If you've ever considered becoming a landlord, now could be the perfect time. With the property prices falling – 17.5% in the last year, according to Halifax – many people are choosing not to sell and deciding to rent instead. There are now 1.5m landlords in the UK and this number is still rising. The Association of Residential Lettings Agents believes 2009 will be an ‘opportunity for property investors’.

We've asked upad.co.uk, the UK’s marketplace for property rental, to compile five essential tips for budding landlords.

1. Make a good impression

Ensure the property is spotless before you show any prospective tenants around. If possible, paint the walls in neutral colours – not everyone will be a fan of bright blues or shocking pinks. And invest in good-quality fixtures and fittings – they will be worth it in the long run and will give your property the edge over more crudely fitted out places.

2. Follow the rules

Before you rent out your property, you will need to obtain the following documents:

• Energy Performance Certificate – shows the property’s energy efficiency. It costs about £70 but is valid for ten years.
• Gas safety certificate – from a Corgi registered gas engineer

3. Do the maths

Research the rental prices for similar properties in your area, and then assess the financially viability. The rent should ideally be at least 125% of your mortgage payments to make it a sensible option.

4. Don’t get greedy

It is better to have a tenant in the property for a lower rental price than to have the property empty while you are holding out for a higher amount.

5. Use your head

Whatever your history with your property, you will have invested a lot of time and energy into it. When you rent it out, you have to look at the property like a business and run it as such. Emotions should not come into play.

» More useful landlord and tenant information can be found at upad.co.uk