You’ve finished the final edits, gone through your manuscript and you’ve whipped an incredible piece, ready to be published. But that thought keeps gnawing at your throat.
You’re considering the fees of literary agents and thinking, “Are they really worth all the hype?” Can you afford an agent? What do they charge? How much do literary agents actually cost?
In this article, we’re going to look at what literary agents do, how much literary agents really cost, when are you supposed to pay them, and whether literary agents are “worth it.” Grab a cup and walk with me.
What Do Literary Agents Do?
So what do these ‘guys’ do? For starters, literary agents are like legs to your book’s Noah Lyles. They get you to the finish line.
Don’t get me wrong. You can actually publish without literary agents but they make the entire process super easy and hassle free. So let’s see what else they do besides getting your book published.
They Evaluate and Edit your Manuscript
Your literary agent is your first reader and critic. They take the time to evaluate your manuscript and provide feedback to help you refine and polish your work.
This can go as far as structural edits, line edits, and even suggestions for rewrites. Their goal is to make your manuscript flawless before it reaches the eyes of publishers.
They Connect You to Publishers
One of the biggest flexes of having a literary agent is their access to publishers. Agents dine and wine with editors and publishing houses, and it can only mean one thing or several; they can get your manuscript in front of the right people.
Unless you’re already a New York Times bestseller or wish to go solo, having a network of publishers under your belt can take your book from written to published.
They Negotiate Contracts
Negotiating a book deal can be scary especially if you’re a newbie. Literary agents have the expertise to handle contract negotiations, ensuring you get the best possible terms.
Being your agents, they have your best interests at heart and negotiate contracts from advance payments to royalty rates and rights management.
They Provide Networking Opportunities
Agents are well-connected in the literary world. They attend industry events, book fairs, and conferences, constantly networking with key players.
These connections can open benefits such as securing a book deal, landing a speaking engagement, or finding opportunities for collaboration.
They Provide Market Insights
Because they are so deeply connected in the industry, agents have their fingers on the pulse of market trends.
They know what genres are hot, what publishers are looking for, and how to position your book for success. This insider knowledge can give you a competitive edge.
Do Literary Agents Cost So Much Money?
Let’s get this straight, literary agents do cost money but their fees are you-dependent; they get paid only when you get paid. It’s a glaring red flag if an agent asks you to send them money upfront!
Typically, agents take a commission of 10-15% of your earnings from book deals, including advances and royalties. This percentage can vary slightly depending on the agent and the type of deal.
If your book is sold in international markets or adapted into a film, agents might take a higher commission, usually around 20%. This is because these deals often require additional work and expertise.
Some agents might suggest or require you to invest in marketing and promotional activities. This can include things like book tours, social media campaigns, and promotional materials.
They can offer guides, but the costs for these services are typically borne by the author.
If you are just dipping your feet into the literary pool, beware of agents asking for your money in order to sign a contract with them. That’s another red flag.
Kindly hit unsubscribe, if your agent directs you to publishers who charge huge fees to publish your manuscript.
Although agents handle contract negotiations, you might want to consult a lawyer for additional legal advice, especially for complex deals. This means extra costs but is worth it for your peace of mind.
Also consult writing bodies such as The Association of Authors’ Representatives (AAR) and The Writers Guild of America (WGA) to stay up-to-date on industry insights. Before you sign an agent, your contract should clearly spell out all percentages for you.
How Much do Literary Agents Really Cost
Let’s finally have that difficult conversation especially if you’re still filled with the excitement from writing your first book. Affording an agent worries a lot of writers, so here’s how much an agent really costs.
1. Standard Commission Rates
Literary agents typically work on a commission-based model, taking a percentage of your earnings. The standard commission rates are:
- 15% for domestic sales (US, UK and Canada)
- 20-25% for international sales
- 20-50% for film and TV adaptations
These rates may vary depending on the agent and agency, but they provide a general idea of what to expect. Some agents might charge additional fees for:
- Editorial or consulting services: $500-$5,000
- Marketing and promotional expenses: variable (usually borne by the author).
