What is the role of the board of directors in a condominium?

The role of the board of directors in a condominium is primarily to manage the operations and finances of the condominium. This involves overseeing the day-to-day functioning of the condominium and making strategic decisions that affect the community as a whole. The board is responsible for ensuring compliance with relevant laws and regulations, maintaining common areas, and creating a budget to fund the operations of the condominium. They also make decisions regarding maintenance, repairs, and improvements to the property, as well as managing the condominium's finances, including collecting fees from owners and paying bills for services.

In contrast, handling individual owner complaints falls more within the scope of the property management team rather than the board itself. Planning social events, while beneficial for community building, is usually a secondary focus and not a primary responsibility of the board. Additionally, developing marketing strategies for new sales is generally not part of the board’s duties, as their focus is more on current residents and the management of the existing condominium rather than on sales and marketing. Hence, managing condominium operations and finances is a crucial and central function of the board of directors.