Cell Tower Lease Agreements: Why You Need to Consult an Expert
A whopping 77 percent of Americans own a cell phone! Just as the use of cell phones has increased, so has the demand for cell towers.
If you own some prime real estate, you might be the perfect candidate for leasing your property to cell phone companies that want to set up cell towers. This can be a very profitable venture. However, you must know how to navigate the negotiation process.
If you decide to lease your property, then you should hire an expert to help you with your cell tower lease agreements. Here are some reasons why getting expert help is a good decision.
1. Get The Best Deal
Getting the best deal on cell tower lease agreements often means that you need to negotiate based on market value. You may be at a loss as to what would be a good rate, and this is why you need to contact an expert.
Your lease expert will advise you on a reasonable rate based on the type of tower the company is planning to construct. In cases where you didn’t approach the company first, an expert will find out why your property was selected in the first place. All these are bargaining chips you can use to get the best rates for your property.
2. Navigate The Search Ring With Your Cell Tower Lease Agreements
A cell tower lease expert will know how to navigate what is known as the “search ring.” A search ring is formed when a company identifies at least three possible locations for a cell tower.
Even when there is a search ring, you still want to get the best deal. An expert will know this and put your best assets forward so you can snag the deal.
3. Let Your Lease Come Up For Review
An expert will negotiate the best lease renewal terms for you. Remember that this is not a one-off deal since you can make money continuously from this venture. Outlining the percentage of increase and the schedule for the renewal are essential lease components that will maximize long-term profits.
There are also lease update triggers that should be included in the contract. The major triggers should be:
- Adding additional equipment to the site
- Expanding the amount of land that is used
- Asking for additional lease terms
All these are called “trigger events” and should be included in your lease contract as a prompt for increasing the amount of money paid by the company to lease your property. Your expert will help you navigate “trigger events” for the best deal.
Getting a great deal on cell tower lease agreements is necessary if you want to enjoy the financial benefits that come with this type of agreement. It is always best to get expert help so that you can navigate contracts to your benefit and reap the rewards.
If you would like more information on how to get the best cell tower agreement, please contact us, we are here to help you make the best decisions possible.