Rich money models is a fashion design entertainment company, not an agency. However, these are the things a model should be aware of when dealing with agency.
A modeling agency is a company that represents fashion models, to work for the fashion industry.These agencies earn their income via commission, usually from the deal they make with the model and/or the head agency, or company who hires the model.
The agencies find work for models by presenting them to designers, photographers, and ad agencies. The agencies are also responsible for booking the jobs, billing for the jobs, and eventually making sure the model is paid by the companies who hire them for their time. By handling the details, an agency allows a model to focus on modeling and not on the business end.
A popular and conventional way for models to build their contacts and get booked for gigs is through model management companies or agencies. An agency specializes in finding gigs for models that are signed with them, while managers are there to guide their models and help them start, develop, and establish successful careers, present models to booking agents, and arrange placements for their models.
Most agencies sign their top talent to exclusive contracts in each market, which vary in length based on the model’s industry status and experience. However, because a good agency finds their models work and negotiates top price for their talent, they earn a management commission (between 10% to 20%) from every job they book on a model’s behalf. An agency usually bills a client an additional 20% service charge for booking the model, so a typical agency will make between 10-40% on each booking of which no more than 20% comes out of the model’s pocket. This varies outside the US due to each country’s law and taxes.
Agencies do not pay models. Models are paid by outside companies who hire them through agencies to do jobs.