Property Management Services are an essential part of the real estate and property management business. Property Management Services include management of different segments of residential, commercial, or industrial properties, usually by a third party such as a professional property manager. Property management includes various jobs such as financial handling, coordination of maintenance, regulatory adherence, and many more functions that can prove too much for any manager to manage individually. This is precisely where property management services come in to simplify these complicated tasks and render them more efficient and manageable for management companies or property managers.

The range of property management services extends to a number of critical areas that need ongoing focus and knowledge. Tenant acquisition is a core task where property managers are supposed to market their property well and acquire suitable tenants. The process is usually done by formulating attractive property postings, advertising vacant space, thoroughly vetting potential tenants, and showing them the property.

Rent collection becomes significantly streamlined with modern property management services. Gone are the days of going door-to-door collecting payments. Managers can now send automated reminders and collect rent from residents online, making the process much simpler, especially when managing properties with numerous residents.

Repair management takes a significant leap forward with committed services that allow managers to maintain accurate records of all property assets. The thorough approach encompasses safely storing electronic records of assets, tracking every repair and maintenance expenditure, and creating scheduled maintenance reminders. The outcome? Lower costs and less asset downtime.

Property safety is near the top of every resident’s list of concerns, and management services meet that demand by making secure security systems a standard. These systems replace the unreliable and antiquated manual record-keeping methods with a system that enables residents to track and approve visitors and deliveries. This strategy places control of security in the hands of the residents while ensuring overall property security.

Ever thought about the potential for change in your property?

Refurbishment services tend to be packaged with property management services. Some of these service providers have vast networks of experienced painters, architects, and interior designers who can assist in developing perfect living spaces in the property.

Managing legal procedures is made easier with professional management services. Property managers are responsible for compliance with all existing laws and regulations set by local governments. These services enable proper documentation and the keeping of records of changes in housing laws, building codes, and safety standards. Managers also need to ensure that tenant-landlord relationships comply with all applicable regulations.

Property management becomes more efficient through services that record and monitor property ownership information. This involves keeping track of leases, contracts, and insurance policies so that these documents go through routine review and renewal. Managers also gain from the capacity to produce routine reports on property performance and costs, enabling improved financial and managerial decision-making.

The benefits of adopting property management services are considerable and extensive.

• One of the most tangible advantages is how these services save precious time. -Property managers are able to outsource tasks that consume much time and are complicated, giving them more time to concentrate on other, more significant duties directly relevant to the welfare of communities. Managers can hire specialized firms to carry out individual tasks or use software solutions to automate the tasks. Most property managers acknowledge that they feel more at ease using extensive management services.
• Rapid maintenance is another key benefit as such services assist in monitoring assets, maintenance contracts, and repair schedules effectively. By outsourcing asset management to a property management firm, repairs and maintenance can be dealt with urgently. This reduces expensive maintenance or replacement bills while maximizing asset lives. It also eliminates the responsibility from managers who would otherwise have to monitor many community assets manually.

Tenant retention significantly increases when property management services are done well. When all goes smoothly within a community, from locating and placing high-quality tenants to keeping financials accurate, abiding by laws, and keeping the property in good shape, residents have a quality, satisfactory experience. This usually results inhigher retention, which works to the advantage of both property owners and management staff.

As much as there are many advantages, property management services also have some disadvantages that need to be considered. The most apparent disadvantage is the extra cost they incur for the community. The services are often accompanied by charges expressed either as a proportion of rentals collected or a fixed fee. Property managers should fully analyze whether the cost is worth the benefits obtained. They should also ensure that the cost of the service is not beyond the budget for the community and its inhabitants.

It should be mentioned that services and software complement each other to provide maximum property management solutions. Although selecting specialized property management services may resolve most management challenges, adopting suitable technology ensures these functions become effective. Embracing the right technology solutions ensures optimal utilization of financial as well as human resources, eventually enhancing the quality of the property and the well-being of the residents.

Managing committee members of housing societies often face the challenge of dealing with irrecoverable dues. These financial complications include outstanding loans and interest, charges due from society members, funds spent on recovery efforts, and accumulated losses. To address these issues, many housing societies establish a bad debt fund specifically designed to cover amounts that may need to be written off. These financial matters must be properly documented during housing society accounting audits.

