A sign of getting older or a sign of the times?

Ashurst Real Estate recently advised landlords on the disposal of two offices, each with contrasting tenant and adviser dynamics.

Office 1 was leased to a property company managed by an experienced team but represented by a relatively inexperienced and ambitious agent. This agent made unreasonable demands and did not fully grasp the complexities involved in taking on a traditional lease.

Office 2 was also leased to a property company, this time with a young management team that made unrealistic demands. However, their representation came from an experienced and pragmatic agent.

A clash between traditional and modern business approaches unfolded throughout the negotiations.

Despite the challenges, both transactions reached completion, though the process left a bitter aftertaste for all parties involved.

Edward Erdman, a pioneer of the retail agency industry, once imparted a lasting piece of wisdom: always leave some room in negotiations for the other side, so that everyone departs with a smile. These words have stayed with me throughout my career.

The current property market is arguably the toughest experienced in decades—some even compare to the widespread carnage seen in London during the early 1990s but without the hoardings.

Saving or making the last penny may feel like a victory, but it can also deter future successes if it leaves one or the other party questioning if it wishes to work with each other again. I have certainly questioned if I want to reengage with some as a result of initial dealings.

Pursuing the last penny or insisting on the final word may also not serve your client if it causes unnecessary delays or the collapse of a transaction.

The property market is small and being unreasonable, unrealistic or belligerent might win individual short term battles but risks losing the longer term war.