Are Co-Ops Catching Up With The Times?

Illustration by Julia Rothman

Is the long-standing New York tradition of sitting eyeball to eyeball, writhing in front of the co-op board soon to be urban lore? One New York broker threw a curveball and presented would-be renters to the co-op board via Skype–and it worked. Sure, it was for a one-year sublet, but it’s a start.

Webcam interviews seem like they would solve a lot of problems. They offer flexibility for scheduling, eliminate travel expenses for out-of-town renters and buyers, and technology has finally gotten to the point where you can actually see and hear the other end of your video conference. Industry experts remain skeptical, though. “Physically being with applicants and taking [them] out of the comfort zone, you’d probably get a better reading of what they’re like,” said Stuart Saft, a New York real estate attorney. Can’t argue with that.

It turns out that the same board that approved the out-of-town sublessors didn’t buy in wholeheartedly after all, because when they were asked to approve prospective buyers via webcam they declined, demanding they fly in for the interview. Bottom line, for the time being, tradition stands. Yet in today’s can’t-you-just-text-me society, adaptations of institutions, even ones as formidable as the co-op board, seem inevitable.

Source: New York Real Estate

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