‘It’s all looking great’ for the M’s of M2 Property Group in Texas 

Friends at the age of eight and later roommates in college at Texas State University, Myra Caridad Garcia and Maelia Davis seem to have been fated to join forces as a regional powerhouse in the Texas real estate market.

But that's not how their professional lives began. 

"I started off as a little punk," Davis joked. "I was an assistant making copies for sales people at Univision in New York." Nearly 20 years later, Davis was executive vice president of network sales, and during that time, she also dabbled in home flipping, foreshadowing her eventual move into real estate. 

"So I had quite the trajectory, especially for being a Latina. It was a really amazing time where I had lots of opportunities that were ahead of my time," Davis said.

Garcia, meanwhile, was working for the Economic Development Commission in the Rio Grande Valley, but after Davis made her career change, she encouraged Garcia to consider doing the same. "I kept telling her, you need to get into real estate and it would be fantastic," Davis said. "She covers commercial, and there's such a need for women in commercial real estate," Davis added.

Davis and Garcia, who recently moved their team to The Agency, came together as M2 Property Group in 2018 and have been going strong ever since.

$60 million in listings — and more opportunities to grow

Garcia and Davis' team, which covers central and southern Texas, currently has over $60 million in listings, including over 42 listings in the Rio Grande Valley and more than 1,000 acres on the Texas/Mexico border. 

Very low acquisition costs in the region are creating "an absolute opportunity" for investors as well as homebuyers. "We have a very young population, there's a lot of employment, and people are staying so we have a continuous pipeline of demand for multifamily and single-family residential," Garcia said. 

The biggest challenge is getting on investors' radar when being overshadowed by the larger markets in the state. However, economic drivers such as the University of Texas at Rio Grande Valley and the college's School of Medicine, which opened in 2016, along with a burgeoning commercial and industrial sector, are drawing attention to the southern border. 

"We have the commercial and industrial sector, with a lot of growth seen there for manufacturing, logistics and distribution," Garcia said. "So all that to say, it's all looking great." 

'Buyers hold all the cards' 

While some homebuyers may feel frustrated by mortgage rates that have been holding steady in the high-6% range, Davis muses that it's simply a matter of perception. "I'm 60 years old," she laughed. "The average interest rate over the last 50 years was 7.75%," she said, noting that rates have jumped as high as the teens at certain points during that period.

Davis points to the fact that the ultra-low interest rates during the pandemic were coupled with historically high home prices, with many buyers facing fierce competition with no room to negotiate. "If you buy now, there's a ton of inventory," Davis said, cautioning that if and when rates decline, bargaining power might be lost due to pent-up demand. 

"The buyers hold all the cards," she said. This can be seen as an incentive for new homebuyers who can negotiate more attractive asking prices and refinance later. "And in the meantime, your property value will likely increase by about 3% a year," Davis added. 

Advice for new agents? Plan ahead — and join a team

For those considering a career in real estate — or embarking on a second career, like the M2 team leaders — Davis offered this advice: "Be prepared," she said, "and save money," noting that a large share of agents who earn their license fail to make a transaction during their first year and subsequently quit. 

Davis also points to the pitfall of joining digital brokerages where opportunities for on-the-ground mentorship may be limited. "With many new agents, no one's teaching them anything," she said. 

"I always suggest that new agents get on a team," she explained." You have to give up part of your commission, but you're learning and you're growing, and experience is the number one thing you have to get in order to be able to keep growing in real estate."