1. Be ready: Having a demo will only serve you well if you are ready as an actor. First impressions matter, so a bad demo can make a lasting bad impression and end up setting you back professionally. Never make a demo reel until you're ready. If you are not a strong actor, DO NOT make a demo yet. If you are being coached by an industry professional, they will tell you when you are ready or if they feel you could benefit from more coaching with them or others. If you are VERY new to this industry, it's okay to piece together examples of your work so that you can market yourself for smaller scale opportunities, but it's better to NOT send out that beginner level audio-sample to any major companies or major directors/casting departments. It's better to have NO demo than to have a BAD demo.
If you're interested in voice-over training, here are some resources to check out: 
www.themorganberry.com/classes-workshops

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2. Demo Length: Nowadays the industry standard length for a demo reel is 1 minute and 30 seconds at most. (Some casting directors prefer actor's keep their demos at just 1 minute in total)
(Disclaimer: this will change quite periodically and I will update accordingly whenever the trends change)​
 

3. Never Mix Demo Types: Each genre should have their own audio file, not combined. (Animation, commercial, promo, etc...)

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4. Start Right: You'll want to show off a character voice you're skilled in with each segment/spot/take. The first two voices you showcase in particular should be your strongest and most marketable archetypes. The voices that come most naturally to you. Nothing too wacky or far from your natural range. It can help to record one segment at a time, rather than going through all spots in one go. Record and focus on one character at a time.

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5. No Impressions: The need for impressions is not as common as one may think. While it can be a useful skill, these types of jobs are not frequent. It is also important to note that you are competing with professionals in this business, and sometimes that includes the actual actors of the voices you are trying to mimic. It can potentially be a beneficial skill to imitate popular character voices and celebrities, but directors want to hear what YOU bring to the table. Your demo reel needs to showcase the various original voices you can portray. Show the directors what makes you unique! If you want to pursue impressions, you can create a separate impression reel for that endeavor.

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6. No Slate: A slate is a short introduction where you just say your first and last name (nothing more than this). From what I've been told, slates are not necessary in demo reels like they use to be. This could of course depend on the genre of your demo. My main experience is character-based voice-over, so this tip in particular could possibly be different in other areas. Always get a second or third opinion with another professional before making your decision.

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7. Accents: Do not perform accents or dialects in your demo if you can not accurately sustain and perform them proficiently. Get trained by a professional before claiming to perform those accents on a professional level.​

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8. Avoid redundancy: Each segment should contrast significantly with the one before and after. You don't want two similar vocal types to be right next to each other in the demo. There should be an abrupt tone shift with every segment. Find opportunities to switch up the pacing and volume of your performances. For character demos, we need to hear variety in vocal abilities, character archetypes, emotions, and intensity. Your character voices should vary in age, energy, and attitude. Show off your versatility. Show off as many different voice types as you have. There are differing opinions as to how long each segment should last. I am of the opinion that 5-10 seconds is a good amount of time for each spot.

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9. Writing: Most casting directors prefer that demos have original dialogue, so I recommend asking if the demo producer of your choice has a team that can write the material for you, or if you need to hire a writer yourself. Make sure that you plan what character archetypes and emotions you want to portray in your demo so that your script writer can write accordingly. Keep in mind, you do not want a poorly written demo script with stereotypical lines, and you don't want the takes to be too-short one liners. There needs to be intention with every scene you create.

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10. Music & SFX: If you're getting your demo produced professionally, this service is usually included. Having music in your reel is a great way to separate one voice from another, but it's completely optional and not always necessary. Sound effects are also optional, but they can add great nuance to your various takes within the demo.

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11. Voice Effects: In my personal experience, it is recommended that you do not add effects to your vocals in your demo. Directors need to hear your voice for what it is. Do not add vocal changing effects and do not artificially alter the pitch of your voice. (Example: robot vocal effect, monster vocal effect, radio filter, etc...)

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12. Vocal Endurance: Only feature voices that you can sustain without hurting yourself. If you can't perform a voice without it hurting, do not add that voice to your demo. Play to your strengths.

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13. Agents: If you are seeking representation with a talent agency, then having a commercial demo can help. Your agent makes money when YOU make money, and they need to know that you can book various types of voice-over, especially the gigs that offer the highest compensation rates.

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14. Production: It is strongly advised that your demo be professionally produced if you plan on submitting it to major studios, casting departments, or talent agencies. Many professional directors will disregard a demo if they can tell it is not professionally produced. In the words of Tony Oliver "If they can't invest in themselves, why should I invest in THEM?" ~ When submitting to notable companies, you need a great quality demo or it could end up setting you back on your voice-over journey. Established and respected demo producers tend to keep up on industry trends, so you'll want your demo to be produced by someone who knows what agents and casting directors are looking for. In addition to this, make sure that the demo producer you have chosen actually knows how to make voice-over demos in the specific genre that you want to pursue. Don't settle for just any cheap studio or random person on social media. Ask them what their experience is with making voice acting demos and if they have any notable voice actor clients. Listen to their demos and check out their work before making this financial commitment. Make sure you get your demo produced by someone who knows the current industry. You don't want to risk having an outdated demo. And keep in mind, one producer does not fit all. One person may excel in producing animation demos, but lacks when it comes to commercial demos. They may not know the commercial market enough to make a commercial demo in addition to animation demos. Not every producer is a "one-stop-shop". In addition to this, if a VO class you are taking comes with a free demo at the end of the course, that can be a possible red-flag. You won't be ready for a demo after just a few classes.
~ If you don't have the funds to get a demo reel professionally produced, you could potentially make a "sample" or "starter demo" yourself. However, sending a low quality sample is not ideal to submit to agencies or notable studios. A sample is more used for submitting to small indie studios and online VO jobs through pay-to-play sites.