business.
We’ll see you home.
Today we’ll explore the most common objection: No, thanks! I don’t work with brokers, I do it myself!
At first, show you understand where the landlord is coming from with something like this: “I’m not surprised to hear that Mr. Smith. It seems you may have had a poor experience with a broker before.”
Then, extol the virtues of your services and WHY a broker can help them: “However, I truly believe an honest, trustworthy and efficient broker can be a huge asset to you.
“Our services will save you a lot of time and headaches! First, instead of running advertising and spending your time trying to rent your apartments, we will take care of that end at no cost to you.”
Make sure you explain your value as a screener of potential tenants through credit reports, background checks and offering a different perspective. The key in this conversation is to emphasize that you will make the landlord’s life easier all without hurting his/her wallet.
If the conversation is still negative after you have run down your benefits, don’t forget to tell them you will send an informational packet and follow up with a phone call. Persistence is king in acquiring new business.
We’ll see you home.
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