5 tips to help you ace your next NYC co-op board interview, according to a board member with 15 years of experience

Steven Goldschmidt

Steven Goldschmidt.

• For those trying to buy into a co-op building in New York City, the application process can be lengthy and stressful.
• Going before a co-op board for an interview is the last step of the process and an opportunity for prospective buyers to show their future neighbors that they will make a strong addition to the building's community.
• Business Insider caught up with real-estate broker Steven Goldschmidt, who has been serving on the board of his building for 15 years, to find out his advice for those preparing for a co-op board interview.
• Visit Business Insider's homepage for more stories.

Getting approval to buy into a co-op building in New York City can be a lengthy process.

Buyers have to find a building they like that fits their price range. They have to get their offer preliminarily accepted. And they have to fill out a board package, which usually requires reference letters and a deep dive into personal finances. Sometimes, these steps can take weeks, even months, to complete.

Once the board package has been submitted and an applicant is called in for an interview, they're nearing the finish line, but the next step isn't exactly easy, either. That's because New York City is notorious for its strict co-op boards. In fact, boards in New York City do not have to tell applicants why they were rejected unless the board violates the city's Human Rights Law. So, while interviews with co-op boards are often considered a formality, they are, nonetheless, important.

All this can make the interview process extremely tricky.

How to nail a co-op board interview

Co-op board members are volunteers who live in the building and are voted in. These boards are in charge of dealing with things like the physical status of the building, the financial status of the building, and the vetting of prospective buyers. Board members use the interview time to address any questions they may have and to determine whether or not the applicant will be a good fit.

Showing up to an interview will likely be the board's first in-person impression of an applicant, so it's important that they're prepared. To find out the best way to prepare for a co-op board interview, Business Insider caught up with real estate professional Steven Goldschmidt.

Goldschmidt has been working in the industry for over 40 years and is currently the senior vice president and director of sales at Warburg Realty. He's also been a member of his building's co-op board for 15 years. While Business Insider can't disclose the name of the building, units there range from $500,000 to $3 million.