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Tourism in Papua New Guinea
Tourism in Papua New Guinea
October 19, 2021, 2:07 a.m.
Advice
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Gyms In Papua New Guinea
Gyms In Papua New Guinea
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Social Clubs In Papua New Guinea
Social Clubs In Papua New Guinea
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Advice

5 Real Estate Negotiation Tips That Work!
5 Real Estate Negotiation Tips That Work!
June 23, 2022, 6:23 a.m.
News
Advice
5 Real Estate Negotiation Tips That Work! Have you ever negotiated like this?–       Car salesman: “The price is K10,000”–       You: “I’m willing to pay K5,000”–       Car salesman “I can give you a small discount, how about K8,500”–       You: “What about  K6,500”–       Car salesman “Ok, I spoke to my manager K7,500 is our final offer”–       You: “Done. I’ll take it”In the above example you and the car salesman start with a K5,000 gap and eventually ‘meet in the middle’. This is the most common form of negotiation and is known as ‘positional bargaining’.Unfortunately positional bargaining generally results in poor outcomes for both parties because everyone gives up the same amount and therefore neither party gets what they really want.  Thankfully there are other ways to negotiate!The following are 5 real estate negotiation tips to help you think more laterally in your negotiations and achieve better outcomes. After all, why meet in the middle when both parties can achieve their goals? 1. Consider the objectives of all of the partiesAs a property buyer, the most important person in the transaction is the seller and you should focus on their desires first. Do some research with the agent and find out what is really motivating them to sell.  Especially focus on non-monetary considerations. You would be surprised how often the sale of a home or other property turns on something other than money.For example:– The seller needs to move from Port Moresby back to another country urgently: Perhaps offer shortened settlement terms, for example 30 days. Or offer to pay a 50% deposit immediately and the balance in a longer period.– The seller is building a new home to move into: Offer to rent the seller the  property after the purchase on a month-to-month basis until their new home is complete.–  The wife of the seller is reluctant to sell the family home:  Offer to have a professional photographer to come in and take portraits of the family in the home before they move out. This will give the wife some comfort as she then has a permanent memento of the home. 2. Don’t forget the real estate agent!Remember a big part of any real estate purchase is the real estate agent. The agent represents the interest of the seller, but they are also self-motivated. Therefore, it’s critical to have the agent on your side in any negotiation so that they put your offer in the best possible light to the seller. For example, if two offers are equal on a financial basis, the agent will likely influence the seller to accept the offer from the buyer they prefer.There are a range of things you can do to improve your negotiation tactics with the real estate agent:– Promise the re-sale of the property to the agent.– Offer to appoint the agent as the rental manager of the property.– Offer the agent a written, or even video, testimonial should the sale proceed regarding their great service.– Promise to give the real estate agent a written referral to all of your friends should you be the successful buyer. 3. Trust your judgment and make genuine offersThere is a saying in real estate that ‘time kills deals’ and in a fast paced property market such as those in Lae and Port Moresby this is definitely the case. As such, we suggest researching the real estate market thoroughly and making an offer that is at, or very close to, your maximum. Of course we also recommend starting your research at Hausples.com.pg to conveniently view all available properties in PNG!By making an offer for what you know the property is worth, you have a strong chance of buying the home, land or commercial property, before other buyers swoop in and offer more. Don’t get caught out offering less than you know the property is worth, if this occurs you are likely to miss out as more aggressive buyers pay more and close the deal. 4. Loose lips sink shipsNever let the other party know how much you have available to spend or what is motivating you to buy; this risks the seller using these great negotiating tactics on you!Similarly, given so many properties in PNG are marketed as “Price On Application”, it is very important to always make the seller name a price first. With that information you are well placed to make a counter-offer in the context of the seller’s price. If a buyer makes the first offer, they in danger of over-pricing the property from the start and that can only ever result in a bad deal. 5. Cash is kingSellers hate any uncertainty in a deal and offers made ‘subject to finance’ can be a deal breaker when a competing offer is for cash – even if the offer is for less. This is why it’s critical to have your finance arranged and be ready to settle on a deal very quickly once the price is agreed.Being able to offer cash gives the seller absolute confidence in your offer and this is often worth more to a seller than a higher offer that may never settle.
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How to Estimate PNG Real Estate Prices
How to Estimate PNG Real Estate Prices
June 23, 2022, 6:23 a.m.
