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 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, and 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 Agencies employ literary agents to identify and represent literary talent.
When they accept an author as a client, they approach commissioning editors at the most suitable book publishers.
There may be an auction if multiple editors are interested in the author’s work. They then negotiate publishing contracts to ensure writers are fairly compensated.
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
Literary Agents generally represent writers by pitching unpublished works to editors, negotiating book deals and liaising between authors and publishers.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 writer’s work, be a career advocate, negotiate favourable 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 and negotiations”.
The work of literary agents is vastly varied. Felicity describes agents as “part Lawyer, part Accountant, part Counselor and part Editorial Sounding Board”. Specifically, literary agents perform the following functions:
• Assess manuscripts and decide which would be 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 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
Most writers have literary agents; 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.
A Literary Agent’s role is to ensure that the book is in the best shape possible so that a publisher can acquire it, and this is all for 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 be impossible for editors to go through them all.
In this case, agents help streamline this process by ensuring editors receive manuscripts for the books or genres in which 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, who can look for solutions and deliver what is needed.
In addition, Literary Agents are experts in the publishing industry and represent your interest, 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 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 fees upfront.
They work on commission meaning they don’t cost any money and are not paid until they earn money for their clients (the writers they represent).
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 an agent may work on multiple manuscripts with you before earning anything.
Now that you know that literary agents do cost money, you’re probably wondering, dear reader, how much literary agents 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 agent’s 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 is still being debated. One of the most common and major arguments 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.
Literary agents are worth the cost, especially reputable and trustworthy ones. Because literary agents work hard to boost a writer’s work, place it at the forefront, negotiate favourable contracts for the writer they represent, and only receive payment when they’ve made sales for their clients, they are worth it.
Literary agents can spend years working with authors on their manuscripts, helping them develop ideas and pitch projects.
Their industry knowledge and connections are invaluable; the icing on the cake is that the author doesn’t have to spend a penny on 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 agents 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 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.
As a writer or author, you should be cautious of agents who ask for reading fees or upfront payments. Reputable literary agents will never charge you upfront or ask 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 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.
