According to studies more than 95% of all Americans now have a cell phone of some sort. Not only this, many of these people don’t use home phones anymore and have, instead, swapped them for mobiles.
But, more mobile users means an increase in the need for reliable networks. With this in mind, cell phone companies across the country need to increase their cell towers. And, the easiest way to achieve this is by reaching out to property owners.
Read on to find out more about cellular tower leases and their benefits.
What Are Cellular Tower Leases?
With more than 100,000 telecom towers in the United States, companies are running out of places to put them. That’s where cell tower leasing comes in.
A cell tower lease is an agreement between a landowner and a tower company. The cell tower company pays the landowner to install and maintain a tower on their property. Some of these property owners can include:
Additionally, these cell sites come in various shapes and sizes. Some towers are larger and scale to smaller antennas. Others are smaller and less noticeable.
The Benefits of Cell Tower Lease Agreements
Cell tower leases come with many benefits. Here are some of them:
As a landowner, a cell tower lease will allow you to earn extra income. This can happen in two ways. The first form of extra income comes from the cell phone company paying you for your space. The second form of income is applicable to landowners with tenants.
As a property owner leasing to tenants, you can charge more rent. This is because of the incredible coverage your tenants will receive from your property. This is especially relevant if you’re leasing your property to people who work from home.
As mentioned above, an immediate benefit of cell tower leases is better service. Aside from better service, you’ll experience less downtime. This is great if you’re a business needing a good cell phone connection.
While you will gain extra income and a better connection, you may also experience a long-term profit. If the tower company decides to extend their lease over a long period of time, you’ll see regular income for the foreseeable future.
Additionally, having a cell tower on your property could increase its value.
Will You Receive Fair Compensation?
There is skepticism surrounding cell tower leases. This is because many believe that tower companies don’t pay landlords fair compensation. The key to getting fair rates is to understand how they’re determined. Other factors that will determine the price of the lease include:
- Your location
- Restrictions in your area
- The competition
Additionally, there are tax consequences you should look into.
Get More Information on Cell Tower Leases From Tower Leases
Cellular tower leases allow you to earn extra income while also enjoying better coverage. But, as with all contracts, it’s important you do your research and talk to a professional before signing on the dotted line.
If you want to find out more about cell tower leases, contact TowerLeases.com today. We offer a free consultation to all landlords and homeowners.