English For Real Estate: Micro Location And A Property’s Immediate Vicinity

English For Real Estate: Micro Location And A Property’s Immediate Vicinity


It’s all about location, location,
location! A property’s micro location is essential when it comes to attracting
investors and tenants to a property. Stay tuned for some key vocabulary to
boost your real estate English! Hey everyone! This is Jennie from Real Estate
English Academy, the place for real estate professionals to boost their
English! Today we’re going to talk about micro location. Being able to talk about
the immediate vicinity that surrounds a property is essential whether you’re
looking to sell, lease or buy. But before we dive in, please subscribe to our
channel and hit the bell button to turn on notifications if you want to see more
videos like this one. And if you want to test your knowledge of micro location
terminology, click on the link in the video description and take our quiz! The
term “micro” refers to something that is small or restricted or reduced in size.
Micro can be contrasted with the term macro which we talk about in another
video. Unlike a property’s macro location, which looks at the general area or
region in which a property is located, when we talk about micro location, we’re
talking about the area and the immediate vicinity of the property. The term
immediate vicinity refers to the area directly surrounding the property like
the neighborhood or city district and sometimes even the street and the
neighboring buildings. Typical aspects you might focus on when talking about
micro location are the city submarket in which the property is located, the
types of businesses located nearby, shops and restaurant’s, access to transportation and, in some case, even the architecture of
nearby buildings. Let’s go across the pond this time and take London as our
example. Like most cities, London is made up of a number of submarkets, which are
used by real estate professionals to talk about specific areas of the city.
Let’s say the submarket where the property is located is an up-and-coming
area. When it comes to businesses in the area,
we see a number of heavy hitters or high performing companies looking to move to
the neighborhood and take advantage of the current growth trends. Typical
sectors include start-ups and the creative industries. That means you also
have a strong influx of young professionals looking for jobs as well
as higher earning individuals. If the micro location of your property is
attractive, you could say that it offers high quality of life, which means people
are able to enjoy the standard of living in the area. If people are able to work
and live in the neighborhood, which cuts down on commuting or travel times, you
could also say that the location offers the people there an excellent work-life
balance. Another aspect relevant to talking about
micro location is the property’s proximity to daily amenities. Daily
amenities include grocery stores, restaurants, shops, gas stations and other
places where people go to shop for their daily needs. Proximity here means being
close to something. So, if the property is in the immediate proximity of daily
amenities that means it’s very close to stores and businesses that
provide products and services covering those daily needs. Just as important in
many cases is the property’s closeness to recreational options like open and
green spaces. Parks, bodies of water and landscaped areas can add a lot to the
popularity of an area, whether as a residential office or retail location.
Bars, clubs, theaters, movie theaters, museums and tourist attractions might be
of interest as well. Last but not least we have the ever-important access to
transportation. Access to transportation will always be a factor whether you’re
talking about a retail, residential, office or logistics property and
regardless of where that property is located. Having good access to
transportation is just as important for a logistics property located far away
from residential developments as it is for a downtown office property. Here you
want to look at the freeway or motorway network, how close the property is to
freeways that provide access to other places both within and outside that
region, the distance from the property to airports and train stations and whether
or not the property boasts convenient access to public transportation with bus
stops, train stations or subway stations nearby. Which factors do you find most
important in a micro location? Let me know in the
comments below. And don’t forget to click the like button if you liked this video.
Thanks for watching! See you next time!

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