STATUS: I was “this close” to getting to everything on my TO DO list today.
What’s playing on the XM or iPod right now? MY WAY by Frank Sinatra and Willie Nelson
Last year, a fellow agent friend and I gave a workshop on doing a single-book contract versus a multi-book contract. I was a little surprised at how many writers showed up for it. Hey, maybe these would make a few good blog entries.
First Q: When is doing a single-book contract ideal and when is a multi-book contract best?
Answering this question takes into consideration a lot of different factors. Let’s start with the obvious. If you write genre fiction, it’s almost always to an author’s advantage to do a multi-book contract.
For example, if you write fantasy and the first book being sold is the first in an envisioned trilogy, well, it would be better to have the publisher commit to three books. That way the entire series has a shot of being published. It often takes several books for a series to pick up momentum. What’s important is the publisher commitment—even if in the end a series does well and it was “undersold” initially in terms of the advance.
More common case is that a series has to build over time with the subsequent books and then the books start to earn out. Besides, who wants to sell book 1 in a trilogy only to be left in a lurch if the publisher doesn’t pick up the other books? It’s not easy (read “nearly impossible) to sell books 2 & 3 to another house. If sales are sluggish, it’s really unlikely another house will pick it up.
For another genre such as romance, careers build best if an author can release books within 6 to 8 months from each other. That means really tight schedules/deadlines for the author to make that work so doing multi-book contracts make sense. It’s also best to do multi if the stories are “linked” (as in they stand alone but have characters that might have been introduced in first novel).
Is there an advantage or disadvantage for doing 2 books vs. 3 or 4? Sure. Lots of agents differ on their opinion of this so I can only speak for myself. In general for me, the number of books sold at one time depends on the author (how fast he/she can write), on the project (how many books envisioned) and whether I think the author was undervalued. What I mean by that is if the offer was initially too low for a 3 or 4 book deal or if I thought the monies should have been higher in the auction and I don’t want to lock the author in for too many books at the lower rate. Obviously, reverse is true. If the monies are good, then why not lock in for more books as the commitment is strong from the publisher.
As you can see, lots of factors at play. How does an agent know? We’ve been doing this long enough that we pretty much use our gut sense of what feels right as the offer unfolds. I’ve yet to be wrong.
I’ll talk about single-book contract tomorrow.