Agent Forum: The Business of Books

Today I attended another great workshop put on by Lighthouse Writers Workshop. This workshop, Agent Forum: The Business of Books, was part of the Lighthouse Writers Workshop annual Lit Fest.

A panel of four New York-based literary agents gave advice and answered questions. This is what I gleaned from the workshop.

• Publishing houses make decisions by committee. An editor may love a book, but the marketing team may reject it. Most acceptance and rejection decisions made are very subjective.
• Agents establish and foster relationships with many editors over years—often over lunch. These relationships are very valuable when the agent wants to pitch your book to a publishing house.
• Often books are sold at auction. This occurs when more than one publisher is interested in the book.
• Markets are unpredictable. After an author signs with an agent, it may take one day or 1 ½ years for a book to sell to a publishing house. An agent will not agree to represent a book/author unless he is confident that he can sell it.
• Agents hope to build good relationships with authors that go on for years and produce multiple books.
• If you want to keep up-to-date on the publishing industry, check out Publishers Lunch. To see the full text of articles, you will have to join for $20/month. If you do not wish to pay that, you can still learn a lot by just viewing the headlines for free.
• Predators and Editors is a website that provides authors with cautions about literary agents. It also lists agencies, marking the ones that are not recommended.
• When you are ready to market your book, find published books that you like that are of a similar nature or genre. Check the acknowledgements for the name of the agent who worked with the author. When approaching that agent, be sure that you mention the book that you liked. Agents like recognition just like the rest of us.
• Look for submission guidelines at the website of the agent you are pursuing.
• Submit your query to many agents at the same time, but make each submission look personal. Do not send a mass email.
• Some agents want to receive a manuscript that is already in perfect condition. Others will help the author go through many revisions.
• Before signing with an agent, ask “How do you envision us working together.” Agents have many different approaches.
• Building a platform before submitting your manuscript to an agent will increase your credibility. Publish articles; write a blog; create a website; use Twitter, Facebook, and other social media to promote your professional writing ability. Publish an essay in The New York Times Modern Love column. Write a story for This American Life. Establish this platform well in advance of contacting an agent.