Mikey, I was just asking my doctor about this yesterday. My IT band is really tight lately. She suggested foam rolling.
Here's a quick illustration and explanation of 4 foam roller exercises. The second one focuses on the IT band. http://www.menshealth.co.uk/fitness/sports-injuries/4-foam-roller-exercises

I won't lie. It hurts! But like the therapist from Mayo Clinic's Healthy Living Center explains, you have to keep at it. Only apply as much pressure as is comfortable. It gets better as you keep doing it. I'll keep you posted if it works for me. I better go foam roll now..
https://www.youtube.com/watch?v=5AM9DkYVGfw