Price estimation model
The present disclosure proposes systems and methods to create an integrated centralized database that aggregates repair material and labor cost data by geographic area in real time and provides a repair cost estimating platform based on data collected from various data sources including directly from roofing contractors who have recently performed repairs.
1. A method comprising:
generating a three-dimensional model of a structure based on correlating a first image of the structure with a second image of the structure by registering pairs of points on the first and second images, each pair of points corresponding to a same point on the structure depicted in each of the first and second images, the first and second images each providing a different view of the structure, and using variational analysis to compute a point-to-point probability spread function to estimate which individual points on the first image correspond to points on the second image to generate the three-dimensional model;
receiving data containing a plurality of items associated with the structure from each of a plurality of pricing data feeds, each item in each of the plurality of pricing data feeds having at least an item description, an item price, an associated item geographic area, and a last-update date on which the item price was last updated in that data feed;
applying weighting factors to the items in each of the plurality of pricing data feeds;
varying the weighting factors based on an age of the items indicated by the last-update dates to generate varied weighting factors;
applying the varied weighting factors to item prices to generate expected final cost estimates; and
generating a structure estimate report based on the three-dimensional model of the structure and the expected final cost estimates.
2. The method of claim 1 , wherein the item price includes a labor price to install the item.
3. The method of claim 1 , wherein the item price includes one or more of:
a contractor overhead allocated to the item, and
a contractor profit allocated to the item.
4. The method of claim 1 , wherein the associated item geographic area is identified by zip code.
5. The method of claim 1 , wherein applying the weighting factors to the items in each of the plurality of pricing data feeds further includes:
initially setting the weighting factor for a pricing data feed with an item having a most current real-time status to 1; and
initially setting the weighting factors for other pricing data feeds to 0.
6. The method of claim 1 , wherein the weighting factors applied to the items in each of the plurality of pricing data feeds are equal.
7. The method of claim 1 , wherein the plurality of pricing data feeds includes a pricing data feed including one of:
a third-party commercial data feed updated at least four times a year that has item prices for items sold in a geographic area;
a distributor data feed that has item prices sold by one or more item distributors in the geographic area;
a specialty services data feed that has item prices for non-bid specialty services provided within the geographic area; and
a manufacturer data feed that has item prices for items sold directly by the manufacturer within the geographic area.
8. The method of claim 7 , wherein the one or more item distributors in the geographic area further includes one or more materials distributors in the construction industry.
9. The method of claim 1 , wherein applying the weighting factors to the items in each of the plurality of pricing data feeds includes:
determining the weighting factors based on a most current real-time status an item in the corresponding data feeds.
10. The method of claim 1 , wherein receiving data containing the plurality of items from at least one of the plurality of pricing data feeds further includes receiving the data containing the plurality of items at a time the items are updated.
11. The method of claim 1 , wherein receiving data containing the plurality of items from at least one of the plurality of pricing data feeds further includes receiving in real time the data containing the plurality of items at a time the items are updated.
12. The method of claim 11 , further comprising outputting to an integrated pricing database the updated item whenever an item of the plurality of items from at least one of the plurality of pricing data feeds collected in real time is updated.
13. The method of claim 1 , wherein applying the weighting factors to the items in each of the plurality of pricing data feeds further includes initially setting the weighting factors based on the age of data in the each of the plurality of pricing data feeds.
14. The method of claim 13 , wherein the initially set weighting factors for each of the plurality of pricing data feeds are based on how current price data is in the each of the plurality of pricing data feeds at a time the price data is entered.
15. The method of claim 1 , wherein the structure is a roof of a building.
16. A computing system configured to implement software that, when implemented, causes the computing system to:
generate a three-dimensional model of a structure based on correlating a first image of the structure with a second image of the structure by registering pairs of points on the first and second images, each pair of points corresponding to a same point on the structure depicted in each of the first and second images, the first and second images each providing a different view of the structure, and using variational analysis to compute a point-to-point probability spread function to estimate which individual points on the first image correspond to points on the second image to generate the three-dimensional model;
receive data containing a plurality of items associated with the structure from each of a plurality of pricing data feeds, each item in each of the plurality of pricing data feeds having at least an item description, an item price, an associated item geographic area, and a last-update date on which the item price was last updated in that data feed;
apply weighting factors to the items in each of the plurality of pricing data feeds;
vary the weighting factors based on an age of the items indicated by the last-update dates to generate varied weighting factors;
apply the varied weighting factors to item prices to generate expected final cost estimates; and
generate a structure estimate report based on the three-dimensional model of the structure and the expected final cost estimates.