Tenant screening - Alternative of Pay Stub and Bank Statement

[Hui Kiang]

Hi Landlords,

I have a question. We're at the final stage to screen tenants. We're asking for the 2 latest pay stubs and bank statement to verify their income. And prove they have enough fund to pay the rent if they're out of the job next month. However, they do not feel comfortable to do so. They have great reference from the current landlord and great credit score. What would you do? 

They said they can send us the offer letter as a proof of employment. I think it's reasonable. However, what about the bank statement? I understand it may not be comfortable to show us how much they have at the bank and the the bank account #. Is there any alternative method you'll use? 

Thanks a lot!

[Michael Guzik]

@Hui Kiang That's a great question man. I feel like you know what to do, but you are just afraid of upsetting your tenants. The emotional and "feeling" aspect of this situation is not important. Your rules and requirements for a quality tenant should be solid as a rock and aren't some wishy washy thing that they can pick and choose what to follow and what to change. Don't let their emotions dictate your decisions. If you always listen to your tenants emotions and do things based on their "feelings" you will end up broke, end of story. That sounds harsh but you are running a business not a charity. Yes there is a time and place to focus on the emotional side of things but the tenant screening process is not a time to do so. If you walk into any well run, quality apartment complex and go through the application process and then tell them "oh no I'm not comfortable with giving my last 3 paystubs" they won't care and will say I'm sorry but those are our requirements have a nice day. They are running a business and are consistent in their screening. It is a process that stays the same and consistency is the key to success. My 2 cents is to tell them I'm sorry but these things need to be provided because that is what I require, and feel free to give and explanation of why you require it. Hopefully they will see why you need that information and  will give you the needed info and end up being great tenants! If they say no just move on, there are plenty of other great tenants and plenty of other communities for them to live in. Good luck and trust your gut it is always right!