STATUS: Today was basically a day of working on negotiations. Fun.
What’s playing on the iPod right now? PARADISE BY THE DASHBOARD LIGHT by Meatloaf
Whenever I have multiple negotiations going on, I take extensive notes on each offer. What has been covered, what’s resolved, what’s outstanding. It’s too easy to think an issue has been handled because you’re remembering the conversation you had with the editor who was on the phone 10 minutes ago and is not the editor for the deal you are currently discussing.
This is why I also like to confirm everything by email as well. Then there is a written record of everything discussed.
So some interesting stats on Negotiations
1. Agents rarely negotiate on the same day an offer is made (unless it’s a pre-empt).
2. Negotiations rarely conclude in one day. I would say the average length to negotiate a deal (as in the deal points—not the actual final contract) is 4 or 5 days—and that depends on if an auction is going to unfold or a pre-empt offered. Mostly is just takes that long to work out the language if there are special instances that need to be handled in the contract or just general questions that need to be answered before the real negotiation can even begin.
3. Negotiation can be involved but they are rarely contentious. Truly, it’s usually about two people discussing solutions on how both parties can get what they need. Usually that’s resolvable but not always. I’ve only ever had one editor yell at me during a negotiation and quite simply, I won’t deal with that person anymore.
4. The heart of the negotiation isn’t always about the advance. Trust me, it’s always about the money to some extent but there are certain contract elements that are more important to have (or not have) in the contract.
5. When to start a negotiation may actually be the most important factor to consider. Does one negotiate for a new project before the numbers are in for the current book or does one wait until those numbers are available?
And that’s a whole other discussion for another day.
“Dashboard Light” is one of the best songs ever recorded. Good taste. Good blog.
When to start a negotiation may actually be the most important factor to consider. Does one negotiate for a new project before the numbers are in for the current book or does one wait until those numbers are available?
Can that other day be Friday? ;]
I’m actually a debut author with a big house and a big agency and this is the situation I’m in! Do I wait for the numbers to make a deal and risk having those numbers come in lower than hoped and therefore making a deal with an advance lower than hoped? Or do I negotiate before the book hits the stands and if the numbers come in high simply look to royalties to make up the higher advance I may have missed out on?
I – as I’m sure many others – would love to hear your advice about this.
I’m in the same situation that anon describes as well. My first book is coming out in August, and I am working on book 2 of my two book deal which is also due in August. I have a pretty good idea what I want to do for book #3, and the big question for me is – do I negotiate book 3 before book #1 comes out or do I wait until after it come out. I realize I have to finish book 2 first, but that will be soon. And then what? Wait for the first book to debut or make a contract while I’m still an unknown quantity?
I’d be interested in an agent’s perspective on this.
Congrats, Anonymous 5:54!
So, if it takes a few days to work out the deal points, when do you call the author? As soon as the offer comes in, or after you’ve finished the initial negotiations?
Personally, I think you should take them out, get them soused, and convince them to sign everything over to your wicked little ways. But hey, that could be why I’m an author, not an agent. 🙂
I believe I have learned more from you over the past few months than I have reading articles and books over the past year.
Thankyou, for everything. I hope I am as helpful to someone someday.