The current 2009 economic downturn has seen carriers actively develop cell towers knowing that real estate is down and financially strapped property owners may be willing to sign a quick lease. The NIMBY (not in my backyard) crowd that has been so opposed to cell towers is now willing to have that monopoly built on their property in many cases.
However, buyer beware, or rather, in this case, landlord beware. Carriers have ways to sneak in the language on your cell tower leases that can directly affect the profitability of your cell site.
Here are some basic tips on what to do when it comes to wireless service providers:
o If you are approached by a cell phone operator looking to build a tower, be sure to seek professional advice from the wireless industry. Even a good real estate attorney could miss something in the agreement. Slight wording changes may affect protection against tax assessments, sublease rights, and rental fees.
o If your tower company or provider is trying to renegotiate terms with you because your cell tower lease is up after 15 or 20 years, they usually want you to sign quickly. Not budget. Chances are, if you signed up for a cell tower in the early 1990s, you accepted language that seriously reduced your earning potential on the site and you’re ready to cash out. Still, have an industry expert review or negotiate the terms of your cell site lease.
o Additionally, there are a plethora of wireless parasites who work on commission and try to squeeze homeowners out of thousands of dollars a year in their cellular lease payments by providing misleading and often false information. If you have been approached by a cell tower rental reduction company, tell them to stop harassing you. Mention it to the FCC or your local Attorney General and they’ll move on to the next cell phone tower site and chances are they’ll never darken your door again.
Perhaps the funniest thing about the NIMBY cell phone tower crowd is that most of them have cell phones or blackberrys, which occasionally ring during zoning board hearings. Landlords, it is imperative that before you sign any lease with a company proposing cell phone towers, you read the fine print in your lease.