News
Advice
Industry Reports
“How much will the property sell for?”Unsurprisingly, this is the most common question both a buyer and a seller ask!From the perspective of a buyer, there’s no doubt that it is difficult to gauge PNG real estate prices, particularly in the tightly held cities of Port Moresby and Lae.  The competition for good houses, apartments and land is fierce and many of them are selling at prices far above the advertised estimated price range. This is, quite naturally, making buyers feel cynical and frustrated. Buying a home is like no other purchase you’ve made in your life.  Homes are not identical, they don’t come with a return policy and they rarely have with a fixed price tag.  A house may viewed as being worth far more to a person who wants to live in the same street as their family, who wants their children to be able to walk to a particular school or who has a business just five minutes drive away.  All sorts of things influence the value of a real estate in the buyer’s mind. Speaking with a reputable PNG real estate agentWhen a real state agent is approached to sell a home, they are asked for their professional opinion regarding how much a reasonable person would pay for the property.  In order to provide the best possible answer to that question, the agent then researches similar properties in the area and what they have sold for.Unfortunately the Papua New Guinea real estate market has traditionally not been very transparent and there is very little clear data regarding prior sales. Experienced and professional PNG real estate agents will leverage their past sales data, experience and local knowledge to price properties correctly. By contrast, inexperienced real estate agents will be more likely to quote a seller an unrealistically high price, which may then negatively impact your chances of purchasing the property. For this reason, it is advisable to focus on properties that are being sold by reputable real estate agents that have been operating in the PNG, Port Moresby or Lae for some time. Take advantage of technologyWith the advent of new online real estate websites such Hausples.com.pg, more real estate sale prices are being published. Tools such as the Hausples ‘Sold Prices’ page can provide a handy reference to find similar properties to the one you are considering and will give some assistance in predicting the ultimate selling price. You should leverage these to your advantage and get the benefit of adopting technology early. Speak to your bankIt might seem odd, but banks are often the best source of real estate information. As banks lend large sums of money to real estate buyers, they regularly value homes and other PNG real estate to ensure there is sufficient equity to cover the amount lent to customers.We suggest approaching your bank regarding your real estate purchase and ask them to provide a pre-approval or full approval for a loan for the property. Part of the bank’s approval process with require the bank to value to the home or asset. You can then use the bank’s valuation as a rough guide for the property. You should be aware however, that there may be cost associated with processing the loan application. As PNG’s largest bank, we recommend speaking with the BSP (Bank of South Pacific) if you choose to apply for a loan approval. The bottom lineDespite the above, there is no science to the emotion of buying a house or apartment and the value of an established home is not purely based on prior sales data.  Logic often flies out the door when dealing with an extremely buoyant and under-supplied real estate market such as that in PNG. This will often cause a buyer to make an offer on a home that is far above what science and logic dictates it would probably sell for.Ultimately, the seller of the home is entitled to get the best possible price for their property – regardless of what price point has been advertised.  There is absolutely no compulsion for a seller to sell at the advertised price.  And this is understandably frustrating for buyers. The best advice is to think carefully about how much you’re prepared to spend and – hard as it is to put the emotion aside – stick to your budget.The current PNG real estate climate is certainly throwing up a fair share of homes being sold for far above the advertised price range. But take heart if you’re a buyer. Properties are continually coming on to the market and you’re sure to find one that suits you emotionally and financially.
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Moving to Port Moresby with a family
Moving to Port Moresby with a family
June 23, 2022, 6:25 a.m.
News
Advice
Lifestyle
How much you need to bring with you as a family moving to Port Moresby depends largely on how long you are planning to stay and how frequently you will be making trips back home or abroad.Perhaps in contrast with most travel advice you’re likely to get, if you’re planning for a long-stay it’s advisable to come with as much as you can. There are a number of ways to transport your personal effects to PNG. Depending on the distance your goods need to travel, many choose to ship via containers. Also, the world famous DHL operates a fantastic, reliable service here in PNG (+675 325 9866). Day-to-day basics such as nappies, soaps, baby food, fresh whole milk and formula are readily available in all the major supermarkets, but certain childcare products are difficult to come by in Port Moresby. Any large-scale baby equipment, especially those which you would prefer to be accredited with a recognisable safety standard, such as cots and car-seats, need to come with you wherever possible. Items such as high-chairs, ride-on outdoor toys, baby baths, changing tables and bouncy chairs are available to buy in Port Moresby, but at a premium cost and generally, low quality. Finding good quality new children’s clothing, just as with adult clothing, is a challenge. It is advisable to bring as much as you can and to plan ahead with larger sizes to put away for future use. If you find yourself short, very basic cheap clothing imported