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Be Successful with Tower Lease Renegotiations
It is critical for landowners to maximize their interests during lease renegotiations with a cell phone company when it comes to lease renegotiations for the erection of cellular phone towers on their properties. It is important that they enlist the expertise of an operator authorized real estate asset management company to answer questions about the proposed contracts and to educate all of the landlords about the wireless industry and the way that everything works. In order to successfully renegotiate lease renegotiations, land owners must have sound knowledge of the wireless industry and the way that the typical lease is carried out.
If you yourself are considering working with a real estate management company in one of these proceedings you have to make sure first of all that you are going to work with a company that is authorized by the carrier to work with land owners. There are professionals who are trained who might contact land owners about their leases who may bombard them with a lot of figures but will have no hard facts about the specific lease agreement. Land owners need to make sure that they only consult preferred, authorized real estate asset managers for lease renegotiations, because any agreement that they enter into with non authorized parties could jeopardize the cell site rent and can also damage their relationship with the wireless phone company. Authorized managers will have letters of authorization that confirm their relationship with the cellular phone companies, so land owners must always be sure to ask for them.
Next, land owners have to always be aware of false claims regarding lease renegotiations, which is why education is really so important. Many land owners receive daily calls from groups who claim that they are able to make the land owner more money on their cell site, and these schemes often require the land owner to assign their lease to a third party. They are then paid less than market value for the lease assignment with the promise that the third party will market the site to additional operators and split future rents with the land owner. This is an empty promise, because operators will not find your site.
Finally, the best tip for land owners to get the most benefit out of their lease renegotiations is to take the time to read their proposed lease and read it carefully!. Authorized real estate management companies should spend plenty of time educating land owners regarding everything that is included in their agreements, including terms about rent, renewal and termination terms as well as maintenance stipulations. If there is anything land owners do not understand about lease renegotiations, they need to find out!
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