House rentals, be they transient or long term, have become a very good business nowadays. Having your own rental property located in the right place is already a plus. But there's more to it than good location itself. Being able to manage your rental business as a landlord is also important in this business. So, what can make a successful landlord?

Here are great tips on how to become a successful landlord:

Set boundaries. Impose a clear tenant-landlord relationship.

Scott McGillivray of HGTV Canada shares a helpful tip as far as dealing with your tenant is concerned. McGillivray said that as much as you want to treat your tenants as your family, you have to set boundaries and bear in mind that they are still your customers because that's what they really are. So, if your tenants would ask allowance on the schedule of rental payment, be reasonable about your decision and your tolerance should have limits. After all, you have bills to pay and bank instalment and your bank doesn't accept lame excuses as payments. They want cash so require your tenants to pay cash as well. Be firm and your business will go on.

Impose transparent rules and stick to them.

If you don't want problems to occur in the long run, set up rules that you as the landlord and your tenant ought to follow. If you have agreed on some charges for late payment, put them on paper rather than just verbally, McGillivray advised. It is not wrong to be strict and rigid if you are reasonable. Since you implemented the rules, be sure you are also a follower and be even the first one to follow. If your rules are disobeyed after several warnings, you have all the rights to evict your tenant. Make sure you have proper documentation to avoid being sued by the tenant instead. 

Do not forget that your rental business is a real one.

Do not dig a hole for yourself and be buried. Landlordology suggests that you make sure you know what you are doing. House rental is a good business as mentioned in the outset. You have to be convinced that you are doing a business that you should take seriously. Know your expenses and count the money you are making. Be sure you are earning and making a profit no matter how small it is. Your rental business is a real one so you have to be realistic.

A house rental business is a good endeavor only if you make a good landlord. Strive hard to become one and you will realize that your house rental business is but for keeps.