Overview – Property Manager
You can use Oracle Property Manager to manage your properties. You use the information in Oracle Property Manager for the following purposes:
· To identify and define a property, so that you can associate it with a lease in the Leases window.
· To define office space, so that you can assign employees and customers to specific offices using the Space Assignment feature.
· To maintain a comprehensive record of the physical features of a property.
· To maintain a comprehensive record of contacts associated with the property, including company names, roles, and site information.
· To simplify reporting.
· To group buildings together to allow more flexibility in your property management.
Hierarchy of Properties
We can define property in Oracle Property Manager at several levels. When we define a building within a property, the building consists of floors and offices. When we define land within a property, the land consists of parcels and sections.
We can define a property in the Properties Manger, including the property name and code, and information about the location of the property, such as the region and office park name.
We can define buildings in the Property Manager, including the name, alias, tenure, and from and to dates of the building you are defining. Most of the information in the Area and Occupancy tabbed regions is display only at this level, and must be defined at the office level, with the exception of the unit of measure and the gross measurement of the building in the Area tabbed region.
We can define floors in the Floor window, which we access by selecting the Floors button on the Building window.
We can define offices in the Office window, which we access by selecting the Offices button on the Floor window. We can define the individual office spaces by office number and suite.
Land, Parcels, and Sections
Defining land is identical to defining buildings. We define land using a three-layered structure that includes defining land in the Land window, defining parcels in the Parcel window, and defining sections in the Section window.
Use the Space Assignment window to assign, modify, search, and view space assignments. We can assign locations to employees and cost centers. We can modify space assignments to update records or correct assignment information. We can query all space assignments for a particular building, floor, office, land, parcel, or section. We can also query space assignments for a particular employee, customer, or cost center.
We can search for assignments in effect on a specific date. This functionality enables us to plan space assignments in advance and search for future vacancies
We can automate our lease administration processes by using the lease management features included in the Leases window. We can also manage the calculation of rent amounts and the creation of schedules for invoices. We can set up milestones that correspond to required decisions and actions our need to take at specific times. Milestones help us keep track of these decisions and actions and handle them on a timely basis.
Payments and Billings
Oracle Property Manager includes two features that we use to manage financial transactions for our property. We manage payment schedules to suppliers with the payments feature, and we manage billing schedules to customers with the billings. We set up both types of transactions in Property Manager, and then we export the transaction information to Oracle Payable or Oracle Receivables as shown in the following table:
Approval Rules for Schedules
When Oracle Property Manager first generates the schedule, its status is Draft. We approve a schedule by changing its status to Approved and saving our work. The approval takes effect when we save our work. We can change the payment/billing terms for an item in an approved schedule. This change is incorporated into all items, belonging to the term, that are not exported.
Exporting Payment Items to Oracle Payables
We can export any individual payment item that is included in an approved payment schedule.
• Create suppliers.
Exporting Billing Items to Oracle Receivables
We can export any individual billing item that is included in an approved billing schedule.
Prepaying Rent Payments or Billings
We can record rent prepayments for both payments and billings. We enter separate payment terms for prepayments. The start date and end date are the same. We enter a target date, which is the rent payment date that the prepayment pays.
Index Rent Increases
We can use Oracle Property Manager's Rent Increase feature to automatically increase base rent either by a fixed percentage or by an amount proportional to the index change for the remainder of the lease term. Fixed increases raise rental costs, while index increases protect landlords against inflation by raising rent every year in proportion to hikes in consumer price indexes.
The Variable Rent feature allows landlords to collect rent based on a variety of variable factors, such as sales volumes, weight, and usage. The most common type of variable rent is percentage rent. In this case, landlords can collect a portion of rent based on a percentage of the volume of a tenant's sales made on the leased premises.
The Recoveries feature supports the calculation and reconciliation of common area maintenance (CAM) expenses. CAM is important to any landlord that has multiple tenants in a single property and any tenant that shares a property with other tenants.