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.
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There are different levels of editing—developmental, copyediting, and proofreading. I’ve found that authors are often willing to pay good money for a developmental editor, someone who walks by their side and helps to shape the book, but when it comes to copyediting and proofreading, especially if and when an author has had a developmental editor, suspicion arises as to the value or merit of these more drilled-down types of edits. Don’t let this be a blind spot; they’re important—on par with a developmental edit for sure.
Trish – I agree with your replies to this article and Carol, I agree with your comments too. And while I disagree with some of Natasa’s points, a sample edit is definitely good advice, not only for the writer, but also for the editor to ascertain what type of editing is needed. Many new, inexperienced writers still ask for a ‘proofread’, only to discover what they actually need is a developmental edit. I also agree with Natasa’s point that a good rapport is crucial. As to the suggestion that an editor shouldn’t be working on seven to 10 books per month, well, I never work on more than two (although I do fit in other small projects for regular business clients – they break up the working day and help me to refocus). I don’t know how anyone could work on such a large volume of books effectively — or at all — unless they were very short books!
So because of this and because I don’t live in NYC or LA, I decided I may have better luck writing a book, which I have been doing for several months now and enjoy; however, I know it needs work and I can’t go back to the 5th grade and pay better attention to the simple “put your period here and comma there” lessons so I was hoping to learn as I go with reading, writing and seeing my finished product after hiring an editor.