I manage STRs across multiple markets. The single biggest silent leak I see — especially from

operators who self-manage or use traditional PMs — is that nobody is tracking the right number.

Occupancy rate is vanity. A PM can keep you at 95% occupancy by pricing you $40/night below

market. Congratulations, you're fully booked and leaving $15,000/year on the table per door.

Revenue Per Available Room (RevPAR) is the number that actually tells you if your strategy is

working. It combines occupancy AND rate. If your PM can't quote it to you on a Tuesday afternoon

without pulling a report, they don't have a real handle on your asset.

I've seen this pattern across almost every market I operate in:

— PM is 'great' at occupancy

— Owner thinks everything is fine

— We run the actual RevPAR comparison against the comp set

— Owner was underpriced by 20–35% for 18 months

What's your current PM tracking, and how often do you actually audit the numbers? Genuinely curious

what people's experience has been.