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What Land Owners Should Know about Lease Renegotiations
If you have been approached by a wireless carrier about lease renegotiations for your cellular tower site, it is important that you protect your interests in the best way possible. It is important that you contact an operator authorized real estate asset management company to help you through your negotiations and to explain and educate you about everything that is being proposed. There are some things that every land owner needs to know in order to help themselves be successful in securing an income and navigating through their lease agreement. Here are a few of those important things:
1. Always keep in mind that a good cell site lease agreement concerns more than just the rent that you are going to be paid. There are continually new demands on service providers to keep their networks up to date, and they need to be able to protect the investment they have in their equipment, which is critical to their business. This is why terms of lease renegotiations are important to an operator. Flexibility is important with terms such as Expansion of Use & Premises and 24/7 Access. People depend on their cellular phones, and sacrificing the network to a problem with a cell tower site is not an option. Do keep in mind that these lease renegotiations really do concern more than just you and the phone company; they affect everyone who uses that tower for cellular service.
2. Always keep your contact information current so that everyone involved in the lease renegotiations has a way to contact you. If a cell site requires attention, they will need to be able to contact you. Operators maintain their network late at night to avoid down time. They cannot wait until 9 am to service an outage, because it would affect rush hour traffic. Likewise, in the middle of the night, an emergency victim would not be able to call 911 if needed if the tower was not maintained properly at any time of the day when it was needed. You must be able to be contacted in the event that something should happen that would require attention on your property.
3. Remember that site leases are supposed to be mutually beneficial partnerships. Operators get the sites they need to run their networks and land owners benefit from the rental payments for the land. Having operators as tenants can add value to your lease portfolio and can impact your ability to financially leverage your property, so always keep this point in the back of your mind during lease renegotiations.
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