PeopleSoft Real Estate Management (REM): A deeper look
If you can remember last week through the Pre and iPhone hype, you’ll recall I discussed PeopleSoft’s ALM product suite at an introductory level. This 
week we’ll take a deeper dive into Real Estate Management (REM), one of the modules included within the ALM suite. At the 10,000 foot level, PeopleSoft REM enables organizations to manage and track lease contracts, monitor and optimize space utilization and allocations, and ensure compliance with FASB and other regulatory entities.
The REM system also allows PeopleSoft customers to manage leases both as a landlord and/or a tenant, providing flexibility and visibility into all their lease obligations. Many organizations we have worked with use a third-party application or Excel spreadsheets to manage their leases, which forces them to manually enter their lease payment information into the PeopleSoft Accounts Payable/Billing application. This redundant data entry is completely eliminated with PeopleSoft Real Estate Management system, mainly because of prebuilt integrations to:
- PeopleSoft Asset Management
- PeopleSoft General Ledger
- PeopleSoft Accounts Payable
- PeopleSoft Customer Contracts
- PeopleSoft Billing
With this level of workflow integration, customers can take advantage of their current PeopleSoft investment and eliminate both the rekeying of information and/or the cost of interfacing to a third-party application. In addition, PeopleSoft customers gain access to the workflow technologies built into PeopleSoft, allowing automatic notifications of lease expirations, options, key milestones, and other user defined events. From a reporting perspective, there are a number of predefined pagelets available that give a user insight into the status of their leases, as well as query capabilities to meet the needs of even the most complex organizations.
Not only does REM make it easy to manage lease obligations, but it makes easy work of tracking and managing the operating expenses related to the lease. The system is designed so that operating expenses can be predefined or entered ad-hoc as they occur against the related lease. It also provides the ability to reconcile operating expenses that have been incurred over a period of time and “true them up” based on actual values.
The PeopleSoft REM system also supports Computer-Aided Facilities Management (CAFM), with prebuilt integrations to CenterStone’s facility management system. This allows users to update and review a company’s physical assets and their related occupancy and space information. If your organization is not using CenterStone, the prebuilt integrations can be fitted to support most other facility management applications.
If your organization has multiple lease obligations, such as a retailer with multiple store locations, a bank or financial institution with multiple branches, a healthcare organization with multiple clinics or locations, or a restaurant or hotel chain with many locations, you should take the time to check out PeopleSoft’s Real Estate Management system. The functionality rivals or exceeds that of a best of breed third-party system with none of the integration headaches, and there is typically a strong ROI.
To gain more information on the PeopleSoft Real Estate Product, please email me or give us a call at 800-774-5187. In addition, you can check out Oracle’s website and download some of the collateral related to the product.
Next week I’ll discuss the features and functions of the PeopleSoft Maintenance Management application, so be sure to come back (or subscribe to our RSS) if you’re interested. Alternatively, if you’re into social media, hit us up on Twitter or become our fan on Facebook.
