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Author Topic: Reedsy: reviews + promo code for new users  (Read 3582 times)  

Offline editorusrex

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Reedsy: reviews + promo code for new users
« on: October 15, 2015, 12:31:00 PM »
Have any of you heard of/used Reedsy? I signed up as a freelance editor on the platform a couple of months ago, and have done a few projects there. Most new freelance clients still find me through word of mouth, but I usually get at least two or three queries from Reedsy every week.

Today they sent me a referral link to share with friends that gives new users $25 credit. (It give me $25 site credit, too, but that's pretty useless to me, since I'm not an author.)
Obviously, if you sign up with that and then share your own code, you'll have $50 to spend on editorial services with an array of vetted editors and designers.

My review of the site so far: I think the company's basic idea is solid, and they did a thorough job vetting me and my editing track record before listing my profile on the site. (The site's cofounders said in an interview they'd received about 5,000 editor applications so far, and only about 300 had made it through the vetting process.)  My main complaint about it is the money: they take 10% of freelancers' fees, and then tack on another 10% to the authors' side. There's also a 2.9% processing fee from Stripe (like Paypal), which comes out of the freelancer's side. Here's how it works with actual numbers:

Example quote for editing services: $500
Reedsy's 10% of freelancer's total: $50
Stripe's Fee (calculated from author's total, but taken from Freelancer side): 2.9% of $550 = $15.95
Total paid by author: $500 + the Reedsy 10% fee = $550
Total Received by Freelancer: $500 - 10% - Stripe fee =  $434

I'm willing to forfeit some of my fee for the convenience of having the site handle security and payment, so that I never have to chase down an invoice, but a 23% bite feels too high.  I also don't like that the format for providing quotes means that freelancers have to spend a lot of time pitching clients that may never hire them.  Outside of Reedsy, clients generally come to me rather than the other way around, I haven't yet figured out how to build in compensation for the time it takes me to use the site and pitch dead ends. I'm still using the site, but I've started explicitly building in some of those fees into my initial quote.

Anyway, I'm eager to hear authors' thoughts on the site, and happy to answer any questions about my experience using the site as an editor.

Offline amdonehere

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Re: Reedsy: reviews + promo code for new users
« Reply #1 on: October 16, 2015, 01:57:47 AM »
I'll give my 2 cents as a newbie writer.

I was hesitant at first but eventually I found my copy editor through Reedsy, even though I had referrals from other writers.

Some good solid things about it (and I the writer have to pay a fee to Reedsy too).

1. Safe and secure transactions -- I've heard of writers who paid deposits to editors, and those editors disappeared, leaving the writers with money losses and desperate to find another editor. With Reedsy I feel like if something like that happens, I'll have the main site to go to for help.

2. You may feel like you're writing the self-intro for no one but it's not true. I read what the editors posted about their credentials, and it was THE most important thing for me as to who I decided to query. It's really kind of nice to have a list of service providers to choose from.

3. I don't feel as bad about letting editors know I'm considering other editors. Look, whether there is Reedsy or not, writers are fielding a number of editors. But since Reedsy is set up for me to field 5 editors at a time, I assume the editors there know that he/she is not the only one I contacted, and if I'm still waiting on sample return from other editors, I can be honest about it. They in turn would know I'm not blowing them off if I'm not getting back to them immediately, and I don't have to make up some BS excuse why it's taking me a few more days to decide.

The thing I don't like, and I told Ricardo (think that's his name), is they don't let editors post their fee range. It's not that everyone will only go for cheap editors. But it would have wasted a lot less time for the editors if I don't end up querying someone way above my budget.

I think it's a good site. I hope they will turn it into an App like Uber, because I think the self-pub world sorely needs a payment transaction system that can facilitate our transactions with editors, cover artists, etc.

