As Covid-19 infections multiply, numerous property managers are advising their co-op and condo board clients to postpone their annual meetings until the fall – or, if the governing documents allow it, run the meetings via teleconference to minimize human contact and the potential to spread the deadly virus.
Until now, most co-op boards have resisted doing application interviews via video. But Daniele Kurzweil, a salesperson with Compass, says she is working on a deal where the board has requested an interview over Skype "just to keep everyone safe," Brick Underground reports.
Boards realize it is a "very tricky time," Kurzweil says, but given the battered condition of the real estate market and the overall economy, co-op boards will be keen to get to a deal. “Any building that gets a sales package in the next month or two will be very eager to interview and review,” she says. “They are just as worried as everyone buying, and they will be happy to see that even in an uncertain economic climate their building is still viewed as a safe investment."
In some of the more traditional buildings, physical hard copies of board packages are still required, but that may be another area where we will see change. Kurzweil just received notice that one managing agent is no longer accepting paper applications, requiring that they must be either in PDF format or submitted on Boardpackager software. "We should make all applications digital as they are more secure and there is nothing to dispose of once the process is over," she says.
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