April 24, 2025 • 12 mins
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EPISODE DESCRIPTION
In this episode, Tom & Brandon share one of their trainings with Tango, where Tom breaks down how you can spot the right clients for multiple advanced mortgages strategies, improving your conversion rate.
***
TANGO ONTARIO
📧 Email Us → ontario@tangofinancial.ca
***
CONNECT
📸 Connect on Instagram (Brandon)
***
SAY THANKS
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Welcome back to another trainingsession episode where we pull back
(00:03):
the curtain, give you behind thescenes access to the strategies,
insights, and conversations wehave at our brokerage, Tango
Financial.
This is real training, real
takeaways to help drive results inyour business.
So enjoy.
All right, today's gonna be a
quick one, but it's, I'm gonnaleave you guys with a really good
resource after this.
So in my head over the last couple
(00:23):
of days, I was trying to thinklike, who are my avatars when
looking at any leads that come inacross my plate, whether I've
already started on theapplication, or whether it's just
from the upfront discovery call, Ireally want to dial in who my main
avatars are so I can recognizethem right away.
Part of these strategies, theseadvanced strategies that we're
diving into isn't always aboutexecuting on them.
(00:44):
Of course, we want to get to thatpoint, but even just having these
conversations with people willreally help your conversion rate
on keeping these clients in yourorbit and ultimately closing.
mortgage with you.
I'm going to run through each
strategy and who the avatar is forthat strategy.
Starting off with cash damming,the avatar for a cash damming file
is any client that owns one rentalproperty and has a primary
(01:07):
residence.
The second piece to that is anyone
that has an amortization with 15plus remaining on the primary.
If those two things, or I guessthree things sync up together,
That is fair game, game on forcash damming.
Even if it's a client that'scoming in your orbit that is maybe
doing a buy and sell, moving up inthe property ladder, and they
(01:29):
identify as a cash damming client,definitely pitch this to them.
If you are doing cash damming, putit out there.
Even if they don't pursue doingit, it's going to be stickier.
So second piece here, secondstrategy is debt swap.
So any clients that have at least50K of non -registered
investments, and well, really,that's it.
If they have non -registeredinvestments in like 50K plus, then
(01:50):
definitely run the numbers in yourcalculator, the debt swap
calculator.
And oftentimes, it does make sense
to do it.
There's a couple things that you
do need to know about the debtswap strategy.
For example, selling off theinvestments.
the client may be incurringcapital gains, or they might be
incurring any fees selling offthose investments.
These are just things that youwant to double check on, but at
(02:12):
least having the conversation withthem upfront, and you can get into
the nitty gritty details there.
I'll give you an example of one
occasion that I'm actually workingon right now, one example of a
debt swap is my client who earns,I mean, household income is just
below a million dollars.
They're high income earners.
I presented the debt swap strategywith the, I think they had 70K in
(02:33):
there.
assets in their savings account.
It's like, hey, this money is justsitting there.
Let's go ahead and go forward withthe strategy.
Here's the benefits of it.
That just reminds me, it doesn't
have to be non -registeredinvestments that they're using.
It can be other things like asavings account, or if it's even
in a TFSA, and I'm going toexplain in a second how that
(02:57):
works.
With this client, he had money in
the savings account.
I pitched him that.
have Instead of just using thatmoney, he's like, hey, you know
what?Let's do a full 400K mortgage debt
swap.
I'm going to drain my TFSA and use
my non -registered and my savings.
I'm like, well, just keep in mind,
you can't bring that money backinto a TFSA because you're not
(03:17):
going to be able to take advantageof the tax -deductible debt on the
mortgage because it's in aregistered account.
He's like, that's cool.
I'm going to put it in non
-registered, and I'm going to topup my TFSA.
rather quickly with the income weearn.
Bottom line, it's not always justcut and dry.
You do have to look at outsidemeans there.
In this case, it does work for himto drain it from his TFSA, and it
(03:41):
makes sense for him to do it.
That's debt swap.
Brandon, interrupt me if I'm goingtoo fast on any of these.
Yeah, this one piece to add on theTFSA, if they sell from it, they
can't re -contribute that roomwithin the same year.
It has to fall into the followingyear.
And just a little note for them,if they log into their CRA portal,
right now, it would just show themavailable room from like the seven
(04:02):
grand that the CRA adds.
It's because the financial
institutions report to the CRA bythe end of March each year.
And then the CRA updatesinternally by like end of April,
because they're slow.
