At the ASOPA conference a number of panel member speakers described what the various portrait agencies are looking for. One panel participant summarized it thus, "They are not looking for a diamond in the rough. They are looking for a fully polished diamond complete with a solid track record of portrait sales."
A few of the agencies had representatives there. One of them (I forget which) said that they'd like to see a portrait artist who has established a market for him or herself in their own region with a track record of selling at a starting price of $3,000.
I don't know what your work is like or your experience level, but that may be exactly where you are, in which case, you might want to go for it.
However, other people at ASOPA said that being represented by an agency is no guarantee of steady work. Many portrait agents have a very large roster of artists that they represent.
There are some other threads here that touch upon this issue. One post in particular by Peggy Baumgaertner comes to mind. You might want to use the search feature and check around elsewhere on this site to see what opinions others have expressed.
Good luck!
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