The Model Society Bye-Laws 148 and 149 provide important guidance on handling irrecoverable dues. According to Bye-Law 148, a society may write off charges due from members, expenses incurred for recovery, and accumulated losses that have been certified as irrecoverable by the statutory auditor appointed under section 81 of the Act.

However, Bye-Law 149 establishes specific conditions that must be met before writing off these amounts. The process requires three key approvals:

1. The General Body meeting must provide proper sanction for writing off the amounts through a formal vote.
2. If the society has outstanding debt with a financing agency, that agency must approve the write-off.
3. The Registering authority must approve the write-off.

There are notable exceptions to these requirements that housing society managers should understand. If the society maintains an affiliation with a District Central Cooperative Bank or another financing agency but doesn’t carry debt with that institution, obtaining permission from the bank or financing agency becomes unnecessary.

Furthermore, societies classified as A or B category in their most recent audit receive additional flexibility. If these societies maintain sufficient balance in a specially created Bad Debt Fund, they can proceed without securing permission from the bank, financing agency, or Registering Authority.

Understanding these regulations helps committee members navigate the complex process of managing irrecoverable dues effectively. When handled correctly, writing off genuinely uncollectible debts allows the society to maintain accurate financial records and focus on sustainable operations moving forward.

The ability to properly manage irrecoverable dues represents an important aspect of financial governance for housing societies. By following established procedures and maintaining appropriate documentation, committee members fulfill their fiduciary responsibilities while ensuring the society’s long-term financial health.

Housing society management committees should regularly review outstanding dues, work diligently on collection efforts, and only resort to write-offs when truly necessary. This balanced approach protects the interests of all members while maintaining the community’s financial stability.

Managing finances in a housing society requires more than just collecting monthly maintenance fees. With increasing expenses, audits, and compliance requirements, Resident Welfare Associations (RWAs) must adopt a robust housing society financial framework. At the heart of this lies an important choice: should your society follow single entry accounting or double entry bookkeeping?

This guide breaks down both methods, their pros and cons, and why modern society accounting software in India is making double-entry the smarter option.

What is single entry accounting

Single entry accounting in housing societies is the simplest bookkeeping method. Each transaction is recorded only once, usually in a cash or income-expense book.

For example:

• Monthly maintenance received → entered once as income.
• Payment to the security agency → entered once as an expense.

Best suited for: Small housing societies or RWAs with limited transactions.
Limitations: Doesn’t provide detailed insights, balance sheets, or error detection.

What is double entry accounting?

Double entry bookkeeping for RWAs ensures every transaction is recorded twice once as a debit and once as a credit.

For example:

• Monthly maintenance collected → recorded as debit in cash/bank and credit in income account.
• Vendor payment → recorded as debit in expense account and credit in cash/bank.

Best suited for: Medium to large societies where financial complexity is higher.
Advantages:

• Detects errors easily.
• Produces detailed reports like balance sheets, ledgers, and profit-loss accounts.
• Aligns with audit requirements under cooperative housing society laws.

Limitation: Slightly complex without professional help or software.

Single entry vs double entry

Feature	Single Entry	Double Entry
Ease of Use	Very simple	More structured
Error Detection	Difficult	Easy
Reports Available	Only income/expenses	Full balance sheet, ledgers
Audit Readiness	Limited	Comprehensive
Best For	Small societies	Medium/large societies

Why double entry is the smarter choice for housing societies

In today’s environment of rising expenses, compliance, and digital audits, RWAs need transparency and control. Double entry bookkeeping provides the accuracy, accountability, and reporting necessary for efficient governance.

Moreover, many state cooperative housing society bye-laws recommend double-entry systems for official audits, making it a future-proof financial framework.

Role of society accounting software in India

While single entry is easy on paper, it doesn’t scale. That’s where society accounting software in India comes in. Tools like RWA ERP accounting platforms (such as Mygate) automate:

• Double-entry journal posting.
• Maintenance billing and collections.
• GST/TDS compliance.
• Balance sheet and audit-ready reports.

