IRVINE, CA—Retaillandlords should never take choosing a third-party manager lightly.The right property manager firm can make or breaka retail development, since they're working with tenants day-by-dayas a direct representative of the owner. That'swhy GlobeSt.com spoke with Passco RetailGroup's SVP of asset management GarySmith exclusively to find out what retail ownersshould consider when selecting a third-party manager. As afull-service real estate management firm, Passco Retail Group has anationwide footprint, providing management solutions and expertiseto retail landlords.

GlobeSt.com: What's the most important thing retailowners should consider when selecting a third-partymanager?

Gary Smith: The reputation of the firmyou are selecting is very important since the third party becomesan extension of your own company's brand and reputation. After yougo through all the basic factors you must consider—capacity, cost,alignment of interest, lack of conflicts—reputation really is key.I've done this for more than 20 years, and I can't imagine anythingmore critical. Examine how the manager is viewed by theircontemporaries as well as retailers. Having a really strong andpositive reputation is especially important if you value your ownreputation.