So just let the client know that
they should be manually trackingthat as well.
But then they can cross referencewith the CRA.
Ultimately, it's something theyshould track themselves because
CRA admits it right on their thingthat their tracking is imperfect.
(04:25):
Yeah, exactly.
Yeah, I remember seeing that note
there too on the CRA.
And that's a good point that the
contribution room isn't availabletill the following year too.
So that's something you want tohave a conversation with the
client.
Power of the paycheck.
So this one, it's funny.
I didn't really think the strategy
would get that much buzz withclients, but I just started.
(04:46):
pushing a couple of videos outthere on social with the power of
the paycheck strategy.
One of them is becoming one of my
highest performing posts onInstagram and getting a lot of
traction there.
It's a really cool strategy.
It's for anyone that has...
How I look at it is any client
that has... a really high netpositive monthly cash flow, this
strategy could work really wellfor them.
(05:07):
To give you an example, if theybring in 10K a month in income and
their expenses are only 5K amonth, they're netting 5K a month,
this strategy would be really goodfor them.
It works well for salaried andsole proprietors.
Anyone that's incorporated, itdoesn't work as well for, but
that's really just the avatarsyou're looking for, for power of
the paycheck.
Purchase plus improvement.
(05:28):
This can be any first -time homebuyer that has a bit more room in
their ratios.
I like to present these options
now with their pre -approval.
Even if they're not asking for a
purchase plus scenario, if youembed it in the pre -approval as a
second option, it's something thatthe banks are not doing.
You're going above and beyond andshowcasing that, hey, we look
(05:51):
outside of just getting you thestandard mortgage.
We look at strategies as well.
This goes really well hand in
hand.
with pitching this to realtors and
showcasing the added benefits thatyou have for your client journey,
your pre -approvals with theirfirst -time homebuyers.
Just make sure they have a bitmore room in the ratios, run the
numbers on the back end, andpresent it in their pre -approval
(06:13):
budget.
Just be quick on it.
You don't have to go into thedetails of how Purchase Plus
works, like drawing the money andhaving contractors, all that
stuff.
You don't need to go into the
details on there.
Just show them the highlights of
it.
rental suites so any first -time
home buyer you can showcase thistoo so how i like to use this is
(06:34):
if they Our first time home buyer,you're showcasing the budget, show
them a second option saying like,hey, if you do buy a home in this
area, you'll talk to the realtor,figure out market rents, but use
the market rents and pre -approvethem using those market rents and
show them how much it increasestheir pre -approval amount.
So it's very similar to thepurchase plus strategy where
you're showcasing the secondoption, even if they don't ask for
(06:55):
it, because oftentimes peopledon't really think about going
this route.
The really cool part is if it's a
realtor that you haven't workedwith, and you go to them and you
ask for market rents, they'regoing to be asking why, and you're
going to tell them exactly whatyou're doing there for their
client.
Yeah.
And for all of these strategies,what you want to do is sell the
(07:16):
outcome.
So Tom, if you can scroll up a
bit.
So like cash damming, I'm not
selling the client on cashdamming.
I'm saying, hey, what if we canmake your mortgage tax deductible
and pay off your primary residence10 years faster?
That's something sexy.
Debt swap.
What if we could lower your rateor we can get more money for your
investments and create taxdeductions as well that way?
Sexy.
Power of the paycheck.
You're selling the outcome here.
(07:37):
You're not saying, okay, hey, this
is the power of the paycheck.
That's not what you're pitching
the client on.
You're saying, I'm going to show
you how we can use your availablefunds and have you paying less
overall interest.
All of these things.
Don't go granular, don't go nittygritty, just sell the dream.
And then once the client getshooked on the vision, then they're
willing to do the couple extrasteps that are required to make
(08:01):
these advanced strategies work.
What I like about these client
avatars too, is you can take eachstrategy here and build out a
campaign.
So you have your messaging set for
these clients.
You're not always recreating the
wheel.
You're writing it for your first
client that you have that does it.
and you're just rinse and repeat
(08:21):
duplicating that.
So every client that's a good fit
for this, you can have them followon a drip campaign, or you can
manually have those emailstemplated in Yesware, for example,
and just have them go out to theclient as they fit.
Yeah, right now we're building outa cash damage drip campaign for
anyone that... that subscribes,not subscribes, but downloads my
resource through social, they gettapped into a client journey.
(08:44):
It's just cash damming.
But yeah, you can build out
specific ones for each one, or youcan just have a master where
you're just showcasing all ofthese different strategies, which
it's just a different way aboutgoing about it.
