Saying something is owned collectively means individuals can't do whatever they want with it without concern of the ownership rights of the others.
Owning something imbues certain rights and privileges. When one buys shares of a corporation, then the rights to profits, the right to accounting, and the right to representation all accrue.
When tyrants claim to act on behalf of "the people," the first thing to notice is that none of the rights and privileges of actual owners are present. Why? Because slogans are not reality. Collective ownership is a fraud perpetrated by authoritarians on the stupid to entice compliance.
Even the dumbest democrat is likely to balk at armed men dragging a family out of their home in the dead of night when they declare "we take this property for Emperor Obama." BUT the same dem-bulbs will cheer armed men dragging a family out of their home in the dead of night when they declare "we take this property for the people who are the collective owners - facilitated by Emperor Obama." The difference in realty? None, but the stupid are convinced that the theft benefits them - though it really hurts them.
Such is the nature of Socialism, the manipulation of the stupid by the greedy. Socialism is in reality nothing but repackaged feudalism - the ownership of all by the supreme ruler who cedes small bits of power to agents who lord over and enslaved populace.
If your concern is that the rulers in socialism do whatever they want without concern of the will of the people then the problem is that the people in charge are dictators. This is a rather obvious problem with many attempts to enact socialism.
It is inevitable. There is no other possible outcome. Concentrating all wealth and power into the hands of a single man or group will incite resistance - the holders of power will use violence to retain control.
Socialists mostly worried about the means of production being owned privately due to the idea that they would continue to gain in value to the point that their ownership meant more in the economy and in politics so that their individual power would overwhelm the power of the individual. A problem that is growing in the US today as the labor markets lost power economically and politically.
Socialism and dictators mostly came to power when large numbers of individuals felt so powerless that they had no other choice but to put power in the hands of dictators. Socialism was often used as propaganda to sell people on the idea of giving power to the dictator. Which is the exact opposite reason as to why socialism was formulated as an option.
Modern applications of socialist ideas tend to mix those ideas with capitalism and do far more to ensure that the process is more democratic.
China is far more authoritarian which has worked for them because they have undergone serious industrialization and have relied heavily on trade manipulation to achieve economic growth.
China is a good study of the reality of socialism verses the claims. The years under Mao were regressive, with the majority sliding into a dark age. After his death, and with the reality of the success of Taiwan, Hong Kong, and South Korea, small scale "enterprise zones" were created, allowing ownership of property by the people. The surrender of Hong Kong by Britain created a massive enterprise zone, and provided a thriving economic engine for China. Far from supporting the ideas of Socialism, this utterly repudiates them. China became an economic power ONLY because they took over a capitalist region already developed by the British. Extending the enterprise zone to Shanghai and then across the Western part of the country is why China became what it is.