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how has covet 19 change the new york city co-op board approval process we'll demystify this topic in the following video i'm nick hauset check out our website hauseit.com to learn how to save money on commission when buying and selling real estate here in new york city long island and the hudson valley so let's get started the covet 19 pandemic resulted in permanent and mostly positive changes to the co-op board approval process in new york city the biggest change ushered in by the pandemic was the digitization of the co-op board package submission process itself other changes include broader acceptance of electronic signature digital submission of board package fees faster response times from co-op boards and the pivot to virtual co-op board interviews collectively these changes may shorten the typical co-op board approval timeline going forward digital board package submission prior to the pandemic most co-ops and building managers openly rejected technology and required applicants to physically print and deliver several hard copies of the board application to building management it was not unheard of for the most conservative manhattan co-op buildings to require between five and seven hard copies of a co-op board package and since a typical board package can run upwards of 500 pages buyer brokers were therefore required to print out thousands of pages of highly sensitive and confidential financial information all the copies put together in some cases could literally fill several boxes and weigh over a hundred pounds after spending hundreds of dollars on printing a buyer's agent had to hire a messenger to deliver these physical hard copies to the office of the managing agent some brave buyer's brokers chose to personally deliver a large and heavy box or in some cases several boxes containing these copies to building management and once management received the hard copies someone at the office most likely the transfer agent would have to coordinate the delivery of the physical copies being sent to every single co-op board member sound ridiculous well it was for years and decades co-op buildings in new york city openly and defiantly rejected the use of email cloud storage and other far more efficient and environmentally friendly ways to accept board packages here at hauseit we could never reconcile the environmental damage caused by this archaic process and the fact that the vast majority of co-op board members and residents in new york city are highly liberal and perhaps rightfully so very focused on climate change once the pandemic arrived in new york city the transfer agents at the management company started working from home therefore and almost immediately physical submission of board packages completely disappeared the transfer agents who were working from home had no interest in receiving a delivery of say a hundred pounds of physical documents and thereafter having to coordinate the delivery of these copies to individual board members many of which had left the city due to covet although very few buildings immediately updated the submission instructions in the board package to remove language about physical copies transfer agents were happy to receive board packages via email or through a cloud storage link such as dropbox and google drive in the years following the pandemic we anticipate that most co-op buildings and managing agents will continue to accept digital submissions we also expect most co-ops to update the board package submission instructions to reflect the acceptance or perhaps the requirement of a digital submission procedure broader acceptance of electronic signature aside from catalyzing the pivot towards electronic board package submission the pandemic also further legitimized electronic signature in the eyes of co-op boards and management companies prior to covid and despite the unquestioned legality of electronic signatures in new york management companies often demanded original ink signatures for any signature pages in the board application this open defiance of technology by managing agents created tremendous logistical headaches for buyers sellers and brokers who are therefore required to mail each other individual documents to sign prior to submitting the board package aside from the hassle this also delayed the submission timeline for the board application itself we anticipate this heightened acceptance of electronic signatures to persist well after the pandemic subsides that being said some managing agents who accept e-signature may still continue to reject or strongly discourage typed or font signatures therefore we recommend that individuals actually draw their signature when e-signing instead of auto-populating the automatic signature block which is typically the signer's name in block text or basic cursive in other words although e-signature will be permitted signers should try to make their electronic signatures look as real as possible there will also continue to be one exception to the adoption of e-signatures for board application documents and that exception pertains to aztec recognition agreements we expect original ink signatures on aztecs to continue to be a requirement for all co-op buildings far into the future that being said it's possible that co-op applicants may be asked to mail aztecs directly to the co-op attorney going forward instead of sending them to the management company during the pandemic applicants were asked to hold on to the aztec forms until receipt of board approval at which point applicants were instructed to mail the aztecs directly to the co-op building's attorney digital submission of application fees covet 19 has also changed the way co-op managing agents accept application fees prior to the pandemic all fees were typically submitted via certified checks which almost always needed to be mailed in or hand delivered to building management in the wake of covet 19 most building managers began accepting online payments for application fees via credit card for building specific fees such as a move-in deposit management began requesting that they be paid via wire transfer we expect these changes to remain in place even after the pandemic fully subsides one arguably negative change to the co-op board approval process resulting from kovid is that many co-op buildings added new fees for purchase and lease applications such as a covid19 cleaning fee while we don't question the merits of more diligent cleaning even in non-pandemic times the reality is that some managing agents used covid as an excuse to raise fees in order to pocket more money in one egregious example for a co-op in midtown west building management added a 250 dollar covid19 cleaning fee for all move-ins only to pocket the fee and simply have the super who is already on the payroll wipe down the elevator after a move-in faster co-op board response times covid 19's digitization of the co-op board package submission procedure has indirectly led to overall faster turnaround times for co-op boards to review applications this faster review time is a result of the removal of logistical delays associated with sending physical board packages to board members and the fact that more board members are working from home and traveling less while we expect office work and travel to largely return in the coming years the digitization of board applications and the acceptance of electronic signatures should permanently reduce the time it takes to both submit board applications and the time it takes for co-ops to review and respond to these applications virtual co-op board interviews covet 19 also resulted in the complete and immediate acceptance of virtual board interviews prior to the pandemic all interviews were held in person and the very idea of a zoom or skype interview was a non-starter co-op boards were known for actually making applicants travel to new york city at a cost of hundreds or thousands of dollars in order to do these interviews the pivot towards virtual interviews dramatically reduced the risk of delays to the overall board approval process before covid finding a suitable interview time that worked for board members and the applicant was a major logistical headache and during pre-coveted summer months and holiday periods the in-person interview requirement literally added weeks to the process because of the fact that many board members were traveling while we think that board interviews will revert to a preference for being in person once the pandemic fully subsides we believe that boards will be less likely to delay interviews in the future if some board members are traveling or otherwise unavailable for an in-person interview instead and when circumstances warrant some board interviews may be held virtually so there you have it we hope you enjoyed this video and if you did please like subscribe and leave us a comment we greatly appreciate it i'm naked hauseit and we'll see you on the 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