2. Royalties
When you sell a book to a publisher, they pay you an advance against royalties. Royalty is a fee on every copy of your book.
For example, if you sell your manuscript to a publisher for $10,000, and later earn $110,000 in royalties, the first $10,000 is deducted because it has been paid upfront.
The rest of the $100,000 belongs to you and you will be paid that money following your negotiation with the publishing house.
Where does your literary agent come in? With his commission. He receives the agreed commission for all the royalties you get including the one you collected upfront.
Benefits of Working with a Literary Agent
If one of these Big 5 (Penguin Random House, Hachette, HarperCollins, Simon and Schuster, and Macmillan) or any other big mainstream publishing house, tickles your manuscript, then you need to hire a professional.
The odds of getting your book published improves when you work with an agent. I’ll be honest, it’s not always rosy. Sometimes an agent may not sell a book, and the author has to write another one. But it’s better than going solo, especially if you’re new.
Here are all you stand to gain from partnering with an agent.
Direct Connections
Literary agents have established relationships with editors and publishers. They know who is looking for new manuscripts and what specific genres or styles they are interested in. This direct access can significantly increase the chances of your manuscript being read and considered.
Your Book Falls into the Right Hands
Agents don’t just send your manuscript to any publisher; they strategically target those who are most likely to be interested. This means your book is more likely to land with the right publisher.
They Boost your Credibility
Publishers often take submissions from agents more seriously because they trust the agent’s judgment and expertise. They can always put in a good word for your manuscript, giving it a competitive edge.
Secure Better Deals
Agents are skilled negotiators. They know the ins and outs of publishing contracts and can secure better terms for you. This includes higher advances, better royalty rates, and more favorable rights agreements.
Your Interests are Protected
An agent’s job is to look out for your best interests. They ensure that the contract terms are fair and that you are not signing away more than you should.
This protection is crucial, especially for first-time authors who might not be familiar with the complexities of publishing contracts.
How to Avoid Red Flags and Scams
Worried about getting scammed? You don’t need to be. Here are some tips to help you avoid red flags and ensure you’re working with a reputable agent.
1. No Upfront Payments
A legitimate literary agent will not ask for money upfront. Agents earn their income through commissions on the deals they secure for you. If an agent requests a reading fee, editing fee, or any other type of upfront payment, it’s a major red flag.
2. Too Good to Be True
Be cautious of agents who make grand promises, such as guaranteeing a book deal or claiming they can make you a bestseller overnight.
Publishing is a complex and unpredictable industry, and no one can guarantee success. Trustworthy agents will be honest about the challenges and potential outcomes.
3. Verify Their Background
Do your homework on any agent you’re considering. Check their credentials, including their track record of successful deals and the authors they represent.
Look for agents who are members of reputable organizations, such as the Association of Authors’ Representatives (AAR) or other professional bodies.
4. Seek Recommendations
Ask other authors for recommendations and read reviews. Authors’ forums and writing communities can be valuable resources for finding out more about an agent’s reputation and reliability.
5. Read the Fine Print
Always read the contract carefully to the last full stop before signing. Make sure you understand the terms, including the commission structure, duration of the agreement, and any clauses related to termination. If anything seems shady, seek legal advice immediately.
6. Exclusivity Clauses
Be wary of agents who demand long-term exclusivity without a clear plan for your work. While some exclusivity is standard, it should be reasonable and in your best interest. Avoid contracts that lock you in without providing a clear path forward.
Are They Really Worth it?
Some writers prefer to go solo and do it all by themselves. Others prefer lawyers to handle their contracts. So there’s not a 100% consensus on how much literary agents are worth.
But I’ll scream this from the rooftop, if you are concerned about fees and a reduction in your royalties, literary agents will get you more than they will ever cost you and you can never go wrong with one.
Most importantly, if you are a new author, it’s expert advice that you get an agent to guide you through the complexities of ideation to publication and land you a bestseller.