With software, societies get the simplicity of single entry with the accuracy of double entry without manual errors or the need for deep accounting expertise.

Conclusion

For RWAs aiming for financial transparency, audit readiness, and long-term efficiency, double entry accounting is the smarter choice. Combined with modern housing society ERP accounting software, it ensures every rupee is tracked, every report is ready, and residents get full transparency.

FAQs

In recent years, a notable trend has emerged across gated communities in India, the implementation of standardised rate cards for domestic workers. These cards establish fixed prices for specific household tasks such as cleaning and cooking, aiming to create consistency in payments and prevent what some residents refer to as “bidding wars” between households competing for reliable help. This practice has gained traction, particularly in upscale residential areas across major Indian cities. 

“Before implementing the rate card system, we often found domestic workers negotiating higher wages by citing better offers from other households,” explains Anita, an RWA president from a society in Gurugram. For many residents, especially senior citizens on fixed incomes, these standardized rates offer financial predictability. “On a limited pension, keeping up with rising wage demands has become difficult. The rate card gives us some stability,” shares Ramesh, a retired government employee living in a high-rise in Bengaluru.

However, the system has not been without controversy. “While maids and cooks are demanding higher pay, a proposed 20% wage increase faced strong opposition from residents. Many worry that revising the rates will lead to further demands,” admits a member of an operations committee from a large complex.

For domestic workers, the impact of rate cards extends beyond their monthly earnings. “I work in two homes, earning ₹4,000 from each. To make ends meet, I also drive a taxi at night,” says Latha, a 32-year-old single mother. Meena, a cook and cleaner with ten years of experience, echoes similar frustrations: “When I ask for a raise because everything is getting more expensive, residents point to the rate card and say their hands are tied.” Workers’ primary concerns include limited negotiating power, lack of input in setting rates, and the risk of replacement if they demand wages above the established figures.

Some communities are adopting middle-ground approaches. A growing number of residential complexes are shifting toward hourly wages instead of fixed monthly salaries. “Residents relocating from Western countries have introduced this concept, and many domestic workers prefer it since it provides clearer compensation for their time,” notes a resident from a prestigious society in Koramangala. Other communities are revising their rate cards to account for inflation and incorporate benefits like paid leave and festival bonuses. “We consulted with domestic workers’ representatives before updating our rate card,” shares an RWA secretary from Chennai. “Now, we review it annually and ensure the wages are fair and not exploitative.”

The debate surrounding domestic worker rate cards highlights broader issues of labor rights and economic fairness. While India lacks a central law governing domestic workers’ wages, some states including Maharashtra, Karnataka, and Kerala have established minimum wage regulations for domestic work. The International Labour Organization recognizes domestic work as formal employment, advocating for proper contracts, fair wages, and social security benefits.

As urban India navigates these evolving socioeconomic dynamics, striking a balance between residents’ desire for consistency and domestic workers’ right to fair compensation remains an ongoing conversation.

Here are 8 things to keep in mind when new to RWA responsibilities.

1. Gather opinions, but let the RWA decide

The Residents’ Forum is a great space to gather feedback, but decision-making should rest with the RWA. Residents who haven’t served in the RWA may lack the complete picture, and letting them decide directly can create polarization. An RWA that listens to all but makes balanced decisions internally earns trust and respect from the community.

2. The RWA office is not a corporate office

In an RWA, there is no corporate-style hierarchy or reporting line. Decisions are made collectively, through consensus. You won’t win every debate, but being a team player ensures smoother operations and better outcomes.

3. Know the legal risks

Visible risks like fire or crime, are just the tip of the iceberg. Hidden risks often arise from within the community itself. Be prepared for surprises—ensure the RWA has legal counsel ready to handle any challenges that come its way.

4. Experts make a difference—outsource wisely

Relying on members for critical tasks like accounting or keeping manpower on your payroll are common mistakes. Outsource to experts who can bring professionalism and accountability to the table. Let them handle the heavy lifting while the RWA focuses on the bigger picture.

5. Quality is an investment, not an expense

Choosing the cheapest manager, security agency, software, or hardware might save money in the short term but often leads to bigger issues down the line. Investing in quality services and solutions protects property value and ensures long-term sustainability for the community.

