When can management fee be less than 10%?

[Charles Kennedy]

Hey BP,

A friend and I are under contract on a quadplex and in our proforma have assumed a 10% management fee. However, we are projecting rents of $1,125/unit or $4500/month. With a property that brings in so much income, do we have the potential to have a fee less than 10%? At what point will a manager consider taking less than 10%? 

Additionally, we will also plan to have a $150/month utility fee as units 1/2 are submetered as one and 3/4 are submetered as one. Would the property management company take 10% of this as well?

Finally, what are the main things YOU look for when interviewing property managers?