As a member of a CO-OP Board, you have responsibilities managing and maintaining the flow of communication, tracking business critical co-op documents.
ReadyRESALE web-based software acts as a portal for your board to organize your documents, clarify communication and securely store and share sensitive information. With all your financial and compliance documents in a single safe & secure location, property managers can distribute the most up-to-date forms and documents from our searchable, web-based repository 24/7.
There are 21,156 co-op buildings in NYC. According to the NYC Department of Finance, there are currently 12,550 co-ops in Queens alone.
From resale packages to governing documents, cooperatives are faced with an overwhelming array of paperwork to manage. Our software allows your Cooperative to work at efficiency & speed. ReadyRESALE strives to make your job easier than ever before. Our software is tailored to handle all aspects of document ordering and collecting relevant fees; it can be done at any time on any device. Let us save you time, money and reduce stress with ReadyRESALE.
With ZERO set-up or maintenance fees, ReadyRESALE is the best online solution for your entire community document and property items needs. With our integrated shopping cart system, title companies, lenders, agents and homeowners pay up-front, online at the time of check out. ReadyRESALE collects the fees on your behalf and deposits your funds into an account of your choice.
Cooperatives have a drastically different underwriting process than Condo's or HOA's, which necessitates complex custom lender questionnaires. This means that these highly complex forms are already coded into our system for all major lenders (Wells Fargo, Chase, PNC, Flagstar, etc.).
In a NYC co-op, the building itself is considered a corporation. Every apartment “owner” is actually a shareholder in the corporation. The number of shares owned differs depending on the apartment. Typically, the bigger the apartment, the more shares it represents. So, one owner might hold far more shares, or far fewer, than their neighbor down the hall. Therefore, during building decision-making, the vote of an owner with more shares holds more sway than that of an owner with fewer shares. A co-op is run by an elected board of directors (fellow shareholders). Along with a management company, the board makes the decisions that support and maintain the building. Its job is to ensure that the building is financially stable, that problems or conflicts are resolved, and that the building runs smoothly and efficiently.
A co-op questionnaire is a survey that banks and mortgage lenders will request the managing agent of a cooperative apartment building to fill out in order to approve the building for financing.
A condo is a private residence in a multiunit structure that includes ownership of commonly used property. A co-op is also a multiunit building, but that’s where the similarities end. A co-op owner has an interest or share in the entire building and a contract or lease that allows the owner to occupy a unit. While a condo owner owns a unit, a co-op owner does not own the unit.
With a co-op, the potential financial payoff depends on the way the co-op is structured. In a market-rate co-op, members are allowed to sell their shares for whatever the market will bear when they decide to sell. These are generally the types of co-ops you can get a mortgage on because a lender knows they can base the value of the loan on the value of your share. In a limited equity co-op, members are limited in how much they can earn from the sale of their shares. It’s important to know the way the co-op is structured so that you understand what you’re investing in.
When you join a co-op, you invest some amount of money in the co-op. You become a member and an owner. As a member-owner, you’re concerned about whether the business is meeting the needs of its members. By contrast, in an investor-owned business, the owners or investors are concerned mainly with making money.
As client/owners of a cooperative, each member casts one vote in decision-making. In an investor-owned business, in contrast, investors cast votes in direct proportion to the number of shares they own—that is, more shares equal more votes.
A cooperative is led by a member-elected board of directors. The directors are member-owners who have agreed to serve the organization for a specific period of time and are empowered by members to make decisions on behalf of members.
Our customer & tech support is always FREE OF CHARGE so use it as much as you need! We are here to make your job easier. We encourage you and your customers to reach out to us at any time for a quick response with a live operator. You can rely on our web based Co-op software applications with 24/7 access to your accounts, from anywhere.
ReadyRESALE is the leading provider of document management and workflow solutions for cooperatives. Our software was developed to easily integrate into your existing website so the board can work collaboratively with their investors, residents and accounting software with the most current information available.
Are you looking for an easier way for your management company to organize, prepare and deliver Cooperatives documents and resale packages? Need to free your office staff from a time-consuming process – and offer a modern, web-based solution? Then you are a perfect candidate for our ReadyRESALE Document Management Software. We will listen carefully to your needs and problems. Then we’ll offer up solutions you can use right away to make improvements, boost productivity and even generate new revenue. We promise not to spam you. There’s no obligation and it’s 100% FREE.