And that's a great point.
Don't use the actual strategy
names all the time.
I rarely do in my social videos.
And when I talk to clients, I'mnot saying, power the paycheck,
(09:04):
like they're like, what the heckis that?
Just sell the outcome, likeBrandon said, be brief with it.
And, and you'll do really well.
And this is this is really for
you, you guys as a resource, youcan just have this on your
computer, like an on a tab, one ofyour favorites on the browser tab
(09:24):
there.
And that way, you can just always
reference this.
And then of course, like As you
get more comfortable with this andyou do these more often, you won't
really need this to reference allthe time, but this is a really
good place to come back to anduse.
Yeah, one thing also that I'vebeen doing is just picking one of
these strategies.
Our days are pretty full of
prospecting and different shitlike that.
(09:45):
What I do on the weekend is I justhave one of these videos and I'll
go on Strategy Hub and I juststart learning a little bit more
on each strategy.
So week after week, I'm getting
better.
And I'm just adding like one to
two hours of work on a weekendthat like maybe it's when my kid's
playing on their iPad or likewatching a movie or at the end of
the night, like someone like thefamily's binge watching some
(10:06):
series I don't give a shit about.
I'm just doing this.
And that's going to put you a stepahead every other broker who is
just taking the weekend off to godrinking.
You don't need to commit a fullday work weekend.
I understand like the value oftime with family and resting and
all that shit.
Putting one to two hours extra in
for your learning really helps youwhen you go into the next week.
(10:28):
And I find it's really been makingme excited to go look for those
opportunities in the week thatfollows.
Yeah.
And if this feels overwhelming,
start small.
These first two, Purchase Plus and
Rental Suite, those are two easylayups that you can present
clients and realtors that nobody'stalking about.
And I know it sounds very basicand standard.
Of course, everyone knows what aPurchase Plus is, all of you guys
as mortgage brokers.
selling the outcome and the dream,
(10:49):
nobody does well.
I should say not nobody, but not
many people do it well with thepurchase plus and rental suite.
So start small.
small.
You could do the first, the bottomtwo there, and you could have your
content for the next 90 days, justshowing different scenarios on
these.
And you would get leads and you'd
become the expert in it.
And anytime that referral partner
comes up with that scenario,you're going to get the business.
(11:10):
Yeah, absolutely.
Good stuff, guys.
Well, get out there, get after it,and we'll catch you soon.
Welcome back to another trainingsession episode where we pull back
(00:03):
the curtain, give you behind thescenes access to the strategies,
insights, and conversations wehave at our brokerage, Tango
Financial.
This is real training, real
takeaways to help drive results inyour business.
So enjoy.
All right, today's gonna be a
quick one, but it's, I'm gonnaleave you guys with a really good
resource after this.
So in my head over the last couple
(00:23):
of days, I was trying to thinklike, who are my avatars when
looking at any leads that come inacross my plate, whether I've
already started on theapplication, or whether it's just
from the upfront discovery call, Ireally want to dial in who my main
avatars are so I can recognizethem right away.
Part of these strategies, theseadvanced strategies that we're
diving into isn't always aboutexecuting on them.
(00:44):
Of course, we want to get to thatpoint, but even just having these
conversations with people willreally help your conversion rate
on keeping these clients in yourorbit and ultimately closing.
mortgage with you.
I'm going to run through each
strategy and who the avatar is forthat strategy.
Starting off with cash damming,the avatar for a cash damming file
is any client that owns one rentalproperty and has a primary
(01:07):
residence.
The second piece to that is anyone
that has an amortization with 15plus remaining on the primary.
If those two things, or I guessthree things sync up together,
That is fair game, game on forcash damming.
Even if it's a client that'scoming in your orbit that is maybe
doing a buy and sell, moving up inthe property ladder, and they
(01:29):
identify as a cash damming client,definitely pitch this to them.
If you are doing cash damming, putit out there.
Even if they don't pursue doingit, it's going to be stickier.
So second piece here, secondstrategy is debt swap.
So any clients that have at least50K of non -registered
investments, and well, really,that's it.
If they have non -registeredinvestments in like 50K plus, then
(01:50):
definitely run the numbers in yourcalculator, the debt swap
calculator.
And oftentimes, it does make sense
to do it.
There's a couple things that you
do need to know about the debtswap strategy.
For example, selling off theinvestments.
the client may be incurringcapital gains, or they might be
incurring any fees selling offthose investments.
