A few months back, a property owner reached out to us because they wanted to sell their cell tower lease ASAP.
They didn’t say why, only that they needed to sell.
Turns out, the wireless tenant leasing space on their roof was causing massive headaches for the property and the only out they could think of was to sell.
Unfortunately, too many property owners can relate to this experience.
Anyone in real estate knows. Some tenants are gold. Others… well, not so much.
That’s true whether you’re renting out office space, a luxury apartment, or your rooftop.
But you don’t have to manage the ins and outs of dealing with a wireless tenant on your own. Selling your cell tower lease to a tower management company can take all the burden off of your shoulders while keeping your rooftop monetized.
Here are a few of the hassles you don’t have to deal with on your own and a look at why selling your cell tower lease to a tower management company might be the solution you didn’t know was out there.
Rooftop and Structural Damage
Nobody wants to be out $18 thousand in out-of-pocket costs to repair structural damage caused by their wireless tenant. But that’s what happened to the client mentioned above.
No wonder they wanted out of their lease.
But damage, especially to the parapet of your building isn’t uncommon. And, if your tenant isn’t going to work with you to fix the problem – and pay for it – it becomes a bigger hassle than it already is.
Speaking of repairs. Sometimes, you just need to do maintenance on your roof. But doing so requires that cellular tenants turn down the signal from their towers.
If you’ve got just one tenant, the scheduling isn’t so bad. Three or four tenants? Now, you’re talking about coordinating the schedules of multiple wireless companies for what’s likely more than one visit by your roofer or HVAC technician.
Talk about a headache. It’s not what you or your employees need to be spending their time on.
Strong Arm Tactics
Here’s another one we’re sure you’re familiar with.
Sudden “requests” from tenants requiring a lower rent or lease extension. Or the tenant wants permission to install more equipment without having to pay more, claiming it’s all allowed by the existing lease.
We can’t count how many times we hear from property owners that the wireless company they’re tied to is trying to bully them into something they don’t want to do.
Which leaves you with all kinds of questions:
- Am I entitled to more money?
- Should I give them access to the roof?
- Do I sign their permit?
How are you supposed to know the right answer to these requests? You’re a property owner. Not a lawyer. And not an expert enough to know what the consequences of these requests might be.
Find out more about why tower landlords agree to bad leases.
The Good News
Here’s what we tell our clients all the time: The investors that we broker deals with on their behalf are really good at managing tower sites.
They keep wireless tenants in check and make any arrangements for upkeep and repairs so you don’t have to.
They know if you’re entitled to more money or what it means if you say yes to an extra generator.
Selling your cell tower lease may mean giving up the rent from the wireless companies, but you’ll either get a lump sum for the sale or collect rent from the management company.
And, you’ll never have to deal with all the rigmarole the cellular companies bring with them.
It’s always a win for you.
Want to know more about selling your cell tower lease? Give us a call and let’s see if it’s the right move for you.
Nexus Towers offers transparent guidance and professional services to empower property owners to leverage the highest value from their wireless assets. Our supportive services include oversight and management, lease consulting, lease evaluation and lump sum lease buyouts.