A guest searches your property by name because a friend mentioned it. Before they reach you they pass an OTA listing for the same room, click it because it looks like the safe option, and book. You get the guest, the housekeeping, the breakfast, and the wear on the room — minus a commission on a booking that was already yours.
What makes it worse is that you know the fix is not a rate war. It is being the obvious, credible, current-looking option at the moment of the search. But your profile has photos from the refurb before last, the last post on it is a Christmas package from a previous year, and the review from the guest who arrived at midnight to an unstaffed desk has been sitting unanswered since spring.
So the dependency deepens. Every quarter a larger share of your occupancy arrives through a channel that owns the guest relationship, which means you are renting your own demand and paying for it out of the only margin you have. Direct share is the one number that changes your P&L without selling a single extra room, and it is the one nobody has time to work on.
And when the market softens, you will discover which of your bookings were ever really yours.