These are just things that youwant to double check on, but at
(02:12):
least having the conversation withthem upfront, and you can get into
the nitty gritty details there.
I'll give you an example of one
occasion that I'm actually workingon right now, one example of a
debt swap is my client who earns,I mean, household income is just
below a million dollars.
They're high income earners.
I presented the debt swap strategywith the, I think they had 70K in
(02:33):
there.
assets in their savings account.
It's like, hey, this money is justsitting there.
Let's go ahead and go forward withthe strategy.
Here's the benefits of it.
That just reminds me, it doesn't
have to be non -registeredinvestments that they're using.
It can be other things like asavings account, or if it's even
in a TFSA, and I'm going toexplain in a second how that
(02:57):
works.
With this client, he had money in
the savings account.
I pitched him that.
have Instead of just using thatmoney, he's like, hey, you know
what?Let's do a full 400K mortgage debt
swap.
I'm going to drain my TFSA and use
my non -registered and my savings.
I'm like, well, just keep in mind,
you can't bring that money backinto a TFSA because you're not
(03:17):
going to be able to take advantageof the tax -deductible debt on the
mortgage because it's in aregistered account.
He's like, that's cool.
I'm going to put it in non
-registered, and I'm going to topup my TFSA.
rather quickly with the income weearn.
Bottom line, it's not always justcut and dry.
You do have to look at outsidemeans there.
In this case, it does work for himto drain it from his TFSA, and it
(03:41):
makes sense for him to do it.
That's debt swap.
Brandon, interrupt me if I'm goingtoo fast on any of these.
Yeah, this one piece to add on theTFSA, if they sell from it, they
can't re -contribute that roomwithin the same year.
It has to fall into the followingyear.
And just a little note for them,if they log into their CRA portal,
right now, it would just show themavailable room from like the seven
(04:02):
grand that the CRA adds.
It's because the financial
institutions report to the CRA bythe end of March each year.
And then the CRA updatesinternally by like end of April,
because they're slow.
So just let the client know that
they should be manually trackingthat as well.
But then they can cross referencewith the CRA.
Ultimately, it's something theyshould track themselves because
CRA admits it right on their thingthat their tracking is imperfect.
(04:25):
Yeah, exactly.
Yeah, I remember seeing that note
there too on the CRA.
And that's a good point that the
contribution room isn't availabletill the following year too.
So that's something you want tohave a conversation with the
client.
Power of the paycheck.
So this one, it's funny.
I didn't really think the strategy
would get that much buzz withclients, but I just started.
(04:46):
pushing a couple of videos outthere on social with the power of
the paycheck strategy.
One of them is becoming one of my
highest performing posts onInstagram and getting a lot of
traction there.
It's a really cool strategy.
It's for anyone that has...
How I look at it is any client
that has... a really high netpositive monthly cash flow, this
strategy could work really wellfor them.
(05:07):
To give you an example, if theybring in 10K a month in income and
their expenses are only 5K amonth, they're netting 5K a month,
this strategy would be really goodfor them.
It works well for salaried andsole proprietors.
Anyone that's incorporated, itdoesn't work as well for, but
that's really just the avatarsyou're looking for, for power of
the paycheck.
Purchase plus improvement.
(05:28):
This can be any first -time homebuyer that has a bit more room in
their ratios.
I like to present these options
now with their pre -approval.
Even if they're not asking for a
purchase plus scenario, if youembed it in the pre -approval as a
second option, it's something thatthe banks are not doing.
You're going above and beyond andshowcasing that, hey, we look
(05:51):
outside of just getting you thestandard mortgage.
We look at strategies as well.
This goes really well hand in
hand.
with pitching this to realtors and
showcasing the added benefits thatyou have for your client journey,
your pre -approvals with theirfirst -time homebuyers.
Just make sure they have a bitmore room in the ratios, run the
numbers on the back end, andpresent it in their pre -approval
(06:13):
budget.
Just be quick on it.
You don't have to go into thedetails of how Purchase Plus
works, like drawing the money andhaving contractors, all that
stuff.
You don't need to go into the
details on there.
Just show them the highlights of
it.
rental suites so any first -time
home buyer you can showcase thistoo so how i like to use this is
(06:34):
if they Our first time home buyer,you're showcasing the budget, show
them a second option saying like,hey, if you do buy a home in this
area, you'll talk to the realtor,figure out market rents, but use
the market rents and pre -approvethem using those market rents and
show them how much it increasestheir pre -approval amount.
