Getting reputable, honest and trustworthy literary agents who would rather forfeit their sales than lose their integrity has been a daunting challenge, especially in the 21st century, where making money quickly and smartly has become the new rave.
Imagine investing so much time and effort on a manuscript (including sleepless nights) and hiring the services of a literary agent at a great cost, only to discover that literary agency services don’t cost so much and you were unfairly taken advantage of due to your ignorance of how much literary agents cost. This would be an exasperating and frustrating experience right? And you just wish you could get your hands on that crook of a literary agent.
But this can be prevented and in this article, you will not only be enlightened on literary agency fees (how much literary agents cost), but you’ll also be exposed to the Literary Agency world as a whole. I.e. who literary agents are, their functions, their benefits to you as a writer (whether upcoming or veteran) and if they are worth the cost. So buckle up dear reader, our journey begins.
Who Is a Literary Agent?
According to Wikipedia, “a literary agent is an agent who represents writers and their written works to publishers, theatrical producers and film studios, and assists in sale and deal negotiation”. Literary agents most often represent Novelists, Screen Writers and Non-Fiction writers.Literary agents are employed by Literary Agencies to identify and represent literary talent. When they accept an author as a client, they approach commissioning editors at the most suitable book publishers and if multiple editors are interested in the author’s work, there may be an auction. They then negotiate publishing contracts to ensure writers are fairly compensated for their work.
Although the agent’s primary role is to sell books and negotiate contracts, your agent can also be your motivation, your first editor and your biggest supporter.
Functions Of Literary Agents
In general, Literary Agents represent writers by pitching unpublished works to editors, negotiating book deals and liaising between authors and publishers.According to Robert Lee Brewer, “Literary Agents work to place a writers work, be a career advocate, negotiate favorable contracts and handle a lot of the business side of publishing, so writers can focus on their writing”. In the words of Felicity Blunt from Curtis Brown, one of the leading literary agencies in the U.K, “Agents represent the interests of writers to publishers, newspapers and production arms (be that theatrical, podcast, motion picture, television) in deal making an negotiations”. The work of literary agent is vastly varied. Felicity describe agents as “part Lawyer, part Accountant, part Counselor and part Editorial Sounding Board”.Specifically, literary agents perform the following functions:
• Assessing manuscripts and deciding which would be suited suitable to submit to particular publishers and imprints.
• Reading query letters from prospective authors, responding to rejected queries and requesting sample chapters or complete manuscripts.
• Suggesting editorial changes to authors.
• Undertaking market research to predict how well a book is likely to sell.
• Pitching books to publishers.
• Attending auctions if multiple editors are interested in a manuscript.
• Being the main point of contact between authors and publishers.
• Negotiating terms with the publisher such as the author’s advance, royalties or rights (such as film rights or foreign rights).• Managing authors’ publication schedules, contracts and payments.
• Offering authors guidance and encouragement. Although literary agents may help authors polish their manuscripts and suggest changes to make the work more presentable and marketable, their focus is majorly on the business aspect of publishing.
Benefits Of Literary Agents
The vast majority of writers have literary agents and for most writers, getting a literary agent is the first step in the long but exciting journey to getting published.
Literary Agents work on an author’s manuscripts with the author before sending them out to an editor. The role of a Literary Agent is to make sure that the book is in the best shape possible so that it can be acquired by a publisher and this is all to the benefit of the writer or author.
Literary Agents also act as a crucial connection to the rest of the industry. For example, for writers hoping to sign with a publisher, having an agent is a key part of the process, as many publishers don’t take unsolicited submissions. i.e. manuscripts a publisher receives directly from a writer without asking for them and without an agent.
This is because the volume of submissions received would be so high that it would almost be impossible for editors to go through them all. In this case, agents help in streamlining this process by making sure editors received manuscripts for the types of books or genres they have expertise or interest in.
In other words, as Felicity points out, Literary Agents are an “invaluable buffer” for authors and publishers. Authors and editors can channel their complaints, problems and frustrations to the agent and the agent can then look for solutions to such issue and deliver what is needed.
In addition, Literary Agents are experts in the publishing industry and represent the interest of you, their client. They have inside contacts with specific publishers, they know which editors are most likely to purchase a particular book or manuscript, they can secure the best possible book deal for you, negotiate a fair contract, ensure you are paid accurately and fairly and run interference when necessary between you and the publisher in order to protect your rights.
Do Literary Agents Cost Money?
Literary agents just like other agents, do in fact, cost money. But the good news is that reputable literary agents do not charge any fee upfront. The work on commission, which means they don’t cost any money and are not paid until they actually earn their clients (the writer’s they represent) money. In other words, they only get paid when you, the writer are paid.
If a literary agent likes your work and offers to represent you, the agent won’t earn any money until your book is sold. Such agent may end up working on multiple manuscripts with you before he or she earns anything.
Now that you know that literary agents do cost money, you’re probably wondering dear reader, how much they cost. Let’s find out.
As a writer, literary agents usually charge a commission on earnings you make from the deals they negotiate on your behalf. While there are a few exceptions, the most widely accepted and common commission for a literary agent is 15% of domestic book sales (sales made within the author’s country) and 20 to 25% for the sale of rights in markets that require another agent, especially in cases where the agent has to pair up with another agent or agency for foreign sales (sales made outside the author’s country) or film right deals.
For example, if an agent places a book with a publisher and negotiates an advance of $15,000, the agents fee will be $2,250 (15%) for a domestic sale and $3,000 (20%) or $3,750 (25%) for a foreign sale of film right deal.
Are Literary Agents Worth The Cost?
This has been a bone of contention amongst writers and it is still being debated about today. One of the most common and major argument usually put forward for not pursuing literary agents is that authors can earn higher royalties if they self-publish.
This is true, but it’s not without certain disadvantages in the sense that the author has to become the publisher, doing everything at his or her own expense and if the author’s books don’t sell, he or she could end up losing money.
Some writers prefer to do all the work themselves, while others prefer engaging the services of Lawyers to handle their contracts. Although some authors do very well with self-publishing, hiring literary agents is a personal decision, depending on your own preferences, circumstances or both.
I am of the opinion that literary agents are definitely worth the cost, especially the reputable and trustworthy ones. Given the fact that literary agents work hard to boost a writer’s work, place it at the forefront, negotiate favorable contract for the writer they are representing and only receive payment when they’ve actually made sales for their clients; they are absolutely worth it.
Literary agents can spend the years working with authors on their manuscripts, helping them develop ideas and pitch projects. Their knowledge of the industry and their connections are invaluable, and the icing on the cake is the fact that the author doesn’t have to spend a penny on any of this.
In addition, literary agents can help you negotiate for better deals, help you with any challenge or uncertainty in your career and find opportunities for you that you might not have discovered without them; and since the only way for writers to get book deals with major publishers is with the help of literary agent or agency, the cost of hiring literary agents is a cost worth taking.
So, to answer the question “are Literary Agents Worth The Cost?” The answer is undeniably “Yes”.
Conclusion
Literary agents are invaluable for new or upcoming authors and can be useful even for self-published authors. Many successful self-published authors often seek out literary agents to handle things like foreign rights or film/TV rights.
You as a writer or author are however advised to be cautious of agents who ask for reading fees or upfront payments. Reputable literary agents will never charge you money upfront or ask you for fees to consider your work or read your manuscripts.
Having good knowledge of how much literary agents cost will make you more alert and cautious of literary agents who ask you for money in order to sign a contract with them or direct you to publishers who charge hefty fees to publish your manuscript under the guise of offering you a traditional publishing deal.