6. Build a culture of simple, enforceable rules

Instead of overcomplicating things, draft a few practical rules that suit a residential community. Enforce them consistently to foster a culture of responsibility. Simple rules, well-implemented, create harmony in the long run.

7. Avoid risky financial shortcuts

RWAs should avoid strategies that cut corners on compliance, especially with taxes. While these approaches may seem efficient at first, they can lead to trouble. Future RWA members might have to bear the brunt of legal issues, long after the original strategists are gone.

8. Respect the time of RWA members

No RWA member can handle everything alone. Create a collaborative environment where multiple members can share the workload. Set up systems and processes that make it easier for the next RWA to take over. A proper handover ceremony can acknowledge efforts and build goodwill.

Highlights

• 72% of gated communities reported frequently encountering issues during the move-in/move-out process, indicating it is a recurring problem for many communities.
• The most common issues cited were incomplete documentation (68%), unapproved moving timings (64%), and unpaid dues (60%).
• 60% of RWAs prefer addressing these issues through direct communication with residents, while smaller portions use fines (16%) or verbal warnings (16%).
• In terms of scheduling, 48% prefer flexible scheduling with prior notice, but 36% enforce pre-approved time slots to manage moves effectively.
• A minority of 12% have no specific policy in place, while another 12% allow residents to move anytime without restrictions.
• The data reflects a need for more structured policies to manage the move-in/move-out process, with communication and documentation being areas of improvement.

Managing the move-in and move-out process is one of the most challenging, yet crucial, aspects of housing society management. Often overlooked until a problem arises, this plays a vital role in maintaining order and harmony in any residential community.

Recently, a Mygate survey took a closer look at the challenges faced during move-ins and move-outs, revealing just how common these issues are. The findings show that 72% of respondents reported encountering frequent problems, proving this isn’t just an occasional hiccup but a widespread concern. Challenges such as incomplete documentation, unapproved moving timings, and unpaid dues surfaced as the most frequent causes of concern for both residents and RWAs. Sunita Gupta, an RWA treasurer from Delhi, described how these situations affect the community: “Movers often show up at odd hours, or residents leave without clearing their dues, causing tension among other residents.”

One of the most significant issues, according to 68% of respondents, is incomplete documentation. The lack of proper paperwork can lead to delays and frustration. Ajay Mehra, a resident from Bangalore, recalled his experience: “When I moved in, the delay in getting security clearance was frustrating because the paperwork wasn’t properly communicated to the gate staff.” This common oversight often results in unnecessary delays, leading to dissatisfaction for both new residents and the admin staff handling the process.

The survey also highlighted the challenge of unapproved moving timings, with 64% of respondents citing this as a major problem. It’s not just about a minor inconvenience; unplanned move-outs can disrupt the peace of the entire community. Residents from Mumbai and Hyderabad RWAs shared similar experiences: “We once had a resident move out at 5 a.m., causing a lot of noise and waking up neighbours,” said one admin. Unapproved moving times not only disturb the tranquillity of a housing society but can also lead to complaints and friction among neighbours.

Financial concerns also rank high on the list of issues, with 60% of respondents mentioning unpaid dues as a recurring problem. Residents moving out without settling their financial obligations can leave societies in difficult situations. Shalini Desai, an admin from Pune, voiced her concerns: “Making sure residents pay their dues before moving out is always a challenge. If not handled properly, it can lead to financial complications for the society.” This is why clear and enforceable procedures need to be in place for managing such situations.

While many societies handle move-ins and move-outs on a flexible basis, 36% of respondents expressed a preference for pre-approved time slots. A structured approach minimizes disturbances and ensures smooth coordination during busy moving periods. “Since introducing pre-approved time slots and better documentation checks, we’ve seen a noticeable drop in resident dissatisfaction during peak move-in seasons,” shared the RWA head of a society in Bengaluru.

Managing move-ins and move-outs is often a delicate balancing act for gated communities. Incomplete paperwork, unapproved timings, and unpaid dues remain recurring issues, as highlighted in the survey, fueling ongoing debates about the best way to handle these challenges effectively.