Co op open house rules in NYC

[aslan]

Hey guys, have any of you encountered co op buildings which require you to acknowledge and sign an open house policy before being allowed to post and host an open house? Please see below which this one building is making the listing broker and owner sign. It's a bit demanding no?

The following list incorporates all rules that must be followed in connection with open houses in the building:

1. Unit owner or broker must notify managing agent at least five (5) days prior to the Open House, providing the date and time period requested.
2. Only two (2) Open Houses will be permitted at a time.
3. Open House visitors must be escorted into and out of the building by the broker. Under no circumstances should a non-resident be unaccompanied while walking through the building. To comply with this rule, at least two individuals with the real estate agency must be present during the Open House.
4. Open House visitors must sign in at the front desk before entering the unit being shown. This sign in requirement is separate from any logs that may be maintained by a real estate broker.
5. No signs or boards are permitted to be posted outside the building, on interior or exterior walls, or in hallways or elevators, with the exception of a one page show sheet to be displayed at the front desk.

I have read, fully understand and agree to comply with the above Open House Policy for the cooperative corporation.

Owner’s Signature: Broker’s Signature:
Print Name: Print Name:
Date: Date:
Unit #: Date / Time for Open House:

[lower_nyc]

Hey guys, have any of you encountered co op buildings which require you to acknowledge and sign an open house policy before being allowed to post and host an open house? Please see below which this one building is making the listing broker and owner sign. It's a bit demanding no?

The following list incorporates all rules that must be followed in connection with open houses in the building:

1. Unit owner or broker must notify managing agent at least five (5) days prior to the Open House, providing the date and time period requested.
2. Only two (2) Open Houses will be permitted at a time.
3. Open House visitors must be escorted into and out of the building by the broker. Under no circumstances should a non-resident be unaccompanied while walking through the building. To comply with this rule, at least two individuals with the real estate agency must be present during the Open House.
4. Open House visitors must sign in at the front desk before entering the unit being shown. This sign in requirement is separate from any logs that may be maintained by a real estate broker.
5. No signs or boards are permitted to be posted outside the building, on interior or exterior walls, or in hallways or elevators, with the exception of a one page show sheet to be displayed at the front desk.

I have read, fully understand and agree to comply with the above Open House Policy for the cooperative corporation.

Owner’s Signature: Broker’s Signature:
Print Name: Print Name:
Date: Date:
Unit #: Date / Time for Open House:

These policies are pedantic and borderline obstructionist. If you live there, unfortunately you have to abide by them or the building will likely fine you or fire your listing agent. But I'd seriously think twice before buying into a building which has the mindset of a government regulator. These rules actually decrease the value of the building apartments because they actually make it more difficult to sell the apartments. If an asset is harder to sell, it is less liquid and therefore less valuable!

How much are the building's purchase application / resale fees?

[aslan]

Interesting color! I fully agree. There's really no reason to have this, and it lowers the values of everyone's apartment in that building. It's truly a self inflicted wound.

With that said, a buddy in the industry told me a good way around this is to simply buy the doormen lunch, or some other small favor. If you do this, they'll turn the other cheek and pretend to not notice that you didn't have two people staffing the open house. However, if you don't give them some sort of a favor, too many doormen apparently will straight up report you. Then your seller will get fined and the listing agent may get fired.

If you're an agent, I'd really analyze whether a listing makes sense before taking it on if it has these types of rules. It just may not be worth the resources and time.

[showtime]

This is another building with Nazi like open house rules. 2 agents required? Unreal.

Open House Policy & Procedures

• OPEN HOUSES MUST BE APPROVED IN ADVANCE by Resident Manager; NO MORE then two (2) WILL BE PERMITTED on any given day or time.

• Broker must fill out Guest Sign-in Sheet with date, apt. #, their name and the name of the Associate Broker escorting guests.

• Open Houses must be performed with a Lead Broker in the apartment. AN ASSOCIATE BROKER MUST ESCORT EACH GUEST INDIVIDUALLY OR IN PAIRS BETWEEN THE LOBBY, APARTMENT AND BUILDING’S AMNEMTIES.

• The Guest Sign-in Sheet (once it has been approved) will be at Front Desk on the scheduled day of Open House.

• Guests (non Residents) MUST SIGN IN and are REQUIRED TO PROVIDE PROOF OF IDENTITY- Driver’s License, State I.D. or Passport is to be shown to the Doorman.FAILURE TO DO SO WILL RESULT IN GUEST NOT BEING PERMITTED TO VIEW APARTMENT- NO EXCEPTIONS.

• No unescorted guest(s) will be permitted to roam the building without either the Associate Broker or the Lead Broker present.