8 Tips For Setting Fair Freelance Project Rates

At Storyhunter, we encourage our freelancers to negotiate for fair rates on assignments. While we don’t fix project rates, we do set floor prices based on day rates, location, and the scope of the project. Paying a freelancer fairly ensures a better relationship and higher quality product for you. But if you set a low price range, don’t expect to attract quality talent.

Here are eight tips to make sure you give your freelancers a fair rate for their time and effort.

1. Know your budget.

Be realistic with yourself and the freelancer you hire. If you have a firm price let them know and they’ll tell you what’s reasonable for them.

2. Explore a project’s scope.

Often you don’t know the ins and outs of every production, so it’s better to explore the production time and cost with them and be ready to adjust your rate accordingly. It’s a great idea to mention how many edits on average you’re doing with freelancers you’ve never worked with just to give them realistic expectations.The Weather Channel went live with Storyhunter freelancer Adrian Baschuk to cover a SpaceX Launch in Florida.

3. Manage your expectations.

When it comes to hiring a freelance video professional, expect to get what you pay for. The most skilled and experienced freelancers will require a higher rate while those just starting out will ask for less, but also produce lower quality work.

4. Invest in a relationship with your freelancer.

If your company is interested in building a strong, enduring brand, remember that this is a long-term game. If the freelancer enjoys working with you, they will consider that in negotiating the next project. And a strong relationship will mean higher quality work and better communication.

5. Err on the side of generosity.

If you’re not sure how much to offer for a one-off project, offer a higher rate. This generally leads to a better quality video and relationship from the onset.

6. Document any changes to the project.

Writing down any changes that occurs in production ensures that the communication between you and your freelancer was effective and understood.

7. Communicate your company’s expense policies.

Don’t assume your freelancer has read or automatically knows them. It’s always better to be clear and transparent about payment policies from the start.

8. Know your options.

You have more leverage in places with lots of producers than in places with less, or if you’re looking for more general skills sets over highly-specialized creators.

How does your company set freelancing rates?