Saving time, money and many trees when purchasing an apartment in a New York City co-op is only a click away with new tech advances in the industry.
Typically, purchasing an apartment in a New York City co-op isn’t an easy task and can involve baring your financial status for all to see. Demands for tax returns, financial statements, letters of recommendation and even information about hobbies and pets are common when applying. An average application can run over 100 pages and ultimately determine whether the buyer is fit to purchase the apartment.
With all of the personal information provided comes money to duplicate the documents for each board member at the table as well as time to sift through each individual page, a task that can take hours if not days and even weeks.
However, now a few companies based in the city have made the executive decision to, hopefully, simplify the process and move information and board packaging online.
These online platforms—ApplyPort, BoardPackager and, soon, ApplySmart—while simplified, are not any less demanding than the original board packages that include hundreds of personal documents. It’s still required that your financial status be available to all board members and your broker, but it may be slightly easier for you and your broker to avoid making multiple copies of your 200-page buyer portfolio.
So you can say goodbye to your local copy store (and the substantial copying fees) and hello to an easy-to-use, paperless iPhone app.
Usage of any of the three board-packaging online platforms allows buyers or brokers to upload personal and financial information, fill out applications and pay fees. Once the uploading process has reached completion, the managing agent can review the full application online while redacting sensitive personal information, such as one’s Social Security number.
These online platforms, while easy to use, haven’t been met without some hesitation regarding sharing of sensitive information and potential security risks. But the platforms guarantee that all sensitive information will be encrypted once uploaded as a bundled package and those who wish to continue with paper bundles can still print from the online sources.
Brokerages and management companies, such as CORE real estate, Century Management, Argo Management and Douglas Elliman’s brokerage and property management divisions, are among the first to jump on board – signing with online platform BoardPackager.
Douglas Elliman released BoardPackager in March to its brokers. In the first three weeks of the platform’s use, the brokerage and property management divisions had used it to assemble 64 packages.
ApplySmart, which has yet to be released, plans a platform of similar function that not only allows buyers and brokers to assemble packages, but also apply for a mortgage and get title insurance. This allows everyone at the company to be on the same platform for the same transaction.
While ApplySmart will provide an expanded service, the idea is not entirely new. Take ApplyPort, an online platform created in 2007 for FirstService Residential New York. FirstService urged its members to start using the online platform. At first members were hesitant about its use, but have since adapted and welcomed the new technology boasting a 90 percent use amongst the 500 co-ops and condos that the company manages.
When ApplyPort first emerged as a new service back in 2007 it was met with little interest. Buyers and brokers simply saw it as a secondary option and saw no reason to change the current system.
The platform struggled to gain traction, although it reinforced that the current system can be pricey. For example, copying a single package for all of the board members can range from $700-$1,000 for the company.
Nine years later, companies have finally opened their eyes to changing the current system and new technology continues to emerge to fill the void.
Via: The New York Times
Add Comment