from around East Asia is available in Kids World in Vision City, and the two toyshops inside the Waterfront shopping complex. That said, Port Moresby is nothing if not unpredictable, and it is possible to occasionally find good quality baby merchandise. The baby store Patini in Vision City, RH Hypermarket, also in Vision City, and the home-store Brian Bell in Gordons have all be known to stock global-branded baby merchandise (such as Fisher-Price and Britax). There is also a healthy trade in second-hand goods operating within the expat community. Goods for sale are advertised on notice boards in The Royal Yacht Club and The Aviat Club and can be bought at the regular garage sales and house clearances held in compounds and apartments throughout the year. For older children, stationery is not a problem. School supplies and arts and crafts materials are covered by Theodist Stationers, which has an extensive range of products that would compete with similar suppliers anywhere. There is also a well-stocked stationer (Star Office) in Vision City. Books are trickier to come by. There is one bookstore in Vision City (Star News Link) that stocks a modest, though impressively diverse (and costly) range of quality children’s books. It is advisable to bring as many as you can with you, and to check for second-hand bookstalls often present at the monthly craft markets, as well as at special events held at the two main social clubs and the international schools. The availability of books might be less of a concern if your children will be attending either of the two international schools as they have libraries of their own. Between the two main international schools, education and childcare is covered from 18-months through to 18-years and both schools are well-equipped and have respectable academic reputations. The Early Learning Centre, a division of the The Ela Murray International School, is the only International pre-school in Port Moresby, and provides excellent facilities. If your children will be staying at home, you might be in need of a nanny. There is no shortage of people looking for work as nannies and babysitters in Port Moresby. Childcare qualifications are rare, but many will have a wealth of experience. Either way, there will likely be some trial-and-error involved in the process before settling on the right person for your family. Ask for recommendations from others who are pleased with their child-carers. There are doctors and paediatricians holding internationally recognised qualifications operating in most medical facilities throughout the city, with the best reports coming from the Pacific International Hospital. If the company you are working for in Port Moresby comes with medical cover from the International SOS Clinic based at Airways Hotel, most routine procedures, including child vaccinations, can be handled there. Otherwise if you are travelling to Port Moresby with a young child, you will need to consider the possibility of returning to your country of origin, or making special arrangements for a trip to Australia, in order to continue a vaccination program. There is no shortage of activities for children and families in Port Moresby. In addition to the more obvious attractions, such as the National Orchid Gardens and Wildlife Park, and the lovely Nature Park, there is also tennis coaching available, swimming lessons at the Aviat Club, and free children’s cookery classes at Airways Hotel. For very young children, there is a weekly toddler group held at The Royal Papua Yacht Club, a baby group for mothers with babes-in-arms held weekly at The Grand Papua Hotel, as well as a network of informal play groups hosted by different families every week. There are safe, well-maintained and well-equipped children’s outdoor, under-cover playgrounds in The Royal Papua Yacht Club, The Aviat Club, and Airways Hotel. There is also the indoor, air-conditioned, soft-play centre ‘Kiddieland’ hidden away in Gordons Business Park. Most cafés and restaurants in Port Moresby welcome families, but the eateries that best accommodate children, and are equipped with high-chairs, includeThe Beachside Brasserie in Ela Beach Hotel (where babyccino can be made on request!), Sails Café and Macdhui Restaurant in The Royal Papua Yacht Club, Hog’s Breath Café in Vision City Mall, and the Poolside Restaurant and Deli at Airways Hotel. Port Moresby is famous for all the wrong things, which is the real crime since there is so much more to life here. Nevertheless, the city has been deemed one the five more unliveable in the world. So if you have your reservations about moving your family here, take heart from this: life in Port Moresby fosters resourcefulness, stoicism and a sense of humour in people, and if you can live in paradise here, you can live in paradise anywhere! DirectoryDHL: www.dhl.com/en/pg/country_profile.htmlVision City Mall: Waigani Drive, Waigani http://www.visioncity.com.pg/Theodist Ltd: Waigani Drive, Waigani http://www.theodist.com/Ela Murray International School: elamurray.comPort Moresby International School: www.pmis.iea.ac.pgPatini: Vision City Mall https://www.facebook.com/PatiniStore/ or http://www.visioncity.com.pg/shopBrian Bell: Kennedy Road, Gordons http://www.brianbell.com.pg/The Royal Papua Yacht Club: Harbour City, www.rpyc.com.pgThe Aviat Social and Sporting Club: Aviat Street, www.aviat.comPacific International Hospital: Stores Road, Boroko, www.pih.com.pgThe International SOS Clinic, Airways Hotel, Jacksons Parade, https://www.internationalsos.com/en/about-our-clinics_1518_3935.htmThe National Orchid Gardens and Wildlife Park: 14-MileThe Nature Park: Waigani Drive & Goro Kaeaga Road, Waigani, https://www.facebook.com/PortMoresbyNatureParkThe Grand Papua Hotel: Mary Street, www.grandpapuahotel.com.pgAirways Hotel: Jacksons Parade, www.airways.com.pgLittle Angels Kiddieland: Gordons Business CentreThe Beachside Brasserie: Ela Beach Hotel, Ela Beach RoadHog’s Breath Café: Vision City Mall http://www.hogsbreath.com.sg/contact_us.htm
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