What is location class in SAP RE - Real Estate Management?

SAP Term: location class

• Component: RE

• Component Name: Real Estate Management

• Description: Categorization of the rental object location according to a representative list of rents. The location class defines the desirability of the location for a rent adjustment using a representative list of rents. The criteria for categorizing comparable apartments such as, transportation connections, infrastucture, parks and recreational areas are usually in the text of the representative list of rents. The location class can be: Simple Medium Good Excellent

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• Key Concepts: 
  Location class is a feature of SAP Real Estate Management (RE) that allows users to group and classify real estate objects according to their location. This classification is based on criteria such as region, country, city, and street. Location classes are used to define the characteristics of a real estate object, such as its size, type, and purpose. 
  
  How to use it: 
  Location classes can be used to create a hierarchical structure for real estate objects. This structure can be used to organize and manage real estate objects more efficiently. For example, a user can create a location class for each region or country and then assign specific characteristics to each location class. This allows users to quickly identify and access the information they need about a particular real estate object. 
  
  Tips & Tricks: 
  When creating location classes, it is important to consider the criteria that will be used to classify the real estate objects. This will help ensure that the location classes are organized in a way that makes sense and is easy to use. Additionally, it is important to keep the location classes up-to-date so that they accurately reflect the current state of the real estate objects. 
  
  Related Information: 
  For more information about SAP Real Estate Management and how to use location classes, please refer to the SAP Help Portal or contact your local SAP representative.