Maggie Lynch's helpful response to this question on an Authors Guild discussion forum (published here with her permission):
Do agents prefer manuscripts that have been reviewed by a professional editor?
Before I start sending out query letters to agents, I'd like advice on whether it's worth the expense of hiring a development editor to evaluate my manuscript. I've received positive feedback from two beta readers, and I feel like the book is ready to go after 5 years work on it.
Maggie's response:
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