NEED A MANAGER?
January 30, 2012
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How to Choose the Right Manager
What exactly does a manger do?
A manager should be working in your best interests. Not only does this benefit the manager, whose commission increases the more the artist earns, but its his job! Your manager should be a hard working, well-known, and well connected representative on your behalf. The manager’s duties include: providing guidance and counsel to the artist, legally representing the artist, and finding the most lucrative and productive deals available to that artist. Basically, they handle your business for you.
Who should I hire?
You should hire someone experienced to manage your deals. An inexperienced manager, like a friend or family member, may lack the necessary skills needed to fully leverage your artistry. They may also lack the industry contacts to get you major placements. Make sure that you check the credentials of a potential manager and see who they’ve managed in the past or who they are currently managing. Get someon who knows what he’s doing.
How does the manager get paid?
Managers get paid by commission. Now, how much commission they receive depends on the experience and reputation of the manager. If the manager has plenty of industry experience and a good track record, then you can expect a commission rate around 20%. However, if the manager is relatively new, then a 10% pay rate is acceptable. If you find yourself among the top level managers in the industry, those who have worked with superstar artists, then don’t be shocked by a 30% commission rate which should also give you an idea of the type of service you can expect. So, whatever deals the manager gets you, they take a percentage of the earnings.
If you happen to be one of those lucky artists who already have managers making offers and promises, don’t rush to sign the first contract available. Often artists are too eager to make a deal and end up signing a contract that may not be the best deal possible. If you have several offers, look at them and consider the benefits of each manager and each deal and choose the one that benefits you the most. Let them compete for you.
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