So it's very similar to thepurchase plus strategy where
you're showcasing the secondoption, even if they don't ask for
(06:55):
it, because oftentimes peopledon't really think about going
this route.
The really cool part is if it's a
realtor that you haven't workedwith, and you go to them and you
ask for market rents, they'regoing to be asking why, and you're
going to tell them exactly whatyou're doing there for their
client.
Yeah.
And for all of these strategies,what you want to do is sell the
(07:16):
outcome.
So Tom, if you can scroll up a
bit.
So like cash damming, I'm not
selling the client on cashdamming.
I'm saying, hey, what if we canmake your mortgage tax deductible
and pay off your primary residence10 years faster?
That's something sexy.
Debt swap.
What if we could lower your rateor we can get more money for your
investments and create taxdeductions as well that way?
Sexy.
Power of the paycheck.
You're selling the outcome here.
(07:37):
You're not saying, okay, hey, this
is the power of the paycheck.
That's not what you're pitching
the client on.
You're saying, I'm going to show
you how we can use your availablefunds and have you paying less
overall interest.
All of these things.
Don't go granular, don't go nittygritty, just sell the dream.
And then once the client getshooked on the vision, then they're
willing to do the couple extrasteps that are required to make
(08:01):
these advanced strategies work.
What I like about these client
avatars too, is you can take eachstrategy here and build out a
campaign.
So you have your messaging set for
these clients.
You're not always recreating the
wheel.
You're writing it for your first
client that you have that does it.
and you're just rinse and repeat
(08:21):
duplicating that.
So every client that's a good fit
for this, you can have them followon a drip campaign, or you can
manually have those emailstemplated in Yesware, for example,
and just have them go out to theclient as they fit.
Yeah, right now we're building outa cash damage drip campaign for
anyone that... that subscribes,not subscribes, but downloads my
resource through social, they gettapped into a client journey.
(08:44):
It's just cash damming.
But yeah, you can build out
specific ones for each one, or youcan just have a master where
you're just showcasing all ofthese different strategies, which
it's just a different way aboutgoing about it.
And that's a great point.
Don't use the actual strategy
names all the time.
I rarely do in my social videos.
And when I talk to clients, I'mnot saying, power the paycheck,
(09:04):
like they're like, what the heckis that?
Just sell the outcome, likeBrandon said, be brief with it.
And, and you'll do really well.
And this is this is really for
you, you guys as a resource, youcan just have this on your
computer, like an on a tab, one ofyour favorites on the browser tab
(09:24):
there.
And that way, you can just always
reference this.
And then of course, like As you
get more comfortable with this andyou do these more often, you won't
really need this to reference allthe time, but this is a really
good place to come back to anduse.
Yeah, one thing also that I'vebeen doing is just picking one of
these strategies.
Our days are pretty full of
prospecting and different shitlike that.
(09:45):
What I do on the weekend is I justhave one of these videos and I'll
go on Strategy Hub and I juststart learning a little bit more
on each strategy.
So week after week, I'm getting
better.
And I'm just adding like one to
two hours of work on a weekendthat like maybe it's when my kid's
playing on their iPad or likewatching a movie or at the end of
the night, like someone like thefamily's binge watching some
(10:06):
series I don't give a shit about.
I'm just doing this.
And that's going to put you a stepahead every other broker who is
just taking the weekend off to godrinking.
You don't need to commit a fullday work weekend.
I understand like the value oftime with family and resting and
all that shit.
Putting one to two hours extra in
for your learning really helps youwhen you go into the next week.
(10:28):
And I find it's really been makingme excited to go look for those
opportunities in the week thatfollows.
Yeah.
And if this feels overwhelming,
start small.
These first two, Purchase Plus and
Rental Suite, those are two easylayups that you can present
clients and realtors that nobody'stalking about.
And I know it sounds very basicand standard.
Of course, everyone knows what aPurchase Plus is, all of you guys
as mortgage brokers.
selling the outcome and the dream,
(10:49):
nobody does well.
I should say not nobody, but not
many people do it well with thepurchase plus and rental suite.
So start small.
small.
You could do the first, the bottomtwo there, and you could have your
content for the next 90 days, justshowing different scenarios on
these.
And you would get leads and you'd
become the expert in it.
And anytime that referral partner
comes up with that scenario,you're going to get the business.
(11:10):
Yeah, absolutely.
Good stuff, guys.
Well, get out there, get after it,and we'll catch you soon.
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