Is 5% property management fee too high? How much responsibility?

[James W.]

I am in escrow to buy a 10,000 sq foot commercial building in Southern California with 13 tenants. I plan on using the existing property manager who says he will charge a 5% management fee. Do you think this is too high?

Also should the property mananger take care of everything including electricity, property insurance, etc or should I take some of that responsibility myself? Being a business owner, I am always concerned about embezzlement, is that something I need to be concerned about with a property manager?

Should I give them free reign to do any maintanence without notifying me and just send me a monthly statment?