With interest rates at record low levels and many predicting they could still go even lower, dividend shares are playing an even more important role for investors searching for income.

Traditionally the banks have been a great place to find strong yields. But as most investors will already have reasonable exposure to the big four banks, to remain diversified I would recommend they take a look at these three high-yield dividend shares instead.

Cedar Woods Properties Limited (ASX: CWP)

The shares of this leading property development company are changing hands at just under 9x estimated FY 2016 earnings. This is significantly lower than its peers and could make it great value now in my opinion. According to CommSec after seven consecutive years of increases, its shares are expected to provide a fully franked 5.9% dividend this year. The good news is that I believe the company is in a position to keep growing its dividend. This is thanks to its positive outlook for FY 2017 which included $130 million in pre-sales and a growing pipeline of development projects.

Hotel Property Investments Ltd (ASX: HPI)

Hotel Property Investments is the owner of 44 hotels/pubs mainly within Queensland. Its properties are all occupied currently, with Wesfarmers Ltd (ASX: WES) (via Coles) leasing 43 of them. In the last few years management has been able to raise rent by an average of 3.9%, which I believe provides it with steady earnings growth. Also, as Wesfarmers is holding the majority of its leases, I feel there is little risk of non-payment of rent. Its shares are expected to provide an estimated unfranked 6% dividend in FY 2017.

WAM Capital Limited (ASX: WAM)

If you’re looking for growing dividends then look no further than WAM Capital. This fund manager’s strong performance has enabled it to grow its dividend by an average of 8% per year for the last five years. Judging by this year’s performance, I expect it to be in a position to grow its dividend again in FY 2017. It recently announced a record full year net profit after tax of $98 million. This 81.5% increase year-on-year was a result of some astute investments in companies such as a2 Milk Company Ltd (Australia) (ASX: A2M) and Mayne Pharma Group Ltd (ASX: MYX). It also announced a 7.25 cents final dividend, bringing the full year dividend to 14.5 cents. This means a fully franked 6.4% dividend for investors. Its final dividend goes ex-dividend in October, so there’s still plenty of time to get in on the action.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.