What is Domecile?
How should I be using Domecile? Is this the same as Board Packager? Tips to use Domecile.com
Are you buying an apartment in Manhattan? Have you applied for a rental unit in a condominium or cooperative? If so, you’ve probably been introduced to domecile.com.
I find that some agents use this term and expect everyone to understand it immediately, without realizing that most people are unfamiliar with it. As a real estate agent, using Domecile as quickly as possible has become a part of my daily tasks. Keep reading for some of my insights and tips.
What is Domecile?
Domecile.com is an innovative platform that connects management companies with tenants and owners throughout New York City. Before Domecile (or Board Packager, as it was previously known), all building information was typically stored in PDFs and attached via email. The process was reliant on a single individual to operate or respond, and was significantly less transparent. A large board package often had to be sent via courier back and forth instead of collaborating online.
One thing to remember about Domecile is that it is a third-party company. It exclusively connects buildings, managers, and boards, but it is not your management company. When you move into a new building, it is essential to have a direct contact person at the building. Often, this can be listed on the building page in Domecile, but do not reach out to them about your building. To help you better understand how you can utilize Domecile.com, let's explore four key use cases.
Domecile.com Use Cases
Transparency for Building Fees
Every building will have fees that it charges to owners or tenants during a transaction (move-in, sale, lease, or refinance). These fees can vary significantly and may come as a surprise to both owners and landlords. With a building listed on Domecile, these fees are all transparent before committing. When working with a client, I always recommend searching for the building before submitting an offer to rent or buy.
If you're looking to do this type of research, it's quite simple. Visit domecile.com, search for the address of your building in the top box. Scroll down to the "Application Section" and then select "Preview" for the type of application you are pursuing (sale or lease). When reviewing the fees, note that different parties may be responsible for each of these. These fees can be switched between parties and negotiated. For example, in a competitive rental situation, a prospective tenant could offer to pay the owner’s application fee.
A walk through for how to look up building fees in Domecile.com
Conduct Building Due Diligence
Due diligence is a part of every real estate transaction. In New York City, before signing a contract, due diligence is conducted on the condominium or co-op apartment. One of the key steps in this process is for the buyer's attorney to review documents regarding the building provided by the management company. These documents vary slightly but generally will include financial statements, annual budgets, offering plans, alteration agreements, house rules, and a custom questionnaire. When a building is listed on Domecile, an attorney or buyer will request the items directly through the website. (Note: before Domecile, often physical checks had to be delivered to a management office. Being able to pay directly online is a benefit in the time savings alone.) Under the "Documents" section of a building page, you can see the costs and various sections to add to your cart and purchase.
As a note, these documents are not automatically sent once you’ve added them to the cart. An individual from management must still review and send it over manually.
Submit a Lease Application
If you're renting a condo or co-op in NYC, the board wants to have key information about who is residing in their building. Anyone can initiate the application, but it is typically the real estate agent who starts the process. If you're starting an application, select the building and find the application you are looking for. Select "apply online" and begin the process. You will need a credit card to initiate the application.
If you’re completing a complex application, scroll down to my tips for completing a Domecile Application.
Submit a Purchase Application
If you're renting a condo or co-op in NYC, the board wants to have key information about who is residing in their building. Anyone can initiate the application, but it is typically the real estate agent who starts the process. If you're starting an application, select the building and find the application you are looking for. Select "apply online" and begin the process. You will need a credit card to initiate the application.
With a purchase application, you are likely collaborating with many different properties. Communication is key in this situation. I’d always confirm that there is one person who is taking the lead to initiate and review. It's likely that this is the buyer’s agent - please confirm.
Keep reading to review my tips for completing a Domecile.com application
Completing an Application in Domecile.com
Compiling and completing an application in Domecile is the most common use case. The website even started as Boardpackager.com, a recognition that it was designed to facilitate the Co-Op board package. Here are my tips for navigating the website as easily as possible.
Clearly communicate the person who will be starting the application. One person should take the lead in gathering information, sending out invitations, and conducting the initial review.
Invite all parties to the deal at the outset. Once you add a deal party, you still need to invite them with the “+” icon.
When in preview mode, signatures do not display.
You can upload documents directly into the application and delete the ones listed. As an example, if you already have a Completed Lead Disclosure Form from the contract, you can delete the one in that section and upload the previously completed one.
Ensure that all references and tax forms are properly signed.
Collaborate across representation. If you represent the buyer, ask the seller to review and share feedback. If you’re on the seller side, share feedback but don’t delete any of the buyer’s work. Collaboration and cooperation consistently yield the best outcomes.
Commonly Asked Questions about Domecile.com.
1. What types of properties are listed on Domecile.com? Domecile.com lists a variety of condo and co-op properties throughout Manhattan and Brooklyn. The management company for the building will decide whether to utilize the website. Whether or not a building is listed on Domecile.com does not convey any inherent value or risk to the building.
2. Is there a fee to use Domecile.com? There are fees for any application submitted or document request. These fees are transparent and submitted directly online. The majority of application fees are collected at the time an application is submitted. These fees have a default payer, but the browser does allow you to reassign some of them if all parties agree.
3. How do I communicate with landlords or property managers? I would not recommend using Domecile.com as the primary means of communication with landlords, management, or condo/co-op boards. Think of it more as a conduit for sending fees and official information.
4. What happens after I submit my application? Once you submit an application, the information will be in a queue for the management team to review. Individual buildings typically have a posted turnaround time for when you could expect to receive a response. In my experience, a follow-up or two will absolutely be required.
5. What should I do if I encounter issues with the property? Reach out to the landlord, managing agent, etc, by phone or email if you encounter any issues. If you encounter problems with the description online or website functionality on domecile.com, you can reach out directly.
In conclusion, Domecile.com offers numerous use cases that benefit both tenants and property managers, thereby enhancing the experience of renting and property management. With its user-friendly features and educational resources, it facilitates informed decisions throughout the rental journey. Whether you're a first-time renter, a seasoned tenant, or a property owner looking to streamline operations, Domecile.com provides the tools you need to succeed in the rental market. Exploring everything Domecile.com has to offer can help demystify the rental process and pave the way for a seamless renting experience.
If you’re submitting a board application for the first time and need help with the experience, please reach out!