A modeling agency is simply defined as a kind of company that represents models to work in the fashion industry. A modeling agency earns its income via commission from the deal or contract they made for and with the fashion model.
The top modeling agencies usually work with fashion designers and advertising agencies with big budget. They invest a lot of money to develop their talents so that they can viably increase their status within the fashion industry.
These top modeling agencies usually train their models, layout portfolios, get test shoots and put together the composition photo cards or comp cards as well as the other printed materials their models need.
Modeling agencies usually find work and close deals and contracts by presenting their fashion models to photographers, ad agencies and designers, booking jobs and appointments, billing for the jobs and appointments and eventually paying their fashion models for their time and effort.
By handling the details of the assignments, a modeling agency allows a fashion model to focus and concentrated on modeling and not on the main business end.
Because fashion modeling is such a fast moving and a very competitive business that extends beyond the usual 9-5 work, a modeling agency usually conducts their business round the clock in order to handle any type of emergencies like rush jobs and cancellations.