#16: Jane Chu | Rennie & Associates Realty

with Matt Parker

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Meet Jane:

Jane started her real estate career in 2008 during her internship in BCIT's renowned Dipl Tech real estate program. Since 2011, she has been a Rennie advisor winning both the Rennie Leader Award 2017, 2018, & 2019 and the Medallion Club Award 2017 (top 10% of realtors in the GVRD by way of sales volume). "The best part of my job is helping clients make informed decisions and to ultimately build personal and generational wealth through real estate," says Jane.

Jane Chu

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Episode Transcript:

Matthew Parker 0:06

Hi, I'm Matt Parker, your host of the house rich homeowner podcast. Managing your home finances is hard. After many years in the mortgage industry, I've decided to combine my knowledge, resources and connections and turn them over to you. Each week I'll be featuring different home finance experts from my own personal insight to help you achieve financial peace at home. Let's go.

Hey, Matt Parker here. You know, super grateful, very excited to have Jane Chu with me today. Jane, thank you so much for joining us.

Jane Chu 0:41

Thank you for having me. Nice to meet you guys.

Matthew Parker 0:44

A quick intro of Jane Jane is with Rennie she's already advisor and has been with them since 2011. Coming up on that sort of 10 year mark next year, which is amazing. Congratulations on that Jane. She is a Rennie Leader Award winner. She's also medallion club award winner. So her expertise and her sort of insight on the Vancouver market will be very valuable for us, Jane, just to start off, I like to ask more of a fun question. Not necessarily real estate based, but what's, what's one thing not many people would know about you?

Jane Chu 1:21

Yeah, I went down to Bali in November just a couple months ago and I caught the surf bug over there. So some of my goals this year is to hopefully you know, when COVID is over, get over to Tofino and do a little bit of surfing.

Matthew Parker 1:36

So cool. Cool. I know that Tofino I've heard is an amazing, amazing location for that. So we're so blessed to have that so close.

Jane Chu 1:46

Yeah, we are.

Matthew Parker 1:48

Cool. Well, thanks for sharing that's so fun. That's something I definitely need to put on my list of things to try and, and get into that's very cool. Back to real estate, so What got you in the industry? What brought you to real estate? And do you want to just give us a quick brief overview of how you got here?

Jane Chu 2:10

For sure. Yeah, my family had a home in the North Burnaby area on Capitol Hill, when I was maybe a preteen. And every single weekend, I was helping my parents, you know, vacuum prepare the home with the decor items, and, you know, it took a while at that time, I think 2000 the market was very slow to sell that home. So I think it took about a year and a half to sell. So during a year and a half of the period, I really played around with the idea of becoming a realtor. I fell in love, you know, decorating the home and transforming it to be you know, listing ready.

Matthew Parker 2:50

Cool, ya know, it's a it's fun, it's we get to work with such amazing people. I know that, you know, you get to wake up every day. unemployed if you want to, if you want to call it that way, try to go out and find someone to serve that day. What kept you in the industry now coming up on 10 years? You know, you mentioned the design aspect and just just real estate in general, but what do you love about what you do on a daily basis?

Jane Chu 3:20

I think it's just I believe in real estate, you know, as a tool for a hedge against inflation. It's great for just building your personal wealth as well as your generational wealth. So I think that is just a classic investment tool. But not even just an investment but a personal home for people. That is going to be there protection against any inflation in the marketplace. Hmm,

Matthew Parker 3:51

I love what you said on the website where it says the best part of my job is helping clients filter through information to arrive at a better understanding of the world. So they can make decisions wisely. I think that's perfect. Because there is so much information. You know, if you just Google real estate or mortgages or whatever, it's overwhelming, I get confused because a lot of it doesn't make any sense. A lot of it's inaccurate. So I think the way how you presented that is very cool. So, great job on that.

Jane Chu 4:23

Yes, exactly. You know, the media always has something to say the neighbour, your boss, everyone has something to say. However, a lot of information is constantly moving. And not everyone has access to that information. And data doesn't really lie. So you know, at ready, we have an analyst team, and we're constantly on the pulse as real estate agents that are licensed on exactly what's happening in the neighbourhoods.

Matthew Parker 4:48

Yeah, yeah. Yeah, exactly. Exactly. Now, if you weren't doing this, if you weren't, you know, helping clients achieve real estate dreams. What would you envision yourself doing?

Jane Chu 5:00

I think at this point in my life Lately, I've been really interested in kind of wellness, psychology, counselling, even coaching. So I think I would probably be in sort of that wellness space.

Matthew Parker 5:13

Oh, cool. Like, like, yeah, it's so important, especially, you know, just to, just to give an idea of while we're recording this, we're mid-April 2020. So we're kind of in the midst of, you know, history right now. And in the midst of the COVID-19 pandemic, and I think, wellness, mental health, all those kinds of things are just so important right now. So, you know, that's, that's probably helping you personally and also people that you know, in your, in your, in your course, fear of friends and family as well. So that's a that's a great, great, I think it's a very, very good thing to be interested in.

