The Role of
Literary Agents
Literary agents exist to sell book proposals to large
publishers, specifically the “Six Sisters,” the six big publishing houses in New York. There are several thousand literary
agents in the United States. The agent’s role is to be your salesperson. You
sign a contract, and the agent then uses their contacts with editors to sell
the book. Agents are filters: they weed out books that have little market
potential and bring those that do to the publishing industry’s attention. Agents
reject 99 percent of what comes over the transom.
For their work, an agent will take a 15 percent commission
on your book advance and subsequent royalties (and 20 percent for foreign
rights), and any other publications he or she negotiates on your behalf, such
as placing a book excerpt with a magazine. When you get paid,
the publisher mails the check to the agent, who deducts their 15 percent (minus
expenses), then forwards the rest to you. By the way, major publishing houses
tend to pay royalties twice per year.
Fifteen percent might sound like a lot, but the agent is
incented to get the best deal for both of you. Remember, they won’t earn a penny unless they sell the book. They know what a
book is worth and will fight to get the best possible terms. It’s in their
financial interest – and it’s in yours as well, since the agent can negotiate a
better deal than you can on your own. After all, what’s 15 percent of zero?
That’s right – zero.
Agents know the publishers and editors, and who is most
likely to buy a manuscript. We writers haven’t a clue – we’re not sales
people. A first-time writer has no chance – none – to get in with a major publishing house directly. They only
work with agents. Period.
However, you don’t need an agent to approach an independent
or university press – you can approach those directly yourself.
How do you find a literary agent? You’ll want an agent
registered with the Association of Authors’ Representatives. The AAR is a very
reputable listing of agents who agree to a set of guidelines, such as not
charging writers a reading fee (if anyone tries to solicit funds for reading
your work, run – do not walk – for
the door). Note that many agents have specific genres that they prefer to
represent. A complete listing of AAR agents can be found at www.aar-online.org.
Always start off your query with a one-page query letter or
e-mail. It should include a “hook” – an
introductory statement that rivets the reader, a brief description of the book
idea and the market, and a paragraph on your bio that helps explain why YOU are
the one to write this book. This is your “elevator pitch.” If they respond positively, you will
need a formal proposal. We’ll cover
proposals next week.
Literary agents often prefer working with people they
already know, which is why referrals are so important. Many agents will simply
respond, “Sorry, we’re not taking new clients at this time.” They want to work
with people that have already been successful: it increases the likelihood of
your book selling. But how can you be successful without an agent? It’s a
Catch–22.
Here’s a helpful hint: If you’re a first-time writer, look
beyond New York City for an agent. Unless you’re a major public figure, you
will have a difficult time attracting attention from anyone in the
hyper-competitive New York publishing world – they go after the big fish (to
wit: one New York agent liked my work, but rejected the book proposal for my first book, The Prohibition Hangover, because I didn’t write the wine column for a major
U.S. newspaper). Agents outside of NYC may be more willing to consider your
potential.
Having an agent dramatically improves your odds of being
published, but it’s still no guarantee. Remember Miles in the movie Sideways? He was an author who drank
from the spit bucket at a winery right after his agent told him that a
publisher had rejected his novel. Miles realized he wasn’t going to be
published. I had a Sideways
moment of my own, which I’ll tell you about one day.
Garrett Peck
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