I firmly believe that people who chase only after money will eventually find themselves without it.
Braden Power is an entrepreneur and real estate developer located in the Dallas area. The founder and co-owner of Power Properties with his brother, Braden has changed the game of real estate development with his exquisite attention to detail and innovated designs. Braden has taken some of the worst places in the surrounding Dallas area and transformed them into high-quality communities and rental units in the Metroplex. Together, Braden and his brother Craig work to purchase, renovate and manage residences putting the experience and luxury at highest priority.
Braden enjoys to travel in order to be inspired. Through international travel and his experience in design, he creates unique designs like no other. He reinvents the way people view their living environment, turning each property into a luscious oasis. One of his personal favorite properties is a high-end home that features a pool in the central corridor that can be seen from almost every room in the home. The bathroom in this home has full spa-like amenities including a rain shower.
Braden Power has won various awards for his entrepreneurial skills including: the Herman Entrepreneur Award, the BF Foundation award, a YMCA scholarship and other scholarships from SMU and USC. Through these scholarships, he gained drive and was inspired to start Power Properties.
It has become his life’s ambition to positively impact the way people view their living environment. Included in his passions is the power of philanthropy. He cares greatly about giving back to the community and desires to help those less fortunate. Braden is always brainstorming scholarships and initiatives to make an impact on communities in need. Some of his specific philanthropic causes at the forefront for Braden are: prison reform, human trafficking, homelessness and environmental issues.
While Braden isn’t working on real estate and endeavoring in philanthropic efforts, he takes his best efforts to ensure he’s living a healthy lifestyle. Through exercise and nutrition, Braden stays active in all of his niches.
Where did the idea for Power Properties come from?
The idea of Power Properties came from a class at Smu In 1991. During my senior year at SMU, I took a business class and was asked to create a business plan. I decided to not only create the plan, I followed through with it with a purchase of my first project during the school year.
What does your typical day look like and how do you make it productive?
My typical day starts with working out at 6 am. By 8, I start my day by creating a list of what i need to achieve. I make a point to list the items that I need to complete in chronological order. If I am not involved in a project, my activities mostly consist in helping the daily management of the business. My personal phone number is on the company website, therefore I often field calls during the day with unresolved concerns from my residents.
How do you bring ideas to life?
When I began Power Properties, I had very limited resources. In order to finish my first project, I exchanged housing and food with homeless people for help in rebuilding my first home. Together, we completed my first project.
What’s one trend that really excites you?
The trend that excites me the most would be the new forms of solar being offered. In particular, I think the solar roof tile from Tesla is going to make a huge impact on both solar and roofing. The pricing is reasonable and the aesthetics really knock it out the park.
What is one habit of yours that makes you more productive as an entrepreneur?
When I started Power Properties, I made a commitment to not go out socially during the week. I allowed my fun to be isolated to Saturday evening. I also credit my success to waking up each morning at 6 and working out. It gives me a fresh start and clears my mind for the day.
What advice would you give your younger self?
The advice I would give my younger self would be to not give blind trust to the people handling your accounting regardless of your relation to them. It is always wise to have a 3rd party review the bookkeeping and your taxes.
Tell us something that’s true that almost nobody agrees with you on?
I firmly believe that people who chase only after money will eventually find themselves without it. Many entrepreneurs create a business with the singular motivation for money. I believe this is a recipe for disaster. If you focus more on your passions and the doing the right thing, money will come naturally.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
As an entrepreneur, I work regardless of whether I have something to do. I consider Monday through Friday a work week. If I am in the middle of a project, I spend my time researching for new material and prospective projects. I also constantly visualize what I want my future to look like. As long as I keep the ball moving in some form, I feel as if I have had a productive day.
What is one strategy that has helped you grow your business? Please explain how.
The one strategy that has helped grow Power Properties is staying in front of the curve and creating a product that separates Power Properties from the competition. As long as you offer something that is different than your competitors, you will not be as subject to the fluctuations in the market.
What is one failure you had as an entrepreneur, and how did you overcome it?
It is always a risk to step out of the formula that makes you successful. I decided to invest in creating projects in high-end residential real estate. Although I was consistent with my past ventures in creating a unique product, the high-end real estate market was very new for me at the time. The cost of building the home was more than expected and the home was sold without a profit. Because of this, I learned how to custom develop everything from cabinets to steel doors directly with factories. Although the initial models were costly, I eventually learned how to create the same look and feel at fraction of the cost. By cutting out the middleman, it allowed me to go forward and work on projects with same high level of sophistication without the high cost. I also developed a business model of offering these products direct to other developers through a company I started named belair.com
What is one business idea that you’re willing to give away to our readers?
One business idea that continues to work for me is to figure out how to cut out the middleman whenever possible. You can apply this idea with almost about everything you do in business. For instance, You don’t need to a real estate agent to broker a deal. Everything you need to know is offered on the net. This same idea goes for energy, insurance, products, and even banking.
What is the best $100 you recently spent? What and why?
The best $100 I recently spent was randomly buying tickets to a sporting event for one of my maintenance men. Recognize someone’s efforts with a small token, and you will be repaid tenfold.
What is one piece of software or a web service that helps you be productive? How do you use it?
Rentcafe with Yardi Management systems has been a godsend for our offices. It streamlines the process of renting our apartments and adds a much needed professional look and feel to our business model.
What is the one book that you recommend our community should read and why?
The one book I would recommend everyone to read is The Tipping Point by Malcolm Gladwell. It has really helped me to stay on course and realize their is a cause and effect to everything a person does. Continue to keep the ball moving, stick to your passions, do the right thing, and eventually, at the split of a moment, all your desired dreams will come true.
What is your favorite quote?
“Money is usually attracted, not pursued.” – Jim Rohn
Braden Power on LinkedIn:
Braden Power on Twitter: @BradenPower