You've probably heard the term Web 2.0 by now (sometimes called the "new social media" or "new Internet"). If you haven't, these terms refer to the "next evolution" of the Internet -- blogs, social networking sites (such as MySpace and Facebook), and video sites (such as YouTube).

When you're blogging, you can get instant responses to whatever's on your mind from your readers. Pick a subject (any subject), blog about it, and the people who are interested in your topic will find you.

From YouTube, you can catch up on everything from the latest news to a course on painting to clips of an Elvis performance from fifty years ago. Not to mention a video tour of a home for sale.

MySpace and Facebook are generational sites that just may last the entire lives of the young people who are signed up on them right now. People interact and connect through these new media in ways that my generation could never have imagined—by interest, by location, and by social background (e.g, where they went to college). And in a few years, all these kids will be needing houses.

It's a different world. It truly is.

And yes, it's going to affect real estate. It can't help but touch every area of our lives.

Many agents ask me, "Should I have a MySpace account? Should I put my listings on YouTube? Should I create a real estate blog?" These are good questions because more and more consumers are plugging into Web 2.0.—consumers who are eventually going to buy or sell a property.

My answer is:

It depends.

It depends on your personality, your target audience, your business, your goals, your skills, and your technical expertise.

I know agents who are quite happy with their business levels who get all—as in 100%--of their business from personal referrals or direct mail. These agents are perfectly content to never even log on to the Internet except to check the MLS.

Good for them. They found what works and they're sticking with it.

But…

What happens five years from now? I truly can't tell you. Nobody can predict the future with accuracy. All we can do is watch and be aware of trends.

I say to these agents, "Keep doing what you're doing. But don't slam the door shut on your future potential clients. At least be aware of the changes going on and know what they're all about—even if you're not using them. Stay informed and be prepared. You may need to jump into Web 2.0 in a few years. Or not. But it's good to stay on top of change."

All we can do is watch the trends. We can see the general direction in which things are headed. It might help you to create a blog, start putting home tours on YouTube, and create a MySpace account. If you know about these tools, then by all means go for it. But you don't have to…yet.

Maybe you never will. Some old ways never go out of style. For example, look at the radio industry. In the 1950's, everyone predicted its demise when radio stars like Jack Benny, George Burns, and newsman Edward R. Murrow moved to the new medium of television.

Did radio die? No, it adapted. AM radio became the influential musical soundtrack behind a new generation of social activists long after television cemented itself. And the industry has reinvented itself several times -- FM, talk radio, satellite radio -- each time remaining profitable. Even live streaming over the Internet can't fully replace good old-fashioned airwaves that were in use almost a hundred years ago. If someone abandons them in favor of new technology, somebody else will step in and use them.

It's the same for real estate. Word-of-mouth referrals will always be the best source of clients. Direct mail isn't going anywhere. Meeting clients at networking events is alive and well.

But it's worth it to think about the new social media. What if radio never started to adapt and find a new audience by shifting its focus to music after the advent of television? Then it would have gone the way of the Model T Ford.

So let's look at Web 2.0 a little closer.

What about a blog? Blogging takes time, effort, and consistency. If you're going to blog, you have to commit to it. It's a long-term affair to attract potential clients. You're not going to see immediate results. But there are people out there making a nice living after cementing themselves as an expert on a certain topic -- just from their blogs.

What about MySpace? Again, it's going to take time for people to find you. But the advantage of MySpace is that you can mine social networks by having people on your Friends List -- people who know other people who may need your services.

What about YouTube? The verdict is still out on how effective showing homes on video is. But who knows? Maybe this will prove to be an excellent tool for real estate agents to get people to call. (But remember -- nothing replaces an actual visit to the property.)

Can't decide where you fit in this new world?

Do a Google search for real estate blogs. Read a few of them. Examine them. Contact the agents who write them and find out how it's working for them. Ask what the biggest challenges are in writing them.

Find some property tours on YouTube. Call the agent who posted them. Ask about the response. Ask what kind of equipment they used and what you might need. Ask if it's truly worth it.

Find an agent on MySpace. Ask if they're really selling homes or if they're just trading songs with people.

As I always say, do your research.

The Internet is changing the way people buy and sell real estate. The old ways are still around, but the new ways are here to stay as well.

Keep your eyes and ears open. Don't rush into anything. There are no concrete answers, except to stay alert and figure out where you fit in the new world of Web 2.0.