Jane Chu 5:59

Thanks. Yeah, I think it's just, um, you know, mental health is probably, you know, one of the things that Vancouver police department was posting a lot about on Twitter. And I think right now it's really important for us to kind of do a lot of self care and just, you know, care, care for others as well. And yeah, it's it's important thing right now, during COVID.

Matthew Parker 6:24

Yeah, I know, we're both in our new home offices or old home offices, whatever you want to try to do our part. I know. So getting into the next question. It's a tricky one because we're in a very unique and just unknown right now. But based on that, more, maybe just real estate in general, because I always envision real estate long term will be just fine. You know, things will happen like this that no one could have foreseen. I know the market was getting very active at the start of this year. Here, do you have any advice for anyone that would potentially be looking to purchase or sell in in either this market or potentially when we get through the COVID-19 just this initial phase of just adjustment period till we get to that next normal, whatever that ends up being or whatever that is, do you have any advice for anybody?

Jane Chu 7:24

For sure, I think just from a kind of life, we've kind of zoom out a bit and look at the marketplace and exactly what's been happening in Vancouver. You know, the market really just starting to pick up around June July, August of last year so 2019 and it picked up in volume but not necessarily in price increase. The price started to increase marginally probably around January, February, March and then COVID happened mid March. So really, there hasn't been a lot of inflation and the price so everything now you know before the curve started to flatten for Our bc COVID curve, a lot of sellers that needed to sell were discounting their prices. And there were a lot of good deals. You know, at any point in the market, you know, there is a seller that is motivated to sell and there is a buyer that needs to buy. So I think that at any point in the market, but now, especially given what the market has been doing for a 15 month period, and then just slowly starting to recover, and then now COVID. You know, I think that there is there is a lot of good deals out there for whether you're an end user looking for your own personal use, or an investor that's looking for something that's cash flowing. I think at the end of the day, if you're an investor that's looking for something that's cash flowing, your work or through the capital gains method, you're always just looking at what am I buying at and where has the market been? And, you know, there's always opportunities in that sense and cash flow is just well is the rental income going to be higher than what I'm paying on a monthly basis in terms of expenses. So I think like, there's always a little opportunity. But overall, the prices are at a record low for the last two years.

Matthew Parker 9:07

Yeah, yeah. No. Well said I, you know, it, I think it depends on how long this lasts, like in terms of the lockdown or, or just the isolation tactics that are put in place. How long does that last? Because that's going that will just automatically have an effect on the market. But does it is it automatically just put huge downward pressure on values short term? I don't know. Maybe not. But I think if it's a long period of time, we'll probably see that adjustment kick in. I have a just a, you know, my thoughts in terms of a theory of when we get through it is interest rates will be low, probably most likely very difficult to see it not be that way. And inventory in terms of real estate will probably be on the lower end. So could that potentially create a seller's market in the future when buyers look to get back into the market, but inventories low builders have stopped building to the level that they did over the last few years. And especially now, you envision that having no effect on long term values potentially regaining over the next five-plus years because of that.

Jane Chu 10:29

Um, given all of those factors, I definitely still believe in the Vancouver real estate market at the end of the day, if there's a place to be quarantine of what more beautiful than in Vancouver where we have, you know, access to kite trails, sea walls, we have a very stable political system. We have a very stable banking system, our medical system as well. I just can't even imagine other cities that don't have what we have access to So I think at the end of the day, if anything, Vancouver is still a really livable city, it's a great place to have an exceptional quality of life. I think that always still stands for volumes about the demand that we have. And people are constantly still trying to come to the city, whether they're, you know, just workers or professionals or students, they still want to come to Vancouver. So I definitely still believe that demand. And through the number of immigrants coming to Vancouver, there's still a high demand of housing. So it's interesting.

Matthew Parker 11:37

Yeah, because I know population growth is still probably going to outperform real estate production. Right. So I'd say everyone needs a place to live. So that continues long term that just continually will put diminishing supply available for homebuyers. So yeah, it'll be you know, Given that we just don't know what the next few months hold, it'll be very interesting. And we're definitely living through historic times. So, you know,

Jane Chu 12:11

you bet on who would have thought during Kobe. Yeah. But um, you know, afterwards. I mean, at the end of the day, it's like, wow, like, Where else would you want to be in a pandemic, right, with great medical system and amenities?

Matthew Parker 12:24

Yeah, we're so lucky. We're so lucky. You've been doing this for a good amount of time now. And you've probably seen quite a few properties, quite a few transactions. Is there a property that you've been a part of that is or even just a situation of from a transaction standpoint, that stands out as the most memorable or one of the most memorable to you?

