I used to do this. Ideally, you want at least two people to be directors, but if you volunteer then you might find someone else steps up too. I was one of five directors - initially I was the only one but once other people started to understand it better, they volunteered too.
The benefits of being a director are that you have a much closer relationship with the managing agent and can have more input and influence in how they run the block. You also have greater visibility over their operational activities which is really useful. So for example, if lots of people are complaining about cleaning of communal areas, you can present that to the managing agent and they should take action with the cleaning company.
We had a meeting with our property manager every three months or so where they would give us breakdowns of customer service stats, details about service fee payments and work on upcoming priorities for repairs etc that needed to be done. It was a really positive relationship and there were fewer complaints and issues than if the directors hadn’t been in place. We also achieved a lot of things like getting a natural equipment playground put in, helped push for changes to parking enforcement and planting of trees and shrubs.
The downside can be that some residents don’t understand what you do and think that you’re working for the managing agent. Attending the AGMs wasn’t much fun at the start because a few residents were determined to make a fuss but less keen to get involved.
In terms of workload, there can be as much or as little as you want, really. I had a full time job so I didn’t do as much as some of the others
I would definitely recommend it.