What we offer
This is how we help property sellers. We represent vendors to sell residential, commercial or industrial property including vacant land in Papua New Guinea. When a client wants to sell a property, we help set a price. The asking price is often based on recent sales of similar properties in the same area. We also advise our clients about how to prepare the property for display to make it as appealing as possible to potential buyers, such as keeping it clean, giving rooms simple decorations, making basic repairs and painting walls. We then advertise the property to other agents and the general public. When someone is interested in the property, we arrange to show it to the potential buyer, often working with the buyer’s real estate agent. We also hold open houses – periods of time when anyone is invited to walk through the for-sale properties and ask questions or get information from us. When an offer is made on a property, we will advise the client about whether to accept it and will process the sale if the offer is accepted.
We manage residential, commercial or industrial property for and on behalf of the property owners. This is how we help property owners.
As authorised property manager, we are the owner’s partner in maximizing the return on investment of the property through efficient performance of these four functional areas of responsibility. We act in the best interests of the owner to maintain the property, keep it occupied with tenants, collect rents, budget improvements and maintain records.
ANX Real Estate Brokers categorise property management functions into four major areas of responsibility.
Property management involves understanding of operating expenses and budgeting. From this information, appropriate rental rates are set, balanced by the current market and what it will support in the way of rents. A firm knowledge of the area and competitive rental properties is required. We may recommend marketing programs, special promotions and other advertising strategies to the owner in order to maximize occupancy and rental rates. Regular financial reporting to the owners is required. Understanding financial statements, profit and loss, income taxes and budgeting are all very important for us as the property manager.
Understanding the needs of the tenants is important for this function. Getting them to move in is only the beginning. We respond to their requests, monitor their activities as per the lease requirements, collect rent in a timely manner, and continually assess the tenants’ satisfaction as per the property’s amenities versus those of competing rental properties in the area. We consider the unwelcome task of eviction for violations or non-payment as part of this function also.
Property management is also physical management of the structures and outdoor areas. Landscaping, electrical, plumbing, roof, walls, appliances, and much more are all part of the physical property. We maintain relationships with contractors and repair companies, budget capital expenditures, and monitor the quality of all repairs and maintenance. This function ties in with the financial piece, as some improvements will require significant capital expenditures and budgeting for them. It ties in with tenant and occupancy management because it is important to tenant retention to have well-maintained properties.
This is the files and records part of the property management function. Certain reporting requirements are met for all of them. Meticulous records for accounting and taxes are also met. For reasons of liability, we ensure that all activities and tenant interaction is recorded and maintained for specified periods. Though also related to financial functions, there are very rigid requirements in most states for the handling of funds paid by renters for disbursement to owners.
This is how we help our clients to buy or rent a residential, commercial or industrial property. To help someone buy a property, we first find out what type of property the client wants, the price of property the buyer can afford as well as all of the locations that would be acceptable. Then, usually using a networking system that exists for home sales, we then identify for-sale properties that fit the necessary criteria. We take the client to many sites for first-hand looks at the houses, explain the positive and negative features of each, give estimates of fair values for the properties and answer any questions the client might have. If the buyer decides to make an offer on a house, we help choose an offer price and make the offer to the seller’s agent.
Before a purchase can be completed, we usually work with other professionals in the real estate industry to ensure that all of the paperwork has been completed properly and the client has the necessary funding. This might involve working with bank managers or lenders, home assessors and mortgage brokers. We then arrange a meeting where the client will sign all of the paperwork and receive the keys to his or her new property. Same process also applies for whoever wishes to engage us to look for commercial or residential properties for lease.
We assist clients requiring extra funding to acquire a property by showing them the right way, giving them the right advice and introducing them to the right people who would help them to top up the required funds. To obtain commercial loans from commercial banks and other financial institutions for the purpose of acquiring a residential or commercial property is a lengthy process and time consuming. This is how we assist our clients in Papua New Guinea to obtain credit finance from commercial banks and licensed financial institutions to acquire residential and commercial properties.
Before we act for and on behalf of the client and talk to the lender to secure the required amount of funding sought by the client, we gather information from the client through face to face interaction. The client firstly discusses the plans about the acquisition including the equity deposit, other forms of security, financial statements, capability to repay loan, and all other factors pertaining to obtaining the commercial loan. Our professional brokers, who have experience in facilitating commercial real estate loans with lenders in Papua New Guinea, then liaise with relevant banks and financial institutions to secure the loan. A property investor who plans to make an investment in a residential or commercial property but runs short of extra finance to completely execute the purchase can seek assistance from our professional brokers, who are willing to help present your case to the commercial banks and financial institutions. Our brokers also offer necessary guidance required by first home buyers to apply commercial loans under for first home ownership scheme of Bank South Pacific and PNG Government. We can also be contacted to undertake such advisory roles for other home ownership schemes in Papua New Guinea.