Dream Home Makeover stars Syd and Shea McGee welcomed their third daughter on July 18

mcgee family baby
Credit: Lucy Call

Syd and Shea McGee's newborn daughter Margot's name has a special meaning — and a subtle connection to their two older girls.

The Dream Home Makeover stars opened up exclusively to PEOPLE about welcoming their third little girl in this week's issue and shared some insight into choosing her name.

"I've always liked the name, but I loved that it means pearl in French. And I just felt like, oh, she's going to be the little pearl in our family," says Shea, 36. The translation also means the name has a link to nature, just like their other daughters, Wren, 8, and Ivy, 5.

mcgee family nursery
Credit: Lucy Call

The Netflix stars also took a practical approach when making their name list. "For me, I had to test to make sure it sounded good with McGee," Shea adds. "And honestly, once I said 'Margot McGee,' Syd was like, that's it."

Once they both agreed on the choice they told Wren and Ivy. "The girls started calling her that. And so there was no going back," Shea explains. "We've known for a while, we weren't going to change it because everyone had been referring to her as Margot since pretty early on."

mcgee family
Credit: Lucy Call

Wren and Ivy couldn't come to the hospital for Shea's delivery due to COVID-19 restrictions, but the girls couldn't wait to meet their new sibling. When they arrived home, Shea says, "They came bolting in the door and ran straight for the couch so that they could hold her."

WATCH THIS: Dream Home Makeover's Shea and Syd McGee Share the Story of How They Met

And they couldn't be more thrilled with their big sister duties. "Everyone wants to hold the baby. I've constantly got my phone timer out, like, 'You get five minutes, then you get five minutes,' " says Shea.

The couple revealed that they were expecting again in a January PEOPLE cover story. Margot arrived via a planned C-section on July 18.

"We're so excited to welcome baby girl number three into our family!" the couple told PEOPLE at the time. "Margot McGee joined us Sunday morning and mama and baby are doing great!"