Innovation

Wedgewood did not simply add an innovation upon their existing business model; their innovation was and currently is the foundation of their business since their establishment in 1985. They carved a new path in the real estate investments space by acquiring distressed single-family housing through foreclosure sales, revitalizing the homes, then supplying those homes back to the market by reselling them. Essentially, Wedgewood is transforming unlivable single-family homes into potentially life-long ones. Hannah Smith, Director, said, “our company was originated on a simple idea: to leave everything a little better than we found it.”

Inspiration

Wedgewood’s unique and innovative business model was the brainchild of their Founder, President, and CEO, Gregory Geiser. Greg is a native of Oklahoma and attended Oklahoma State University for his undergraduate degree. During his senior year, he purchased, renovated, then resold his first investment property for a profit. This was his first “light-bulb” moment. Following multiple years of corporate work, Greg attended his first foreclosure sale and acquired his second investment property. He utilized the same formula on this property as the first, and it served as the tipping point for the creating of Wedgewood in 1985. “Greg Geiser founded Wedgewood with the purpose of revitalizing communities, one home at a time,” said Hannah. For Greg, the monetary profit was a bonus. He truly cared about making a positive impact in the housing space by resupplying the market through the revitalization of distressed or abandoned properties.

Overall impact

Wedgewood’s housing investment strategy was the backbone of its foundation and success. The company began and grew solely through the acquisition, renovation, and resale of distressed homes in California, primarily the Los Angeles region. “Wedgewood’s single-family investment success is the reason why Wedgewood is where is it today: an integrated network of companies focused on the revitalization of real estate and creation of investment opportunities,” said Hannah. This innovation drove incredible growth and success for Wedgewood as a business.

For society, Wedgewood’s innovation reintroduced unlivable properties back into the housing market. They do the dirty work to fix up these distressed properties for the betterment of the communities that they operate in. They also sell their renovated properties at affordable price points, varying at each region. Not only are they supplying more housing to society, but they are also doing it in a way that allows families or individuals the ability to afford them. For the environment, Wedgewood’s innovation varies drastically from new home construction by saving and reusing the materials that are still structurally sound. They go out of their way to preserve as much of the original home itself to reduce their material usage. This lessens overall material waste and consumption for the betterment of the environment.

Business benefit

Greg’s innovation benefitted Wedgewood tremendously. Since 1985, they grew from a handful of employees to over 500 currently. Their single-family homes operations expanded from a few acquisitions per year in Los Angeles to thousands per year across 730 cities nationwide and growing. Wedgewood themselves grew from one business model – investing in distressed single-family homes – to multiple differing businesses including realty services and commercial real estate acquisitions. The innovation produced benefits galore for the company.

Social and environmental benefit

Society and the environment also enjoy their share of benefits. Society benefits from an increased supply of livable single-family homes. Alongside the supply benefit, the reintroduced properties are also offered at a more affordable rate than the market in each appropriate region. The environment indulges in the benefit of less material consumption and usage as Wedgewood strives to preserve and maintain as much of each original home as they can.

Interview

Hannah Smith, Director