With the current state of the economy, many of us are looking for new ways to make some supplementary cash. We’ve read about how a friend of a friend is now enjoying a few extra bucks because he or she leased his or her property to a wireless tower company. The first thing that comes to mind is “That is a great way to make surplus cash” and secondly, “Can I do the same with my property?”
Factors That Count
While it would be nice to rake in three extra figures a month for a cell phone tower lease, there are a few things that you should keep in mind, although this would be a great way to make more money, you have less than a 5% chance of getting the lease. This is based on the following factors.
Distance To Other Towers
If there is already a cell phone tower by the same company within a mile of your property, your chance of getting that lease is slim, as zoning regulations dictate that priority will be given to existing towers. However, keep in mind that there may be other companies interested in leasing your property. Therefore, it would be beneficial if you were to scout the one-mile radius and find out which companies do not have cell phone towers in the area.
Your Geographical Location
Wireless companies spent time and money to study and design systems that work with radio frequency standards. Thus, they prefer certain locations more than others. If your property has a rooftop space that falls under 30 feet taller than other buildings in the one-mile radius, is a residential location or if the property is situated in farmland that is more than a fourth of a mile from a 4 lane road, you will find it hard to get a company to lease out your property for a tower. This also applies to areas that do not have any existing cellphone coverage.
Zoning Policies And High Traffic Counts
Zoning plays a huge part in this venture. If your property is in an industrial area and there are residential spaces situated around it, there is a higher probability that you will get that lease. People with property that is in or near a densely populated area or high traffic counts will find it easier to get their space leased as well. Thus, people who reside in rural areas with a population count of less than 2,000 will most likely be passed over for more lucrative areas.
What You Can Do
Cell phone tower leases are hard to come by these days. If you feel that your property falls into the categories that would likely be leased by a wireless company, it would be best to double check with the zoning committee in your area. You can visit the planning and community development office in your location to find out if any wireless carriers are interested in putting up a tower and offering your property for lease.
You can also choose to approach the main office of wireless carriers in your location to inquire if they are interested in leasing property in your area. If they are interested in your proposal, they may send a team to assess your location. This is done to ensure that you meet all their specifications and requirements.
If your area meets their criteria, they will offer you a set monthly price. If you are lucky enough to have prime property that meets their standards, especially if it is situated within an area where a tower is needed, you may even negotiate for a higher price. However, please keep in mind that they usually prefer to lease out a space that falls within the $ 600 — 800 ranges.