Table of Contents Show
So after a lot of searching, you’ve finally found the perfect New York City co-op. You’ve successfully negotiated a price, signed the contract, and will soon face the infamous co-op board interview. However, there is still the co-op board package to put together and ensure you get board approval; it has to be nearly perfect. One critical part of the board package is the co-op cover letter. Here is what you need to know about it and why it is essential.
What is a Co-op board application cover letter?What is a Co-op board application cover letter?
The co-op board application process is a bit invasive. Your entire financial life will be laid bare before people that will be your neighbors for years to come. Few people are comfortable with this, but there’s no way around it. Besides being invasive, the process can also feel dehumanizing as your life is reduced to numbers on a tax return.
But the co-op board isn’t just concerned with your financials. They also want to know if you’ll make a good neighbor. This is where a good cover letter can make a difference. It’s a chance to humanize your application and show that you’re more than just a number. Remember, the board members are volunteers who won’t necessarily have the time or expertise to interpret complex financial statements. That can be left to the building’s attorney, who gives the board their opinion. What the board will be more interested in is your cover letter.
How to write a cover letterHow to write a cover letter
Follow these pointers, and you should have the perfect co-op cover letter good to go in no time.
Keep it clear, short, and straightforward.Keep it clear, short, and straightforward.
Save the technical jargon for the attorneys; your cover letter should be all about putting a face on your board package. There’s no need to go over the top with how you present it. It should be printed on regular copy paper in Times New Roman or Calibri and be no more than 3-4 paragraphs long.
Strike the toneStrike the tone
Your buyer’s agent may have worked with them before or know people that have. Use what information you can gather to present yourself as their model neighbor, but don’t take that as an excuse to introduce yourself falsely. It would be best to come across the right way; knowing a bit about the board will help.
It’s alright to give the board praise and kiss up a little, but only so long as it’s genuine. For instance, if you love something about architecture, you should mention it. Make yourself shine by saying why you believe you’d make a great neighbor, that you’re in it for the long haul, and have all the financial requirements.
Make a connection where you canMake a connection where you can
Since the board is legally restricted from asking you specific questions, this is a chance to fill in the blanks. This can be simple as saying, ‘My name is John Smith, and I am a proud graduate of the University of California in Los Angeles, where I majored in Business Law. Recently, my wife gave birth to our first child, who I want to see grow up close to my parents, who reside in Brooklyn. My wife and I are committed to making New York our home and starting the next chapter in our lives.
Thank you for your time in considering our application. If there is any additional information you require, we are happy to cooperate. We look forward to meeting you and becoming part of the collective unity.
Final thoughtsFinal thoughts
A cover letter does not call for excessive detail. All it needs to do is put a good face on your application. Make sure to run it by your broker before submitting it. They can even help you with writing it up. The co-op cover letter is just one of the many things a co-op board package requires. It may seem like a small part, but it still deserves the proper attention.