We may be talking about different services. I’m referring to a full read that usually creates a 5-10 page edit letter–no in-line editing. Or, perhaps we’re just working in different corners of the market. I’m around those who are freelance editing pre-query for writers hoping to traditionally publish their genre fiction, not the kind of rigorous editing a self publishing author would need, which should rightfully be much more expensive! It’s true that most people doing freelance editing at the lower rate/rigor aren’t doing it full time. It’s an optional step for those traditionally publishing, and the prices reflect maintaining access for those writers, I believe.
I say “most of your desired criteria” because it’s rare to find an editor who will meet all your criteria. For instance, you may have to pay a few hundred to a few thousand dollars more for your top pick. Or, you may find someone at your precise price point, but their experience isn’t quite what you’d like it to be. You must be the one to assess what trade-offs you’re willing to make.
Working with a professional editor can be one of the most rewarding experiences in an author’s life. You’ll probably learn more about the craft of writing — plot, characterization, dialogue, worldbuilding… — than if you took an creative writing course. However, as is always the case in creative endeavours, critique can be hard to accept. This is why you should seek an editor who’s not only experienced in their field, but whom you’d feel comfortable receiving feedback from. In the words of one of our Reedsy editors:
Wonderful article! The difference between the types of editors can’t be emphasized enough, escpecially when it comes to price. I’ve seen too many new authors seek out a copywriter when they need a content editor. (Most bad reviews that say “they really need an editor!” reflect that.) This is a relationship and you need to be able to work with the person. If you disagree with all of their suggestions, or they can’t see your perspective, then the edit is worthless. Writers also need to be aware of the difference between an edit that’s going to help the story and… Read more »
One thing is becoming clear to me. Authors and editors have been mistakenly pitted against each other by a self-publishing system that is not currently working. Remember in the scheme of things that self-pub is very new, only a few years old. Twenty years ago, publishers put out a selection of the best and most marketable books. Editors were well-educated and got paid a fair wage. Authors received advances and royalties.

From your comment, you may be in search of a manuscript critique, where you pay a professional to essentially conduct a beta read with the added benefit of their experience and knowledge about the craft. Then they’ll give you a few pages’ worth of considerations. When I don’t have the time for such critiques (and I only critique nonfiction), I refer my clients to andilit.com.
Hey there! In my experience (as a freelance developmental fiction editor with friends in the same profession), developmental is actually the cheapest option–I think you may have made a decimal point error 🙂 The going rate in my corner of the edit-verse is around $0.008/word, not $0.08, which means a 70,000-word edit will be $560 or so. It’s possible this is different across genres, though! Just wanted to drop a note so any aspiring budget-minded fiction writers out there can take heart .
Most editors in my genre charge from 002 to 007 per word. That’s for developmental and FLE, (Final line edit) – three rounds in all. The 10,000 fee you mention here would put off anybody from ever hiring an editor. I know few writers who could pay that, which is why Amazon is flooded with poorly written and badly edited books. I would encourage writers to contact other authors in their genre for tips on editors and to cultivate good beta readers.
I would absolutely encourage authors to find someone who fits their budget, offers payment plans and will work with them to get the services they can afford (some authors might be able to get away with just a manuscript evaluation, for example) I have to agree with the previous comments. Someone who is working for two bucks an hour can’t possibly be a professional, no matter how fair their prices, and that does not bode well for your end product.

Even if a book is well-written, and even if it’s been edited professionally, success isn’t guaranteed. Publishing success is partly about branding and design, partly about getting in front of readers so they can start reading, and mainly about whether you satisfy their expectations and over-deliver on genre conventions. We want to do more than simply editing or proofreading your book. We want to help you make sure readers love it. But the sad truth is, most submissions we receive are nowhere near ready to publish, and are suffering from common but easily avoidable first-time author mistakes. How does YOUR book measure up?

Recently a client asked me to do a sample edit and quote to copyedit his MS, which is a biography of his late grandfather’s career (and exploits) as a senior police officer early last century. When I did a short sample edit (4 pages), I realised there were some pretty major issues with his writing and the structure. So I sent it back with my comments and we discussed doing an MA, which I did. Now he’s working on sections of his MS and then sending them to me (he has poor health so we are doing it in stages). It’s a collaborative effort and we’re enjoying working on it together. If you have a client who is open to working with their editor, their book can become something they are really proud of, and it’s equally satisfying for the editor.
Fiction writers may want to join a writers group or workshop to benefit from the help of others who have experience with your genre and can help you develop your craft, challenge flaws in your narrative or character development, and help you improve the overall quality of your story. A flawed plot or character is much harder to revise after you finish writing your book, so it’s important to catch such problematic aspects of your book early on.
Every author must decide what is important to him or her in an editor, but in these days of electronic communication, honestly I do not think it is important to seek a local editor unless your book is specifically related to something of local interest. Even in that case, you may benefit from the perspective of someone who does not have all the local knowledge it can be easy to presume, so that you can prepare your book for a wider audience.
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