Before the Annual Meeting, Use a One-on-One Approach to Get Things Passed

The next year, the board got into a discussion before the annual meeting about changing the amount of money we charged for our flip tax. We wanted to go from a fraction of a percent to 1.5 percent.

As a result, we were able

to get 85 or 90 percent

of the shares to vote in

favor of an increased flip tax.

But we learned from what had happened the year before. What we did differently was we divided the building into two sectors, and weeks before the meeting, we had co-op board members go out and talk to their friends one-on-one about why we wanted to increase the flip tax, what it meant to the building and what we could expect to see on a regular basis in new money. And the rationale was, "Look, if you are not going to move, this isn't going to affect you. But if you are moving, it's just one more fee that you are paying in all of the costs that you are involved with for selling an apartment and buying a new apartment," and everyone knew that.

We also went around, knocking on doors, sort of like glad-handing one-to-one. As a result, we were able to get 85 or 90 percent of the shares to vote in favor of an increased flip tax.

You have to remember, any good co-op or condominium is a community, and while there may not be a lot of social interaction between different people in the building, that's not always the case. We have a good deal of it. There are people who have meals out together and who get together and have a drink in different people's apartments. It's not just business.

So we work that as a conduit for change, which then, of course, brings back the mindset that maybe, just maybe, what we should do is revisit the indemnification revision that we failed to pass so miserably the year before. 

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