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.
Properties
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.
Buildings
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.
Floors
We can define floors in the Floor window, which we access by selecting the Floors button on the Building window.
Offices
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.
Space Assignment
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
Lease Administration
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.
Prerequisite:
• Create suppliers.
• Approve
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.
Variable Rent
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.
Recoveries
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.
