Fixing a broken system: How Inner Owners’ Corporation is bringing integrity to strata management

When Michael Cimino first set out to build a career, he was determined not to follow in the family footsteps.

While his father Joe had carved out a reputation in real estate, Michael instead pursued accounting, spending nearly a decade in the finance sector.

“I was the black sheep of the family,” he laughed. “I finished school and said, ‘I’m not getting into real estate’. So, I became an accountant.”

But as is often the case in family businesses, the call eventually came. In 2016, with Inner Real Estate reaching a size that needed more operational rigour, his father asked him to step in. Initially it was to tighten the numbers, improve systems, and give the business structure.

Soon enough, Michael found himself immersed in property management, applying the same methodical instincts that had guided him in finance: “I like to fix things,” he told CBD News.

It was in that process of working with multi-dwelling properties that Michael first encountered the world of owners’ corporations (OCs). What he found left him stunned.

He remembers attending his first AGM and asking straightforward financial questions that the manager simply could not answer.

“It just didn’t sit right with me,” Michael said. “There were managers impossible to get hold of, providing little information, yet they were pocketing commissions and hidden fees. I thought – there has to be a better way.”

That frustration became a turning point. In 2019, with encouragement from a client who was chair of an OC, Michael registered as a manager and took on Inner Real Estate’s first building in Footscray.

From the outset, he made integrity and transparency non-negotiable. While most in the industry relied on undisclosed insurance commissions, Inner Owners Corporation refused to take them. The decision raised eyebrows – even the sector’s main body at the time would not accept them as members unless they agreed to commissions – but Michael held his ground.

The approach resonated. What began with a single building quickly multiplied. Within a year, Inner Owners Corporation was managing more than a dozen plans. Today, it looks after 150 owners’ corporation schemes and around 5000 lots across Melbourne, contributing a third of the company’s annual turnover.

Remarkably, that growth has been achieved without marketing – fuelled entirely by word of mouth.

“It’s all referrals,” Michael said. “That tells me the team is doing something right.”

It has not gone unnoticed in wider circles. The OC industry has faced increasing scrutiny, particularly after an ABC Four Corners investigation last year uncovered systemic misconduct – from inflated fees to opaque insurance deals. The exposé accelerated long overdue reform, with the Victorian Government now reviewing the Owners Corporation Act.

For Michael, who had already been pushing for higher standards, the inquiry was a vindication.

“We actually welcomed it,” he said. “We’ve been operating with transparency since day one, so any move to lift regulation only helps the sector. At the end of the day, this is about people’s homes and investments. They deserve managers who are accountable.”

What sets Inner Owners Corporation apart is not only its ethical stance but also its comprehensive service. The team facilitates AGMs and regular committee sessions, handles budgets, levies and financial reporting, and supports sustainability initiatives such as EV chargers and solar conversions. Through an online portal, committee members can access live financials and transaction details, giving them confidence and control over their building’s affairs.

For many, the shift from their previous managers has been transformative. Michael frequently fields calls from committee chairs who had grown used to silence or delay. “The biggest feedback is how much easier it is to deal with us,” he said. “They know who they’re talking to, they get consistency of staff, and responses are fast. But more than that, they’re given information and guidance to make informed decisions. That sense of collaboration is crucial.”

Michael describes the relationship in corporate terms. The lot owners are the shareholders, the committee is the board, and Inner Owners Corporation acts as senior management – executing decisions while providing advice. “It’s about empowering committees. Not just dumping information on them but giving them the tools and recommendations to make the best calls for their buildings,” he said.

As the sector braces for reform, Michael is optimistic. He has already made a formal submission to the state government’s review, and he believes stronger compliance and oversight are on the horizon.

“The barriers to entry are too low. We’re managing millions of dollars in trust accounts with little oversight. That has to change. Any step towards better regulation is a step in the right direction.”

Looking back, the accountant who was initially reluctant to get into the property sector admits he has found his calling in an unexpected place. From one building in Footscray, Inner Owners Corporation has grown into a force reshaping strata management across inner Melbourne. And for Michael, the measure of success is simple.

“Clients trust us,” he said. “They know we’ll pick up the phone, give them straight answers, and manage their money with integrity. That’s all we set out to do, and that’s what we’ll keep doing.”

innerrealestate.com.au/what-we-do/owners-corporation •