The following is from a site called the actors bone, it looks like a pretty old site that is no longer getting updated, but still has some good advice
Brad Blaisdell offers the following words of wisdom:
Before you write the letter. Is your headshot great? What’s on your resume? Is is clear, clean and professional? This is much more important than what your letter says.
VERY IMPORTANT! Do you know who the agencies are in this town? Have you chosen this particular agent for a reason? Before you mail to them, know who they are and who they rep. Get the client list. Find out who they are. Agents have egos too. Big ones if they’re any good. You need to be specific. Honest. Real. To the point… NO BULLSHIT!. Clear and respectful and most important… SHORT.
Introduce yourself simply. Dear Mr/Ms, My name is ________.
Then let them know you know who they are and that this is not a mass mailing. Something that lets them know you know them… “their work.”
THE RISK. Tell them in one or two sentences something true that peeks their curiosity. For example, if I was Paul Molinaro, I’d write something like … “I went to Medical School to become a part time doctor and a full time actor. Acting is my passion, please come see me in Welcome Home Soldier.” I would call him/her 3 days later and offer to pick him/her up and bring them home after the show… or hire a limo… or whatever it took to get them there.
Now that’s a risk… but if you want results, you have to take big risks. You have to believe in yourself if you are ever going to get them to believe in you. If they shine you on or are rude … great, you learned something about who they are and they’re not who you want … now you can move on. Be bold not crazy!
The truth is the letter isn’t important, if you’re gonna follow the way other people tell you what it should be. You gotta make it up. You gotta care that much. You gotta risk your own ego to wake people up.
Don’t be crazy or nuts. Lots of wannabe actors are totally crazy and nothing will most likely work for them. You have to figure out a way to show confidence with class… And if you don’t really believe in yourself … you can’t fake it. You gotta find that first.
Agents have enough actors already. They don’t want anymore actors… UNTIL… somebody knocks them out! Excites them. You might be the best actor in the world…(we all are in our own minds) but unless an agent believes you are gonna walk into an audition they get for you and GET THE JOB… your P/R and cover letter are in the trash.
How do you do that? I don’t know. I’ve done it. I’m no where near the best looking guy. I never went to medical school … BUT this is my life … I got nothing to lose. Be BOLD.