An Important Truth About Restaurant Real Estate

An Important Truth About Restaurant Real Estate

I bet you’ve heard the expression. I’ve said it a hundred times here myself. Real estate. Real estate. Real estate. One of the most important things
you could ever do in your restaurant. But, do you know
what the most important real estate is for your restaurant today? I’ll tell you right after this. Hey everybody, Ryan Gromfin. Author, speaker, restaurateur and the founder of as well as That’s right.
Real estate. Real estate. Real estate. We’ve all heard it.
Real estate is crucially important. If you have a bad location, you’re gonna spend a ton
on marketing to try to get people there but if you’ve got a great location
that’s perfect for your concept with great foot traffic, you’re not gonna have to spend
that much money on marketing. So, sometimes spending more
on rent is better, than saving on rent and needing
to spend it on marketing but that’s not what we’re talking about
here today. I’m talking about your online real estate. Today, second to your physical location and dare I even say, more important, maybe
more important than your physical location is your online real estate. Now I don’t just mean the URL, like
what your website address is. That used to be crucially important.
Not so much anymore because we use search engines
a lot more now than ever. The most important real estate
you can have, I think, is possibly online, but the most important online real estate
you can have is your reputation, your online reputation. Sure, sit here tell me I hate Yelp,
I hate TripAdvisor, I hate all those. Great! I hate them too but I also love them. See the difference is,
is you’re just looking at all the negatives of it. You’re, you’re trying to look at it
from a way that I can’t control it, I have nothing to do with it, people are such jerks,
they’re putting these terrible reviews up but if you take control
of the online review process and you get a hundred, two hundred,
five hundred, a thousand four and five-star reviews, your restaurant is going to skyrocket. Now, in this video I’m not getting
into the specifics of how we do this. I’m just saying, you better fall in love
with online review sites and you better prioritize this
as maybe the most important real estate for your restaurant ever
or at least it’s going that way because if you ignore it and you proceed with 5 reviews or 20 reviews
or 30 reviews or three stars and you complain about it
and don’t do something about it, you’re gonna get hurt.
I have heard recently about restaurants trying to expand
to other locations and landlords are denying them leases because their original location
has three stars. No landlord wants
to be associated with that. They want four and a half,
they want five, they want four stars in their locations. They don’t want to take a risk
on someone who might fail with three stars. Or how about this, let’s assume
you’re doing all this great marketing, right. You got Facebook ads, you’ve got Facebook,
you got Twitter, you got social media, maybe you’re doing some newspaper,
radio whatever, if someone has never heard of your restaurant
and now they have heard of your restaurant, you’ve created the awareness? Now, we have to turn them into a customer. What’s the first thing someone’s gonna do
when they go from, “Huh, never heard of that place,
let me check it out” to wanting to go and become a customer. They’re gonna Google you, that’s right. And when they Google you,
what’s gonna show up? If I Google your restaurant, do it right now, Google your restaurant,
what’s the first thing that shows up? Well, right now I’m telling you
the first thing that should show up, when I Google your restaurant,
is your website. The second thing that shows up,
should be 500 reviews or a thousand reviews on Yelp,
TripAdvisor, Zomato any of those online websites with four and a half stars
for your restaurant. If you’re not in the multiple hundreds
of reviews, with four and a half stars
just under your website, you are not controlling
the most important real estate for your restaurant, which is online. It’s the only way
you’re gonna convert someone who has just now heard of you
or a friend told them about you into a customer. Now, if you want me to introduce you to people that I work with
that help manage this for you because it’s one less thing for you
to need to worry about, you don’t want to go out
and learn all the technical stuff of how to do the SEO
and review gathering and how to build review websites
and do surveys and emails and text messaging
and all this stuff that it takes to own your online reputation,
that’s fine. I have a team of people that I work with that do this day in and day out
for restaurants all over. Go ahead and fill out the form
below this and I’ll have them get in touch
with you and you guys can do a quick chat and see
if it’s the right thing for you or not. But if you’re not gonna have someone else do it for you, you better start figuring out
how to do this yourself because your online real estate
is possibly the most important real estate for your restaurant ever. Hope you enjoyed this week’s video and I look forward
to bringing you another one just like it next week. Have a wonderful day. I want to thank you
for watching that video. if you can do me three really quick favors right now, very quick. The first, is if you haven’t already, will you subscribe to this channel? In a moment,
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8 thoughts on “An Important Truth About Restaurant Real Estate

  1. Hi, Ryan love your content. I'm planning to start a restaurant (food & beverages), what should I be more concern the location or the investment?

  2. Great content! I was just having this discussion w a client the other day.

  3. Great video, just not impressed with the recommendation of the restaurant review manager. We tried them because of your recommendation & they didn’t workout for us. We’re a hole in the wall place that strongly depends on our online reputation. We have followed most of what you preach to us & it’s great stuff that works. Try googling “Jefe’s Taco Shop” & see for yourself. We understand that Yelp isn’t fair but we believe in providing a great experience. We understand that we’re not a perfect fit for everyone. We prefer to walk someone than to fulfill their taco Tuesday .99 cravings. This will allow you to focus on the Golden 80/20 rule. Most importantly the reason restaurants fail is because this is the longer path & most restaurants don’t understand business credit & become under capitalized real quick with their personal credit being maxed out & personally guaranteed. Ryan, keep posting your videos to the community cause they’re very much appreciated.

  4. Y don't u surpass kfc if u have tactics

  5. Thanks for your videos. I was wondering if you have anything in stock management/ordering correctly according to sales forecast. Cheers

  6. Thanks, Ryan. You're short & sweet videos are always impactful! I'm a Chef of19 years and your videos are always motivating. Makes me excited not just for the food aspect of my career but the why's & how's of the other side of the fence. Keep'em coming. Big thumbs up.

  7. I totally agree. Would you agree that a restaurants location can depict if it is sit down or fast food?

  8. Thank you for your time and efforts for making these videos. Enjoyed it, liked it, subscribed and learned a lot from it. Keep it going.

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