I was going to tell Blake that his figures are actually a little low. The EFA uses lower prices than Writer’s Market (which is what I use as a starting point for my pricing). Two tenths of a cent (.002) per word? That comes out to $100 per 50,000-word book. It’s a rare editor who can accurately process 50,000 words a day, so that would be dooming an editor to living off of about $50 a day. If an editor is earning such low amounts per book, then one of two things is happening: that editor has someone else to pay the bills (thus not needing a real income), or that editor is blowing through books far too quickly in an attempt to earn enough money to survive, and is leaving errors—in which case it’s pointless to hire that editor. Undercutting on prices is unethical and it hurts everyone in the industry. I would not trust that editor. Anyone who pays such low prices is exploiting another person, which is also wrong. Authors, be prepared to pay fair prices. Editors, charge enough to survive and don’t undercut the industry standards, because you’re causing harm to everyone in the field, including yourself.
I’m a first time writer. Today I’m about 60% done with a “novel” (a thinly disguised autobiographical account of finding romance and starting a family during the Viet Nam war). I believe that hiring a developmental editor at this time would help me complete the work in a better ‘voice’, ultimately saving time and money. The alternative would be to finish the work as this column advises before submitting for edit.
I like the idea of embedding “fine print” into the initial email. I also think it’s a good idea for an author to check references; the questions Val suggested are great. Third, as another commenter said, an editor can give the author a general assessment of their book, which will help the author decide if that particular editor will be a good fit or not.
For editors who are charging pennies for what should be hours and hours and hours worth of work: I am saddened that you would ruin the market for those who have the expertise and ability to charge what it’s worth. You see, an author whose book needs a whole lot of help will see your rock-bottom prices and think that’s the norm. But the reality? That’s not normal. It’s not normal to charge sweat shop rates for something that requires top-notch quality.
Additionally, I think that many GREAT, very reputable editors absolutely will not complete a sample edit for free. They can point you to their work, their testimonials, and their references, though, free of charge. And if you’re curious why editors I know do not offer a free sample edit, check out this video to illustrate the point. https://youtu.be/essNmNOrQto

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.