“Detroit is where to be.” This is what John Ferchill, of The Ferchill Group expressed to our class. He mentioned that there is definitely room for growth in the Detroit area. Although residential real estate is not always the avenue that he suggests to target, especially in the current era of the troubling mortgage industry. From Ferchill’s advice it is easy to gather that this is the best opportunity for any entrepreneur to get their business ideas off of the ground. Detroit clearly has it’s eyes open to revitalization.
One of the main characteristics that makes John Ferchill so successful is his ability to execute. Ferchill is well known and highly respected within the Real Estate Development market. Ferchill received his bachelors degree in Engineering, although he feels that this field has not contributed to his success. He is a true example that your background does not always dicate your future. Ferchill was enlightening because he told the story of his journey. In the beginning, he really didn’t begin with very much capital, but through hard work and effort he has definitely grown into an empire. One of the concepts that he seems to have perfected is the idea of niching oneself. Ferchill explained that he has capitalized on what he has been good at, rehabilitating historic properties.
I look forward to the completion of Ferchill’s current project, the Westin Book Cadillac Hotel. He discussed how this will soon be one of Detroit’s major attractions. He mentioned that he will have the ability to forecast when the hotel will be filled. He feels that there is a direct correlation between the success of sports teams, and the demand for hotel rooms and entertainment avenues. This is how Detroit will soon re-build itself in the eye’s of the tourist. Thanks to John Ferchill, and many future entrepreneurs we can definitely look to Detroit for future success!
