On Alcove, the Landlord or property manager is responsible for reviewing & checking the income and employment verification documents submitted by applicants. While Alcove performs preliminary verification on certain documents for format and relevancy before sharing an application with you, this is not guaranteed. Therefore, it is the Landlord or property manager responsibility to:
- Review the documents for completeness and accuracy.
- Ensure the documents meet the specified requirements.
- Contact employers to verify the applicant’s employment details.
If the documents uploaded are deemed unsatisfactory or if the reported income or liquid asset balance is below your required threshold, you should reject the application by clicking on the 'Decline Application' button (Additional information can be found towards the end of this article).
Income From Employment (required):
Applicants are required to submit specific documents to verify their income from employment:
| Document Type | Description | Requirements |
|---|---|---|
| Pay Stubs | Regular pay statements from the applicant's employer. |
- Clear PDF format - Must include the applicant's full name - Pay period dates - Pay amounts |
| Offer Letter/Employment Letter | A formal letter from the applicant's employer confirming employment and salary. |
- Clear PDF format - Must include the applicant's full name - Company name and contact details - Position and salary details |
Additional Income (optional)
If applicants have additional sources of income, they will provide:
| Document Type | Description | Requirements |
|---|---|---|
| Paystub/Receipt/Other Proof | Any document showing proof of additional income. |
- Clear PDF format - Must include the applicant's full name - Details of income source and amount |
Liquid Assets (optional)
Applicants can upload statements from bank accounts (checking or savings) and investment accounts. They need to provide at least two recent statements, with an option to upload a third. The average balance will be calculated by Alcove using the most recent statements.
| Document Type | Description | Requirements |
|---|---|---|
| Bank Statements | Statements showing account balance and transactions. |
- Clear PDF format - Must include the applicant's full name - Recent statement date - Account balance and transaction details |
| Investment Account Statements | Statements from investment accounts showing balance and transaction history. |
- Clear PDF format - Must include the applicant's full name - Recent statement date - Account balance and transaction details |
Reviewing the Documents
When reviewing the submitted documents, follow these steps to ensure they meet the requirements:
- Check Format: Ensure all documents are in clear PDF format. Reject any screenshots or handwritten documents.
- Verify Information: Confirm that each document includes the applicant's full name, relevant dates, and financial details as detailed above as required.
- Quality of Document: Ensure that all documents are legible. Blurry or unclear documents should be rejected.
- Cross-Checking: Look for consistency in the information provided across different documents.
- Contacting Employers: Use the provided contact information to verify the applicant's employment. Confirm details such as the applicant’s position, salary, and employment dates.
Unacceptable Documents or Unsatisfactory Proof of Income
If the documents uploaded are deemed unsatisfactory or if the reported income or liquid asset balance is below the required threshold, you should reject the application by clicking on the 'Decline Application' button. Please provide a clear reason for the denial.
From there, a member of our leasing support team will reach out to the applicant to offer assistance with reapplying by providing updated documents or by having a guarantor support their application, subject to the same screening and verification process.
 |
 |
| Decline this Applicant option within the Applicant Detail page | Entering Reason for Denial |
If you require additional assistance, you can reach out to us at partner@alcoverooms.com. Alternatively, you can schedule a chat with us by selecting 'Contact Partner Support' in the top right-hand corner of your portal.