Property, as used in the Real Estate component, refers to the land only; it does not include the buildings on it.

Properties are parts of a business entity.

The system automatically creates property as an internal Controlling object; in other words property is also an account assignment object.

This object forms the basis for renting properties or parts thereof, such as parking spaces or storage spaces.

You specify area types and their sizes, assign the property to land register entries, and create data relevant to building law and usage.

You can also make assignments to a profit center or a business area.

The parameters for calculating deductible input tax (option rates) in the rental process are based on German law.

You assign owners to the property according to their ownership share.

Using the Real Estate objects, you can represent rental processes (objects in your own portfolio) as well as tenant rental processes (externally owned objects). A time-dependent indicator controls which objects are available for which processes.

You can influence other factors and values that may be beneficial for managing your real estate by assigning functional locations (Plant Maintenance PM component), elements of a work breakdown structure (Project System PS component), internal orders (Controlling CO component) and assets (Asset Accounting FI-AA component) to Real Estate objects.