What is the limitation of this “Tenancy Administration” vs “Property Management”?
10.1.3 This landlord tenant relationship management role is not for entire developments, complexes or buildings with multiple tenants or common area management.
This is also stated in the VAEP 2017 Amended ACT, where “Property Management” is defined as:
“Property management” means the management and control of any land, building and any interest in the land or building, excluding the management of property based businesses, on behalf of the owner for a fee.
Therefore, property management is for the entire building/group of buildings – like condominium or shopping mall, whereas tenancy administration is for individual landlord, over a particular unit of condominium or commercial outlet.
As of current knowledge, there is no clear distinction of how many individual units would aggregate to become ‘property management’. If you have a landlord who owns an entire building – like a block of apartment or strip mall (whole row of shops), tenancy administration over this building would likely be interpreted as property management.
What are “Property Based Businesses”? We will continue tomorrow.