PeopleSoft Real Estate Management Overview Part 7: Site Acquisition & Lease Controls

Editor’s note — here are all the posts in this series for easy reference:

Welcome back to the PeopleSoft Real Estate Management (REM) overview series.  In our last few overviews we discussed creating, amending and maintaining leases. This week, we will first talk about the Site Acquisition process, which are the steps that precede creating a lease, and second we will talk about some of the lease controls and options in a bit more depth. Off we go.

Site Acquisition Requests (SAR)

In our creating leases overview we discussed the steps of creating a lease directly into Real Estate Management.  In this overview session we will discuss the Site Acquisition Request functionality which allows you initiate, analyze, compare and approve prospective properties as part of the leasing process with-in the Real Estate Management application.  Through the SAR processes, once you have selected your property, the SAR process will automatically create your lease.  Now let’s take a deeper look at the details.

The SAR process includes role-based functionality to initiate and approve the lease acquisition process.  Once the SAR has been approved and activated, users can create a Comparison Matrix using their choice of attributes to rate the proposed sites.  Users can then rate each attribute on a scale of 1 to 5; 1 being the least suitable and 5 being the most suitable.  Once properties have been rated across the various attributes, the final scoring process can begin using the delivered various online tools and reports.  Click Continue Reading to see a sample online analytical chart for comparing properties.

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To keep the SAR process organized and to provide effective detail, the SAR process allows you to track pertinent information for each prospective property such as:

• Key indicators of space usage and lease performance metrics
• Sites under consideration
• Leases under their review (dynamic based on the user)
• Maintenance requests related to properties
• Projects related to properties/sites
• Property asset data
• Worklist of upcoming tasks to be completed
• Critical Dates that need to be reviewed
• Complete view of all markets (locations) and at-a-glance statistics on all pertinent sites within those locations

The SAR approval and finalization process also has its own approval controls and once a property is approved, the lease can automatically be created.  In addition the finalized SAR will serve as historical data for future analysis.  Also, the SAR data is fully integrated with all your REM data.

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Next we will talk about some of the General Definitions and Financial Term options built into Real Estate Management.  Unfortunately, we will not have enough time to discuss all the options but we will certainly be able to cover a good deal of them to illustrate the system flexibility.  Please note we did cover some of these functions in the previous lease discussion, but with this discussion we will have the opportunity to discuss each option in more depth.

Amendment Types

PeopleSoft REM requires that any changes you make to lease terms and conditions be processed through an amendment. Amendment Types are delivered with a parent/child relationship with Amendment Reasons.  Together they provide your organization with a quick explanation as to why an amendment is being made.  Remember also that all the Amendment Types and Reasons are all user defined.  For example, per the screen shot below, you can define an Amendment Type of Lease Term Change with different Amendment Reason choices such as Early Termination or Extension.

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Lease Types

As outlined in PeopleBooks, Lease types enable you to categorize leases for processing and reporting purposes. You may have many lease types, such as operating leases, warehouse leases, and subleases and this general definition allows you to expand your reporting and analysis capabilities where needed.

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Lease Abstract

From PeopleBooks, Real Estate Management enables you to create a lease abstract worksheet to assist in quick entry of the terms and conditions of the lease.  Once you have completed lease entry, you can print the lease abstract which provides you with a summary.  Below is the setup page where you can select which fields to print in your Lease Abstract and a sample abstract page.

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Next week, we’ll elaborate a bit further. We’ll cover Percent Rent, Region Codes, User Defined Fields, Economic Index, Manual Fee Types, Operating Expense Categories and more. If PeopleSoft REM is your thing — or you are considering making it your thing — you’re in the right place. Stay tuned.