When an athlete declares themselves to be a professional, one of the first things that they will do, is to hire a sports agent. An agent is a person who is hired to negotiate contracts, handle accounting and legal affairs, and to give advice on signing opportunities for the client. Many times a sports agent will have a background in law, but it is not required. An agent will have to have good knowledge of sports, contracts, and have good negotiating skills. An agent will make between 3% and 10% of the athlete’s earnings, depending on the laws of that particular sport.
In this business, many agents are just looking out for themselves and their own wallet. Once your playing days are over, or you are no longer what they see as marketable, or a profit to them, they do not care about you. So when it comes down to it, does an athlete really need an agent or can they be their own agent?
When an athlete is first starting out, they may want to retain an agent. This is because they will help finalize the initial contract signing. Once that happens, find a lawyer that you trust, fire the agent, invest time and money into yourself, and learn what it takes to understand the business. Learning how to manage yourself is important and valuable.
Many times an agent points the client in the wrong direction and the client loses everything. If an athlete manages oneself, they are more likely to do what is best in their own interest. Greed is a key motivator for agents. They try to get the athlete the most money, so in return they can get more money, but it sometimes backfires and could tarnish an athlete’s image in the public. In situations, when there is no agent, the negotiations can run smoother.
In today’s society, an athlete can promote themselves via http://www.cutlergrp.com/. With social media everywhere, and it being so easily accessible, it is easy for that person to get their name out there and promote themselves from within. They are able to market themselves and negotiate what they want, endorsement wise and financial wise.
A good, trusted lawyer is all that the athlete needs. The lawyer will make sure to review paperwork to ensure an athlete is getting a good, fair deal, at a rate less than the agent.