Hey Nick!
Welcome to the industry. In the beginning you want to focus mostly on 2 items and they are; prospecting for clients and getting familiar with the contracts, in that order. Knowing the contracts and the ins and outs of how a transaction is conducted in VERY important but not necessary if you don't have any clients to serve so during the day, prospect for clients and after phone call hours, and your last social media post, read through and understand every word of those contracts. I would start with the "residential purchase agreement." That's the fancy name they gave the offer contract. That and the "exclusive right" listing contract will be the first two you'll really need to know with exception to the "duties owed" form. That's the form that you MUST get signed first by any client so go ahead and read through that 1 pager until you can explain it thoroughly without having to look at it.
You are immediately able to put a team under you if you possess the kind of recruitment and management skills needed to do that but I would recommend you at least do a couple of transaction yourself so you are very familiar with the process at a hands-on level.
Pros and cons could be an excessively long list especially as a new agent but here's two you can use.
Pro: Every good title company, moving company, mortgage lender, inspector, or their representative in this industry will provide you free lunch if you are willing to listen to why their company is better than their competitors. We have joked that an agent could eat free lunch every day of the rest of their life if they're willing to spend that kind of time meeting with others in the industry.
Con: Do you work regular hours? 9am-5pm or some range close to that? Would you like to keep it that way? Would you prefer to clock out, hang up your day, and have your "you" time? Well that doesn't exist anymore. Your average consumer works those same hours and after work and on weekends is when they are available to ask a billion questions and see homes and do the other 10,000 things they will need to do to buy or sell a home and as their hired expert, they expect you to have an answer and get it to them in a timely manner.
The last "point you in the right direction" point I will add here is that not all brokerages are offering you the same deal and you should be aware of the differences.
You see "100% commission" with "low transaction fees" "low monthly fees" that also means very little support for their agents from the broker. Just like with almost everything in life, you get what you pay for. But that is also why brokerages like Keller Williams who have carved out a niche as being the best training company in the industry is not cheap. (If you're producing that is. If you're not producing, it's pretty cheap) When I left it was a 64-36% split. (They keep the 36%) until that 36% adds up to $18,000 in a single 12 month period. Then, you are consider a "capped" agent on what you pay to the brokerage for the remainder of that year. For that reason, most agents start at brokerages like KW, get their sea legs, and transfer out a year or two down the road. And remember, EVERY brokerage will hire you. If you can fog a mirror, they're happy to add you to their list of agents in their office. YOU are the prize, not them.
Hope that helps!
