For commercial real estate owners, one pinnacle of success is having a building that is fully leased. However, just because every room is occupied does not mean building owners are generating the maximum amount of revenue that they can. While there may be no vacancies inside, there’s still a place that can be an income producer—the building’s rooftop.
Yes, the rooftop can be leveraged to create more rental income by leasing that space to wireless service providers. This scenario is a win-win for all parties involved, the wireless provider gains another location to provide service from and the building owner generates more profit without having to do much additional work.
If a building owner were to explore leasing their rooftop, it would benefit them greatly to work with a Marketing and Management Partner. A good Wireless Marketing and Management Partner can help commercial real estate owners market their rooftop, negotiate with the wireless service providers, and handle the day-to-day operations of the lease and more.
Phoenix Tower International (PTI) for example, has a Real Estate Management and Marketing program that pairs its company with commercial real estate owners so they can work together to attract and secure long-term ancillary income by marketing and leasing space for wireless service providers.
That is the kind of service and support a commercial real estate owner needs when they opt to lease their rooftop. Here are eight reasons building owners need to work with a Wireless Marketing and Management Partner.
- Unused space becomes a revenue-producing asset.
Real estate owners have a great opportunity to receive an innovative solution that helps them generate ancillary revenue and increase property value from space has been previously unused and unprofitable when they partner with a Wireless Marketing and Management expert. When a property’s equipped with an advanced telecommunications infrastructure, it becomes more attractive to potential tenants and sets itself apart in a market crowded with lackluster Internet access and voice reliability.
- Properties receive unmatched visibility at no cost.
Once a real estate owner and Wireless Marketing and Management Partner establish a relationship, the Manager can put a marketing plan in place that is geared towards the owner’s properties. Building owners that work with PTI reap the benefits of both its multi-faceted marketing approach and the company’s strategic partnerships with wireless service providers like AT&T, Verizon, Sprint and T-Mobile, as well as regional carriers and Internet of Things (IoT) companies. PTI’s marketing services come with no cost to the building owner unless new business is generated.
“PTI’s marketing services provide a level of visibility to the wireless operators that the real estate property owner wouldn’t be able to achieve on their own,” Jennifer Durden, Phoenix Tower International Director or Real Estate Development said. “There is no risk in having PTI market your site—the only risk is not partnering with PTI and missing out on what could become a very lucrative revenue stream with little to no effort from the real estate owner.”
- The leasing process is fast and seamless.
A good rooftop Marketing and Management Partner will have lease agreements with numerous wireless providers to the point that it’s a preferred partner. Once a wireless provider expresses interest in a particular site, the lease process that gets the carrier installed, on the air and paying rent in just a matter of months.
- Wireless tenants make great tenants.
Wireless tenants are ideal for any real estate owner—they have strong balance sheets, don’t take up much space, usually pay on time and it hard to tell they are even there. Plus, they are almost guaranteed to stay around for a while, as a typical lease term is 30 years with an average annual escalation rate.
Wireless leasing partners can manage every aspect of the building owner’s tenant lease activity, giving the owner more freedom to keep their focus on their real estate business and enjoy the extra income.
- Rooftop Marketing and Management Partners handle everything—record keeping, billing and collections.
Companies like PTI have a dedicated staff of professionals who are experienced in the accounting, legal and lead administration fields. These teams manage and monitor day-to-day lease administration, lease-up activity, collections and remittance and provide real estate owners with comprehensive monthly reports.
Having a wireless leasing manager gives commercial real estate owners peace of mind knowing their property is in good and hands and no details will fall through the cracks. Instead, they can just collect a check and let their agent handle the rest.
- Building integrity is maintained and is kept as top priority.
Buildings are a commercial real estate owner’s core business. Once an owner agrees to lease their rooftop, their manager will handle every aspect of the installation process from there—ensuring regulatory compliance, structural integrity and building aesthetics. Rooftop leasing managers also coordinate and schedule technician access to perform routine maintenance, upgrades and equipment repairs.
- There’s an opportunity to find revenue you never knew you were owed.
Wireless leasing managers will work to make sure its partners are getting the best value possible. This work includes auditing all pre-existing telecommunications equipment to make sure the installations adhere to the construction drawings and lease/license agreement’s terms and conditions.
“Often times we’ll find that there is more equipment installed than the tenant was permitted to have in their lease agreement,” Durden said. “We then go back and negotiate additional revenue with the carrier. Many real estate partners see the immediate value in our program in instances such as this.”
Additionally, when wireless operators add new equipment, a wireless leasing representative will verify the right equipment was added, based on the lease terms. Wireless leasing experts can also ensure market rates are charged for any new equipment that’s not allowed, per the lease term, which could drive more income to the real estate owner from existing customers.
- Earn a partner that has your best interests in mind.
PTI’s strong balance sheet allows the company to work with real estate owners to help monetize their long-term wireless lease income as part of a lump payment or “buy in” to a 50% partnership for the income rights.
These are just a few of the benefits a real estate owner can enjoy when it partners with a Wireless Marketing and Management team such as PTI , especially with a company that is a well-capitalized tower operator with a a robust real estate focus. PTI offers both commercial real estate and wireless expertise and has a stellar reputation among those in both industries because of its commitment to quality, innovation and excellence.
To learn more about PTI’s best in class real estate management program and how it can be customized for you, contact Jennifer Durden, Director of Real Estate Development at Phoenix Tower International directly at firstname.lastname@example.org.