Today’s RealTrending podcast features Tracey Velt (senior director of data & content at HWMedia), and Patrick MacQueen (real estate attorney and founder, Medalist Legal in Arizona). MacQueen discusses top mistakes brokers and agents make when negotiating franchise agreements and independent contractor agreements. He will discuss best practices, what should go in each contract, as well as the areas that can lead to legal complications.

Here’s a preview of Patrick’s interview today. This transcript has been lightly edited to improve clarity and length.

Tracey Velt: What are the best practices for brokers looking to join a franchise?
Patrick MacQueen: Please read the documents. It just doesn’t happen. I don’t know the reason. It’s possible that they are in a hurry and so excited. I can be my boss. I can open my own shop. I am more excited about opening my shop and understanding the process.
Once you sign the document, you are locked in. It is almost impossible to modify or amend a franchise agreement once it has been signed. Third-party experts are able to provide information about lease rates, legal provisions, and your franchise documents. Third parties are a good idea. You need to have a good understanding of these documents. Find reliable third parties who can assist you with your documents. These are the two keys I don’t see happening. These two things will make you stand out from at least 75% other people who are doing them.

RealTrending is a podcast that features the best minds in real-estate. Every Monday, top brokerage leaders, top agents, team leader, and industry experts share their success stories, trends, and lessons learned in this ever-changing field. Tracey Velt hosted and Elissa branch produced.