Jane Chu 12:49

I would say it's probably earlier on in my career when I was an assistant to a top realtor and I was kind of just dropped off. At this house and I was, you know, supposed to help this client prepare her home for the market. And I think that you know, like, you get to see a bit of like a more serious side of people, the more real side people. So she was a lady who was a widow. And she started to find comfort in stray cats. So her house was open to stray cats. And so she had white carpets. And let's just say that it was like a giant litter box covered with everything that you can imagine. And it was just, you know, it's, it's in those moments that you just feel really like you're doing something meaningful like you're helping someone who's, she's obviously you know, quite depressed as a widow, who lost her husband. And as I was helping her pack her stuff, you know, I saw that she used to be a ballerina. She, you know, had a full life before losing her husband. And so you know, When we helped her sell her house, it was very memorable. Because she was such a kind lady. And, you know, although I was allergic to cats, you know, and I was suffering from allergies. That was a very memorable experience for me.

Matthew Parker 14:15

You saw enough cats in that period.

Jane Chu 14:19

Well, they weren't in the house, thankfully at the time. Okay.

Matthew Parker 14:22


Jane Chu 14:22

It was a good excrements Yeah.

Matthew Parker 14:26

Yeah, I'm, you know, it's so interesting, you know, you know, things life events can really, really do things to people that you just don't envision, right. And that's so cool that you were able to help her achieve that next step in life, probably alleviate stress, alleviate all these different things that could get her to where she needed to be. So that's, that feels good and it's doing a service that that is, well. Very important. So that's, that's very cool. Thanks for sharing. I talk to clients about house rich a lot, because I know a lot of people think of Vancouver like, Oh, we all have these big mortgages, it's very expensive, all these kinds of things. But, you know, I see a lot of the not the opposite, but I see a lot of opportunities. I see a lot of Mike a lot most of my clients are very well situated cash flow, all that kind of, you know, all the different ways you want to look at it. So what I talked about how it's rich is more of having assets that can be leveraged to create wealth to further prepare for the future and it's not just about how it's about long term planning. When I say house rich to you, what do you think of and what comes to mind?

Jane Chu 15:43

Yeah, I love that you use that term house rich rather than you know, a lot of people use the term house poor. So I think it's, you know, like, it's a perspective like anything in life. It's what you choose to frame it in. So I think like with house rich, you know, I am a big fan of Robert Kiyosaki Rich Dad Poor Dad but even more, his board game the cashflow game, which teaches you how to use your property and you know in Vancouver there's a lot of great zoning for if you live in a single-family home you can have an Airbnb and your primary residence and you can probably build a laneway or you could have a basement suite but there's just a lot of ways that you can make your property work for you while you still live there as well so I don't see it as Oh house poor I see it as well you can now build equity in this home and then get cash flow and at the same time also wait for you know, like a second mortgage on this property as you build equity here so you can take refinance this property so it is a great it's a great term that you use house rich not house for

Matthew Parker 16:58

i think i think too many people worry about what is my home value today when they have the house already. It's I look at it as though there's really only a few times that it really matters what your house is worth. It's when you buy it, and when you sell it, and when we want to refinance and access equity out of it, I mean, what it actually does throughout the lifetime of owning that property as long as it trends where we wanted it to trend and it doesn't plummet, so significantly, which is, again, very hard to imagine in a market like Vancouver, then then it's okay. So I think everyone, especially right now, if there's fear of there's concern about their home, that it's okay because the market will work itself out. You know, what goes down comes up, what goes up comes down a little bit of it always. It's just where does it trend? And we can see historically that it's trended very well. So yeah, no, that's great. And I love the advice on utilizing it space to maximize cash flow to create a very livable situation where you can actually have fun and live life and do all the things you'd like to do, instead of just worry about, you know, finances and that kind of thing. So, so well said thank you.

Jane Chu 18:15

Thank you. Yeah, I think my parents came here around the 70s and purchased around the 80s. And, you know, like, if the price of a car used to be the most expensive car was probably 70 K, and then now I mean, cars up to 500 K or even a million dollars, you know, that's inflation for you. So like, why wouldn't a property continue to be your hedge against inflation as well? So, you know, they've been in the market since the 70s 80s. It hasn't gone down and it logically it wouldn't go down.

Matthew Parker 18:50

Yeah, exactly. Well, thank you so much, Jane. I really appreciate you being here. Where's the best place for anyone that would like to Reach out to contact you to get in touch.

Jane Chu 19:03

Yeah, you can find more information on my website, Jane shoe.ca or on my Instagram, which is at Jane shoe, Ronnie, and just send me a DM there. So

Matthew Parker 19:14

perfect, perfect. Perfect. We'll put that in the. We'll put that in the description in the show notes and all that fun stuff. So everyone could find you very easily. But thank you again, super grateful to have you stay safe. Thanks so much. And we will talk to you very soon. Thanks again. Awesome.

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