Pub Rants

Category: deals

Negotiation Day

by Kristin Nelson

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.

Can’t Have Just One

by Kristin Nelson

STATUS: It rained last night! I’m sure people on the East Coast are saying, “what’s the big deal with that”? Well in Denver, we’ve been in a drought for several years. Right now everything is super green and that usually lasts for about 3 weeks before the lack of rain takes its toll. Fingers crossed that this spring will be different. Did you know that as a city, Denver has the most number of sunny days next to Phoenix, Arizona?

What’s playing on the iPod right now? WHY CAN’T HE BE YOU by Patsy Cline

Now this isn’t official but I’m convinced that this is a fundamental truth in the world of agenting.

Deals come in bunches.

You can go for days, weeks, or even a month without a nibble and then suddenly, two or three deal offers on the same day for different projects (or even multiple offers on one project).

Maybe it’s the law of attraction. One offer acts as a magnet for the other offers. As I reflect on my career, this has certainly been true. I wonder if other agents have experienced the same?

I’m sure it’s not like quantum mechanics or the theory of relativity that shapes the fundamental truth of how the world operates but on some days, it FEELS that way. The start of action for one project just gets the ball rolling for a whole lot of other stuff.

Kristin’s Cheat Sheet

by Kristin Nelson

STATUS: I was a working machine today. I got a lot accomplished. Makes me wonder why I haven’t even made a dent in my To Do list for tomorrow.

What’s playing on the iPod right now? WHY CAN’T I BE YOU? By The Cure

Three days into the new year and it’s already clear that I’ll be negotiating some deals in the very near future. Now remember I did that whole Agenting 101 series starting back in late June 2006. So search the archives if you want to see the whole run-down on how to negotiate a deal.

Today I thought it might be fun to share my Deal Points check list. It’s my quick and dirty reminder of all the points that need to be discussed in the initial negotiation. All agents have one. It helps to keep an electronic paper record of all the points—especially if there is a lot of back and forth during the negotiation with points changing.

Once the deal concludes, I email the editor a copy of my deal points memo for written confirmation that our negotiations match.

I tell you. It’s saved me once or twice when an editor has left a house after contracting for a book but the contracts hadn’t been generated yet or were generated but something’s missing. In general, I just like being anal and detailed-oriented.

Ask what editorial changes will be needed.
Ask for potential pub date.

1. Rights Granted (If World involved, ask for confirm of splits, reversion in 18-24 months. If audio is involved, ask for a reversion in one year if publisher hasn’t sold it)

2. Advance
3. Payout
4. Royalty structure

5. Bonus clauses (I have a whole separate notes section for kinds of bonuses I want to ask for etc.)

6. option clause (Limit option clause to one name/pseudonym/next in series/or type of work)

7. No US-only Spanish language (however, if must give, ask for 1 year reversion clause, same royalty percentage, and for it to be excluded from the option)

9. Publication time frame (as in 12 months, 18, or 24)

10. No Joint Accounting if multi-book deal

11. Discuss non-compete clause/second option for smaller work (see publication house specific notes below) –These I’m not sharing because it would take too long to include.

12. Add reserved rights clause: “All rights not specifically granted hereunder are reserved by the Author, including, but not limited to US-Only Spanish Language, translation, motion picture, television, radio, calendar, commercial merchandising, audio, video, electronic, multimedia and/or interactive electronic rights.” (This sentence changes depending on rights granted.)

Reverse Harbinger Of Doom?

by Kristin Nelson

STATUS: I’m doing great. Still working on a deal in process but hey, no one is going to be in the office tomorrow so it will just have to wait. The new network seems to be doing okay. I’ve caught a few minor glitches but minor they are so nothing to stress over.

What’s playing on the iPod right now? YOU TOOK THE WORDS RIGHT OUT OF MY MOUTH by Meatloaf

I have to admit that when it came to the genre of paranormal romance, I’ve been a little bit of a harbinger of doom.

I’ve been stressing how tight this market has become. Paranormal has been popular now for several years. Basic trends in publishing will tell us that the market will eventually get glutted and reader demand will fall off, publisher interest will decline, and those authors who are strong in the field will only get stronger but the newcomer will have a hard time breaking in.

Then I held an auction for a paranormal romance last week. The deal is up on deal lunch if you get it.

If not, I’m happy to share. Here it is:

FICTION:WOMEN’S/ ROMANCE
Author of A Darker Crimson Carolyn Jewel’s next paranormal romance MAGELLAN’S WITCH, set in a world where human magic users and demons are on the brink of disastrous conflict, moving to Melanie Murray at Warner Forever, in a two-book deal at auction, by Kristin Nelson of the Nelson Literary Agency (World).

Does it change my mind? Yes and no. Maybe I’m not quite the harbinger of doom I’ve been lately but I do think the market is still tight.

Why did this project sell and at auction to boot? Well, I’m not sure if there is an absolute answer to that but here are some thoughts.

1. Carolyn was previously published in historical romance and for one other paranormal romance. Her numbers were solid. Editors like that.

2. The story line was fresh, fresh, fresh. Of course demons have been done before but her approach had a lot of original elements.

3. World building, world building, world building. When Carolyn and I were preparing for this submission, I really drove this home. To the point where she was probably sick of me but I really emphasized the need to layer her world with small details that make a powerful whole. Small things count in a tight market.

4. Her heroine had such an interesting dynamic to her paranormal ability. In fact, in the opening pages, we aren’t quite sure what exactly is unfolding because the heroine doesn’t know either. She also suffers from crippling “migraines” which ends up being something else entirely. The emotion and the tension in the opening scenes put the reader immediately on the edge. It’s also a great hook. The heroine simply thinks she is suffering from a debilitating condition that has shaped her life. Now a whole new world opens up—literally.

5. Sometimes what causes editor excitement just is. It’s the voice, the world, an original approach, they fall in love.

So the good news is there still is room in the paranormal world—even for a newcomer—so don’t put away those elements quite yet.