Mind Your P's and Q's...

Ardell DellaLoggia made an interesting point in a blog last week. Her discussion, focused on the point that many real estate agents end up commiserating with their opponents during the negotiation for a purchase or sale of a home. They share with the opposing real estate agent their client’s fears, indecisions, and even the client’s pain thresholds as part of the general discussion over a deal. This discussion is often the result of two people commiserating over their foibles (I never thought I would get the opportunity to use that word in print.) However, if two opponents are giving up their secrets in the course of a general complaint session, the clients will inevitably lose.

My father always said “At the end of a sales negotiation if the sales person wants to take you to dinner, you paid too much.” I would rephrase that as: If you are acting as an agent on behalf of your client, your fiduciary duty is to represent their best interests and get them the best deal possible.