Offline Eva Chase

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Re: Reedsy: reviews + promo code for new users
« Reply #2 on: October 16, 2015, 06:06:43 AM »
I went to the website, and it looks as if you have to create any account just to see any information other than what they provide on the front page? I really don't like businesses that require me to give away my contact info before I can even check whether they're offering something I'm looking for.  :(

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Offline TomShutt

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Re: Reedsy: reviews + promo code for new users
« Reply #3 on: October 16, 2015, 06:57:56 AM »
I've visited the website in the past when they first came out with their service, and it sounded exciting for a lot of editors to reach a wider market. But I echo Eva's concerns that there isn't much transparency without signing up for the site first, and there just seemed to be more hurdles than were necessary for someone who just wants to look around and browse. You need to be a member to window-shop.

As an editor, I'll probably stick to my own processes right now. As an author, your numbers breakdown was eye-opening, and if I were to find an editor through Reedsy, I'd see first if I could contact that editor by some other means (because OP is right, too much money is leaving authors and not finding its way into editors' hands). That $25 credit for new clients would be more than consumed just by the transaction fees imposed by Reedsy, so of course they'd give that opportunity.

Offline RicardoFayet

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Re: Reedsy: reviews + promo code for new users
« Reply #4 on: February 02, 2016, 10:10:35 AM »
Hey all, Ricardo from Reedsy here. First, thanks a lot for the feedback, we're constantly tweaking our product based on what authors and editors/designers/publicists tell us.

For example, we've just released our new landing page, which I believe showcases our product and offering better. I know it's hard to ask for your email address before showing you the whole marketplace, but think about it this way: we've received over 10,000 applications from professionals to be listed on our marketplace. Right now, we showcase only 350, and half of them we have sourced ourselves through personal networking. They're really, really top professionals and we cannot make this marketplace 100% open, otherwise it'd be publicly crawlable.

About the fees, TomShutt is right, we have started the referral program when we switched to this fee model on both sides of the marketplace. 20% may sound like a lot but what you may not know is that (as Alexa pointed out), we "insure" every single collaboration on our marketplace: http://blog.reedsy.com/launching-our-reedsy-satisfaction-guarantee
So, sure, you're paying a small fee (10% for the author), but in return you are 100% that you are getting the best service you can.

@Editorusrex: you actually do get $25 off using the referral program (even if you're not an author). These $25 will basically waive our fee on your side (up to $25 of course) on your next collaboration.

I'm here if you have any questions  :)

Offline C. Rysalis

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Re: Reedsy: reviews + promo code for new users
« Reply #5 on: February 02, 2016, 10:32:19 AM »
I know it's hard to ask for your email address before showing you the whole marketplace, but think about it this way: we've received over 10,000 applications from professionals to be listed on our marketplace. Right now, we showcase only 350, and half of them we have sourced ourselves through personal networking. They're really, really top professionals and we cannot make this marketplace 100% open, otherwise it'd be publicly crawlable.

This, right there, is the best pro-Reedsy argument. Their editors are AMAZING. I signed up a while back and got in touch with a number of them, so I can 110% vouch for the service. The editors listed there won't be cheap, but they really are the best.

I don't remember having to enter personal info to sign up - just a name, which wasn't even my 'real life' name, and an email address. It's less painful than many other signups I've had to go through.
« Last Edit: February 02, 2016, 10:34:17 AM by C. Rysalis »

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Re: Reedsy: reviews + promo code for new users
« Reply #6 on: February 02, 2016, 12:18:32 PM »
Riccardo, could you perhaps explain the vetting process and requirements for being accepted to Reedsy as an editor?
This was one part of the signing up process that was not clear at the beginning.  Thanks.

Offline RicardoFayet

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Re: Reedsy: reviews + promo code for new users
« Reply #7 on: February 03, 2016, 04:01:15 AM »
Riccardo, could you perhaps explain the vetting process and requirements for being accepted to Reedsy as an editor?
This was one part of the signing up process that was not clear at the beginning.  Thanks.

Sure! I actually wrote a blog post about that not long ago, since we get the question quite often: http://blog.reedsy.com/how-does-reedsy-select-its-publishing-professionals