On June 26, Amber Financial invited Mr. Tian Dexiang, a legal enthusiast, real estate investor, and president of the Wan Juan Reading Club, to host a seminar on how to be a worry-free landlord at Amber Financial’s Richmond headquarters. The event attracted many real estate investors and landlords, where Mr. Tian shared his insights on efficient and worry-free property management in Vancouver and provided investment advice.
For Chinese people living in the Greater Vancouver area, dealing with real estate is inevitable. Many local Chinese prefer to invest in real estate and rent out properties, while others choose to rent due to various constraints. Cultural differences and a lack of understanding of BC’s local regulations often lead to issues between Chinese landlords and tenants.
Mr. Tian provided practical advice and strategies from both the landlord and tenant perspectives. By sharing his personal experiences as a landlord and a long-term tenant, he explained the challenges and solutions in dealing with tenants, legal issues, and property management in an easy-to-understand manner.
Review of Seminar Content:
In BC, the Residential Tenancy Branch (RTB) is the department that regulates and handles rental housing issues. The RTB helps resolve rental disputes and related issues. When consulting the RTB, staff will provide relevant regulatory information. In some cases, RTB staff can call landlords on behalf of tenants. When rental issues cannot be resolved through negotiation, the RTB helps tenants and landlords hold hearings. These hearings are like simplified “rental courts” where dispute resolution officers listen to statements from both landlords and tenants, review evidence, and make decisions based on laws and regulations.
Due to language and cultural differences, many Chinese face issues when renting out properties or renting from others and end up suffering in silence. Mr. Tian shared common rental problems and different types of tenants, summarizing the legal knowledge landlords and tenants should know to help participants understand their rights and obligations, and make informed decisions when dealing with rental issues.
Mr. Tian also shared several real-life rental cases, including the outcomes of legal disputes involving landlords, illustrating how to protect one’s rights within the legal framework. He explained key provisions of the BC Residential Tenancy Act, particularly those related to landlord occupancy, rent increases, and dealing with rent arrears, highlighting points that Chinese landlords should pay attention to.
In terms of tenant management, Mr. Tian explained how to screen for quality tenants through credit checks and references from previous landlords. He also shared important considerations for signing rental agreements and handling tenant maintenance requests. Regarding situations where tenants do not pay rent or file lawsuits, Mr. Tian emphasized the principles of not negotiating or delaying, and provided actionable advice.
At the end of the seminar, Mr. Tian compared the returns on real estate investments and mutual funds. He shared his experience of investing in both over the past three years, revealing that while real estate investment resulted in a loss of CAD 400,000, investing in the Amber MIC fund yielded a stable gain of CAD 400,000. This comparison highlighted the importance of considering various factors in investment decisions, offering valuable insights to the participants.
Enthusiastic Interaction:
Following the informative presentation, a lively interaction session took place. Many landlords expressed that Mr. Tian’s insights gave them a clearer understanding and more confidence in property management. Mr. Tian patiently answered questions and provided tailored advice on the specific challenges faced by individual landlords, allowing participants to share their rental experiences.
In conclusion, Mr. Tian emphasized that renting is a long-term maintenance process and encouraged every landlord to understand local regulations, protect their interests, and maintain harmonious tenant relationships to become worry-free landlords.
Amber Financial will continue to host various professional seminars and colorful events, providing more practical information and support for investors. We thank Mr. Tian Dexiang for his excellent presentation and all participants for their enthusiastic support. We look forward to seeing you at the next Amber event!
