Definitely, sit on the board to watch your investment.
I was on the board of our condo for 5 years and we went through two management companies. Both were not great, but one was better than the other. As someone else mentioned they take a workload of buildings on that makes it impossible to give enough attention to each building. They also have complicated fee structures and the cheap monthly rate can be the more expensive option with add-on BS.
For these reasons, you need a proactive force keeping these guys accountable --squeaky gear gets the grease. If you have either building staff like a caretaker who cares or an involved board that will hound the management company they can make things happen and watch costs - like rates charged by their contractors. If there is none applying pressure these companies will likely spend your money like it is going outta style.
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