It’s difficult to answer this question without first addressing what an editor actually does. Editors can review the content of your writing (characterization, pacing, plot, etc.), which is often referred to as content editing; the form of your writing (the grammar, the punctuation, etc.), which is often referred to as copyediting; or both. (By the way, proofreading is indispensable, but it’s the final step of checking for typos and other glitches once the book is ready for print—any writer who thinks that proofreading is editing is in grave danger of getting ripped off.)

Excellent advice, Teymour. I’ll add this food for thought if I may… ANYONE CAN WRITE. Few people write well. Even fewer can tell a good story. IF YOU CAN TELL A GOOD STORY, and you’ve been working on a book but your writing skills are a little rusty, you need an editor who actually cares about your success, who cares about making your book the very best it’s capable of being. That usually takes an editor who instinctively goes above and beyond what’s expected. Every single author, every single story is unique. Each deserves the undivided attention of the editor.… Read more »

Check out freelance websites like UpWorkor even a great site called Scribendi. (Warning: if you source an editor from these sites, make sure you hire another, professional editor to go over it afterward. There is no way to know what you are getting otherwise. Just because the draft comes back better than it was before, does not mean it was well-edited!)
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.
I just published my fourth ebook novel recently and I've used Ebook Launch every time with very satisfactory results. They always promptly turn around the cover and manuscript formatting - and as an added bonus, they always promptly and happily answer even the stupidest questions I come up with. Adrian is very easy to work with and Dane has repeatedly come up with cover ideas when I was fairly sure that it couldn't be done.
Attention to detail is a critical skill for editors. So how do you screen out editors who might not wield a virtual red pen with the chops to catch every typo, grammar problem, style issue, and the like? You could post a job ad for an editor and subtly screen out applicants that aren’t as detail-oriented by including some fine print in the description.
It’s always sensible to follow due diligence in submitting your first draft of your book to an editor by making as fool-proof a copy as possible for you because first, it is your own creation, and secondly, a horrid draft sent your editor can end up frustrating both you and him or her. Make your own corrections to the extent you can, so that will make the job of your editor that much lighter and the end result would be a lot more effective.
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