An overview of the Oracle Property Manager
The Oracle® Property Manager is part of the Oracle Real Estate Management solution and is a database that is specifically designed for companies and corporate giants that have large property portfolios. This blog highlights the Oracle Property Manager’s various features and functions.
Oracle Property Manger not only automates and organizes a company’s property portfolio, but it also enables users to make intelligent decisions to maximize profits. Oracle Property Manager integrates with the modules that capitalize on database efficiency for both employees and customers, as shown in the following image:
Key features of the Oracle Property Manager
By using the Oracle Property Manager, you can perform the following tasks:
Property administration: Classify the type of property, geographical location, condition, and tenure.
Space allocation: Assign the space to an employee or customer.
Lease management: Perform the following activities:
- Abstract, modify, and amend lease information.
- Calculate rent and common area maintenance expenses.
Accept and make payments: Create invoices for Oracle Accounts Payable (AP) or Accounts Receivables (AR).
Run and view reports: Perform the following activities:
- Create over 30 standard reports that provide all the required information for the property.
- Use other reporting tools for customized reports.
- Integrate with computer-aided design (CAD) programs to import and export data.
By using standard forms, you can define a property as a combination of land details and building details. The database provides a built-in hierarchy that starts at the top by grouping properties within office parks and regions, as shown in the following image:
Building details can include location, tenure, address, user-defined class, and status. Additionally, you can enter other important information like area details, occupancy area, features, and contacts.
You can also subdivide a building into floors and offices, and you can enter the previous records for each individual subclassification. The following image shows a building details form:
Finally, you can subdivide land into various parcels, withholding information like land area, conditions, and the features for each classified parcel. You can record the asset numbers, titles, and details, and do so by using flexfields.
After you define the property, assign it to either an employee or a customer at any of the previously described levels. Facilitate the assignment by using the cost center or General Ledger (GL) codes for revenue or cost purposes. Space assignment forms display the entered data of the assignment logically and include the total occupancy at various levels, such as building, office, floor, and so on. You can also record information related to any project, organization, or task at this level.
By using the Oracle Property Manager, you can oversee and control a variety of lease management tasks, such as the following tasks:
- Calculate lease amounts.
- Modify or amend a lease.
- Create invoice schedules.
- Set up milestones.
- Collect rent based on variable factors.
There are specifically-designed forms to capture the necessary information about the property to be leased, such as details, contacts, locations, insurance, and so on. The following image shows a lease details form:
The Oracle Property Manager enables you to create the lease according to your business requirements. You can create a lease for the whole property, for a single floor, or for a single building. You can use the information that you enter to calculate the rent and share that information with other modules like Oracle AP or AR to facilitate billing.
Property agents and reports
The system enables you to record information about customers, suppliers, and employees that are assigned to or associated with a particular property, by integrating with other Oracle modules.
There are more than 30 standard reports divided into space, rent, employee, lease, and other areas, which help you to keep track of the activities performed in the Oracle Property Manager.
You can think of the Oracle Property Manager as a property register that records various information about the property at different levels, making property easier to manage. The Oracle Property Manager module enables you to track what has, or has not, been billed, and when used in combination with the AR module, what has, or has not, been paid. You can easily interface the Oracle Property Manager with Oracle AP, AR, and Fixed Assets to carryout various activities such as billing, receiving rent, invoicing, and so on.
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